Mack-Cali Announces Leases at Suburban Philadelphia Properties
05/22/2007 Category: Leasing and Development
Edison, New Jersey—May 22, 2007—Mack-Cali Realty Corporation (NYSE: CLI) today announced three leases at its suburban Philadelphia properties.
The leases are:
- MDS Pharma Services U.S., Inc. renewed its lease of 47,120 square feet at 2200 Renaissance Boulevard in King of Prussia. MDS Pharma Services is a global life sciences company headquartered in Ontario. Valerie Fontaine and Michael Morrone of Equis Corporation represented the tenant. Christie McBride, in-house director of leasing, and Richard Jones, in-house leasing associate, represented Mack-Cali. The 174,124 square-foot class A office building recently received lobby and common area upgrades.
- Lincoln Technical Institute, a provider of career adult education programs, renewed its 29,615 square-foot lease at One Plymouth Meeting in Plymouth Meeting. Paul French of Binswanger and David Kane of Kane Real Estate Services represented the tenant. Mack-Cali was represented by Jake Fruncillo, in-house director of leasing. One Plymouth Meeting is a 167,748 square-foot office building.
- New York Life Insurance Company, a Fortune 100 mutual life insurance company, signed a new lease for 17,709 square feet at 1205 Westlakes Drive in Berwyn. Paul Garvey of Cushman & Wakefield of Pennsylvania and Mitti Liebersohn and George Gemelos of Cushman & Wakefield of New York represented the tenant. Christie McBride represented Mack-Cali. The 130,265 square-foot class A office building is located at Westlakes Office Park.
John Adderly, Mack-Cali vice president of leasing, said, "These transactions demonstrate Mack-Cali's success at building relationships with blue-chip companies throughout our class A portfolio." During the first quarter, Mack-Cali leased 295,453 square feet of office and office/flex space in its suburban Philadelphia properties. Company wide, Mack-Cali leased over one million square feet during the quarter, bringing its portfolio to 92.2 percent leased.
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 302 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 34.4 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.