Mack-Cali to Develop Office Building for Wyndham Worldwide Headquarters
02/22/2007 Category: Leasing and Development
Firm Pre-Leases Entire 250,000 Square-Foot Building in Parsippany, New Jersey for 15 Years
Edison, New Jersey-February 22, 2007-Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has agreed to develop a 250,000 square-foot class A office building for Wyndham Worldwide Corporation (NYSE: WYN) for its corporate headquarters. The building, which Wyndham Worldwide has pre-leased for 15 years, will be developed on a land site located on Sylvan Way at Mack-Cali Business Campus in Parsippany, New Jersey.
Wyndham Worldwide, one of the world's largest hospitality companies, will relocate and expand its space into the new building from the approximately 180,000 square feet it currently occupies at the Campus's 1 Sylvan Way and 10 Sylvan Way, which have been leased to other companies. It will also retain the 145,983 square feet of space it occupies at another building at the Campus, 7 Sylvan Way. With the new lease, Wyndham Worldwide leases a total of 395,983 square feet of space at the Campus.
Mack-Cali President and Chief Executive Officer Mitchell E. Hersh, commented, "In addition to its magnificent buildings and exceptional tenants, one of the compelling reasons we acquired the Mack-Cali Business Campus was its developable land component in such a barrier constrained market. We are now able to deploy that resource in constructing the new headquarters for Wyndham Worldwide. This exciting project also broadens our long standing relationship with Wyndham and its predecessor parent company, Cendant."
"Wyndham Worldwide is thrilled to further solidify our presence and relationship with the town of Parsippany and Mack-Cali," said Wyndham Worldwide Executive Vice President Mary Falvey. "We are committed to this community and have enjoyed a great relationship with the professional staff at Mack-Cali."
Frank Galus of Wyndham Worldwide Corporation represented the tenant. Mack-Cali was represented in-house by Diane Chayes, vice president of leasing.
The three-story granite and glass building is expected to be completed in third quarter 2008. The architect on the project is HLW International.
About Mack-Cali Realty
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," "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.
About Wyndham Worldwide
As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses nearly 6,500 franchised hotels and more than 543,000 hotel rooms on six continents. RCI Global Vacation Network offers its nearly 3.4 million members access to over 60,000 vacation properties located in more than 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of approximately 150 vacation ownership resorts serving over 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 30,000 employees globally. Additional information about the company can be found at www.wyndhamworldwide.com.