Mack-Cali Completes Repositioning of Parsippany Building
01/12/2006 Category: Leasing and Development
5 Wood Hollow Road Undergoes Extensive Renovations
Cranford, New Jersey-January 12, 2006-Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed its repositioning of 5 Wood Hollow Road, a three-story, 317,040 square-foot class A office property in Parsippany, New Jersey. Mack-Cali has completed a significant capital improvement program at the building, with exterior and interior renovations. The Company acquired 5 Wood Hollow Road in 2004, and has since signed leases for over 279,400 square feet of space at the building, which is currently 88 percent leased.
Renovations at the building include:
|•||New centralized main entrance framed with a translucent canopy|
|•||New center plaza with circular drive|
|•||Lobby renovations including newly refinished stone floors, stone and wood wall panels and architectural ceilings|
|•||New high-efficiency lobby lighting and glass railings|
|•||Completely upgraded elevators|
|•||New high-efficiency chiller plant|
|•||State-of-the-art, energy-efficient HVAC building management system|
Leases signed at the building since it was acquired by Mack-Cali include 89,912 square feet with Pfizer, Inc.; 72,385 square feet with New Cingular Wireless; and 117,118 square feet with American Home Assurance Company, a subsidiary of the American International Group, Inc.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "Our acquisition and repositioning of 5 Wood Hollow Road enable us to provide a superior class A work environment for tenants and added value for our shareholders." He continued, "Mack-Cali's office properties in Parsippany-which total almost 2.5 million square feet of space-are among the top assets in the region."
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.