Mack-Cali Announces Lease Renewals and Expansions at New Jersey Properties
01/31/2008 Category: Leasing and Development
Edison, New Jersey—January 31, 2008—Mack-Cali Realty Corporation (NYSE: CLI) today announced the following lease transactions totaling 136,592 square feet at its office properties in New Jersey:
- Greater New York Mutual Insurance Company, a division of GNY Insurance Companies, renewed its lease for 10 years for the entire 40,000 square-foot office building at 377 Summerhill Road in East Brunswick. The building was built-to-suit for the tenant in 1977.
- WithumSmith+Brown, an accounting firm, renewed and expanded its space for 33,432 square feet at 5 Vaughn Drive in Princeton. The lease, which runs through 2016, consists of a 27,197 square-foot renewal and a 6,235 square-foot expansion. The 98,500 square-foot class A office building is 100% leased. Aubrey W. Haines of Mercer Oak Realty LLC represented the tenant and Jack Colasurdo, in-house senior director of leasing, represented Mack-Cali.
- Citigroup Global Markets, Inc., a financial services firm, renewed and expanded its space for 22,782 square feet for 10 years and five months at Mack-Cali Centre III in Paramus. The lease consists of a 19,664 square-foot renewal and a 3,118 square-foot expansion. Citigroup now leases 49,044 square feet at the property, which is located at 140 East Ridgewood Avenue. The 239,680 square-foot class A office building is 98.4% leased. Ed DaCosta of CB Richard Ellis represented the tenant. Mack-Cali was represented in-house by Christopher DeLorenzo, vice president of leasing.
- Orloff, Lowenbach, Stifelman & Siegel, P.A., a law firm, renewed its 20,228 square-foot lease for five years at 101 Eisenhower Parkway in Roseland. The 237,000 square-foot class A office building, located at Eisenhower/280 Corporate Center, is 95.8% leased. David Stifelman of Cushman & Wakefield represented the tenant and Richard Travaglini, in-house director of leasing, represented Mack-Cali.
- Medical Doctors & Designers USA, Inc. renewed and expanded its space for 20,150 square feet at 100 Walnut Avenue in Clark. The lease, which runs through 2013, consists of a 9,369 square-foot expansion and a 10,781 square-foot renewal. The 182,555 square-foot class A office building is 98.5% leased. Barbara Gross of Sheldon Gross Realty represented the tenant. Mack-Cali was represented in house by Toni Casiano, senior director of leasing.
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 294 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.7 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.