Mack-Cali Announces New Lease at Renovated Parsippany Office Property
08/13/2007 Category: Leasing and Development
Edison, New Jersey—August 13, 2007—Mack-Cali Realty Corporation (NYSE: CLI) today announced that The RBA Group Inc. has signed a new lease for 35,696 square feet at 7 Campus Drive in Parsippany, New Jersey. The lease carries a term of 11 years.
The RBA Group Inc. is an architectural, engineering and planning firm.
Located at Mack-Cali Business Campus, 7 Campus Drive recently received significant exterior and interior renovations. Mack-Cali has leased almost 100,000 square feet at the building this year, including leases for 46,000 square feet with Daiichi Sankyo, Inc. and 17,800 square feet with Express Scripts, Inc.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "We're pleased with the strong leasing activity that has resulted from our successful repositioning of 7 Campus Drive. Mack-Cali Business Campus continues to attract high-quality businesses, and we look forward to serving The RBA Group's office space needs for years to come."
Daniel Ackerman, in-house senior director of leasing, represented Mack-Cali on the transaction.
Renovations to the 154,400 square-foot class A office building include:
- New lobby finishes including stone floors, wood paneling and new skylight
- Upgraded glass entryway
- Enhanced entry plaza
- Upgraded elevator cabs
- Common area improvements including new carpeting and upgraded patio area
- New walkway between parking lot and building
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 300 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 34.7 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.