Mack-Cali Announces Lease Renewals, Expansions in Moorestown, NJ
05/10/2007 Category: Leasing and Development
Leases Totaling 151,000 Square Feet Include Two Entire Buildings
Edison, New Jersey—May 10, 2007—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has signed three leases totaling 151,000 square feet at Moorestown West Corporate Center in Moorestown, New Jersey. The transactions include leases for two entire buildings.
- Xerimis, Inc., a clinical packaging firm, leased the entire 64,000 square-foot office/flex building at 102 Executive Drive. The transaction consists of a 10-year and six month expansion of 13,360 square feet and a renewal of 50,640 square feet for six years and six months.
- Sterling Medical Services, LLC, a medical supply distributor, renewed its lease for the entire 48,600 square-foot office/flex building located at 2 Twosome Drive. The renewal carries a term of five years. Jay Sholl of CB Richard Ellis San Francisco represented the tenant.
- Heartland Ceramic Tile Distributors leased 38,400 square feet at 202 Commerce Drive. The transaction consisted of a five-year and three month expansion of 12,954 square feet and a two-year and two month renewal of 25,446 square feet. The 51,200 square-foot office/flex building is 100 percent leased.
Mack-Cali was represented in-house in each transaction by John Adderly, vice president of leasing. Adderly commented, "Over the past several years, the Moorestown area has grown substantially as one of South Jersey's commercial and residential centers. And within that area, Moorestown West Corporate Center has emerged as a hub of business activity. We are pleased that these valued tenants continue to see this office park as the place where they would like to stay and grow."
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 300 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 2,200 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," "plan," "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 heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.