Mack-Cali Announces Repositioning of Morris Township Property
06/05/2007 Category: Miscellaneous
Kemble Plaza II Being Upgraded for Multi-Tenant Occupancy
Edison, New Jersey—June 5, 2007—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has begun an extensive renovation program at Kemble Plaza II, a 475,100 square-foot class A office property in Morris Township, New Jersey. Located at 412 Mount Kemble Avenue (Route 202), the former AT&T facility will be renovated for greater multi-tenant use, with renovations including:
- New main entrances providing enhanced entry points to the building
- New 105-seat cafeteria
- New food kiosks
- Common area renovations
- Upgraded executive parking garage
Renovations are scheduled for completion late summer.
The property also offers two full-height atriums, a fitness center, dual power feed from two different substations, and back-up power to a portion of the building.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "Our strategy when acquiring this premier property from AT&T was to be able to accommodate multiple corporate users in an excellent, centralized Morris County location. These renovations will allow us to accomplish that objective, and provide a superior class A business campus for Morris County tenants."
New tenants at the property include Louis Berger Group, Inc., which has leased 108,332 square feet for 20 years for its New Jersey headquarters, and Fairfax Information Technology Systems, which has leased 27,339 square feet for five years.
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 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.