1 Jefferson Road Partnership Announces Full-Building Lease at Parsippany Property
10/07/2009 Category: Leasing and Development
Edison, New Jersey—October 7, 2009—Mack-Cali Realty Corporation (NYSE: CLI), on behalf of the partnership that owns 1 Jefferson Road in Parsippany, today announced that Day Pitney LLP has signed a long-term lease for 100,000 square feet at the property. The transaction is believed to be the largest new lease signed in northern New Jersey in 2009.
Day Pitney is a full-service law firm with approximately 375 attorneys. It has offices in New York, New Jersey, Connecticut, Massachusetts, and Washington, DC. The firm is relocating from 200 Campus Drive in the Park Avenue at Morris County office campus in Florham Park and is leasing the entire class A building, which is located in The Center of Morris County business campus. 1 Jefferson Road was the fourth and final building to be constructed at the campus, which totals 850,000 square feet and includes such prestigious firms as State Farm Insurance, Novartis Consumer Healthcare, and Deloitte.
"1 Jefferson Road offers our firm an opportunity to design and construct new space that will meet the firm's needs in the New Jersey market for years to come," said Dennis R. LaFiura, co-chairman of Day Pitney's executive committee. "A brand new building will allow us to upgrade our IT and phone systems, which will allow for better integration with our other offices and better service for our clients. Having our own building also gives us greater brand recognition while affording us the flexibility to grow."
The building's ownership is a joint venture partnership among institutional investors advised by J.P. Morgan Asset Management, The Hampshire Generational Fund, LLC, and Mack-Cali. Mack-Cali is responsible for the leasing and management of this class A office building.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "Day Pitney is a welcome addition to our roster of blue-chip tenants. We are extremely pleased the firm has chosen this location, and we look forward to providing a superior experience for years to come."
"While the local leasing markets in New Jersey continue to be challenged in these times of economic uncertainty, Day Pitney's long-term lease commitment speaks volumes about the quality of the building, its superb location, and the credibility of the asset's ownership," commented Norman Feinstein, executive vice president of The Hampshire Companies.
Thomas P. Welsh of Welsh Chester Galiney Matone Inc. represented the tenant, and Mack-Cali was represented in-house by James Nugent, senior director of leasing.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for approximately $1.1 trillion in assets under management (based on assets under management for the Asset Management division of JPMorgan Chase & Co. as of June 30 2009), including approximately $42.7 billion in real estate and infrastructure assets managed by J.P. Morgan Asset Management – Global Real Assets. With a 39-year history of successful investing and a staff of approximately 375 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment fund manager based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments in order to consistently outperform the market. The Hampshire Generational Fund, LLC, is a commingled, discretionary real estate investment fund. The Fund caters to high net worth individual investors who are looking to diversify their investment portfolio by investing in real estate. The goal of the Fund is to invest in quality income producing assets that will appreciate over time and produce stable cash flow in order to generate quarterly distributions to our investors. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
About Mack-Cali Realty Corporation
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 288 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.1 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 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.