Mack-Cali Announces Lease Transactions Totaling Over 200,000 Square Feet at New Jersey Properties
07/30/2008 Category: Leasing and Development
Edison, New Jersey—July 30, 2008—Mack-Cali Realty Corporation (NYSE: CLI) today announced the following lease transactions totaling 203,763 square feet at its Northern and Central New Jersey properties:
- Savvis Communications Corp. (NASDAQ: SVVS), a provider of hosting and application services, renewed its lease of 71,474 square feet for five years at Harborside Financial Center Plaza 3 in Jersey City. The 725,600 square-foot class A office building is 99.2% leased. The tenant was represented by John Brady, Dennis Gralla and James J. Scancarella of CresaPartners. Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing.
- Registrar and Transfer Company, a provider of stock transfer services, leased 41,150 square feet at 10-12 Commerce Drive in Cranford. The lease consists of a five-year, 26,315 square-foot renewal and a seven-year, 14,835 square-foot expansion. The 72,260 square-foot office building is 95.1% leased. The tenant was represented by Jon Marks of Cushman & Wakefield and Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- Morgan Stanley (NYSE: MS), a global financial services firm, leased 27,289 square feet at 150 JFK Parkway in Short Hills. The lease consists of a 23,343 square-foot renewal for five years and three months and a 3,946 square-foot expansion for seven years and four months. The 247,476 square-foot class A office building is 100% leased. Morgan Stanley was represented by James J. Scancarella of CresaPartners and Mack-Cali was represented in-house by Richard Travaglini, director of leasing.
- Toyota Motor Credit Corp., the U.S. financing arm of Toyota Financial Services, renewed its 22,236 square-foot lease for five years at 4 Gatehall Drive in Parsippany. The 248,480 square-foot class A office building, located at Mack-Cali Business Campus, is 95.7% leased. The tenant was represented by David J. Warren of Resource Realty and Mack-Cali was represented in-house by Diane Chayes, vice president of leasing.
- Hilb Rogal & Hobbs Company, an insurance and risk management firm, signed a new five-year lease for 21,760 square feet at 14 Commerce Drive in Cranford. The 67,189 square-foot office building is 75.9% leased. Jay Dowlen and Matt Saker of CB Richard Ellis represented the tenant and Toni Casiano represented Mack-Cali.
- Atlantic Inertial Systems, a provider of products and systems for aircraft, weapons and land systems applications, renewed its 19,854 square-foot lease for six years at 20 Commerce Way in Totowa. The 42,540 square-foot office/flex building, located at Mack-Cali Commercenter, is 100% leased. Mack-Cali was represented in-house by Richard Eyre, leasing associate.
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.