Mack-Cali Leases Over 106,500 Square Feet to E*Trade at Jersey City Office Building
11/16/2006 Category: Leasing and Development
Financial Services Firm Signs Long-Term Lease at Harborside Financial Center
Edison, New Jersey—November 16, 2006—Mack-Cali Realty Corporation (NYSE: CLI) today announced that E*Trade Financial Corporation (NYSE: ET) has signed a new lease for 106,573 square feet at Harborside Financial Center in Jersey City, New Jersey. The lease carries a term of 15 years and seven months.
E*Trade Financial Corporation, a financial services provider, leased the space at Harborside Plaza 2, a 761,200 square-foot class A office building that is 100% leased. The tenant had been subleasing 37,970 square feet at the building.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "We are delighted that E*Trade has signed on and expanded its presence as a long-term tenant at Harborside. This transaction demonstrates Mack-Cali's ability to service its tenants and build long-term relationships with leading businesses." He added, "In addition, this lease significantly enhances the long-term value of this premier waterfront complex."
Mark Ravesloot, Robert Stillman, Douglas Lehman and Scott Sloves of CB Richard Ellis represented the tenant. Mack-Cali was represented in-house by Thomas Savoca, director of leasing.
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 currently owns or has interests in 301 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 34.3 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,500 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," "plan," "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.