Mack-Cali Announces Lease Transactions Totaling Over 500,000 Square Feet at New Jersey Properties
11/17/2009 Category: Leasing and Development
Edison, New Jersey—November 17, 2009—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 527,451 square feet at its office properties in New Jersey during the third quarter. Portfolio-wide, Mack-Cali leased 819,572 square feet of space during the quarter.
Highlights of the third quarter transactions include:
- Public Service Electric & Gas Company, a public utility company, signed a three-year, three-month, 47,604-square-foot lease renewal at 20 Commerce Drive in Cranford. Bryn Cinque of FirstService Williams represented the tenant, and Mack-Cali was represented in-house by Toni Casiano, senior director of leasing. The 176,600-square-foot class A office property, located in Cranford Business Park, is 98.9 percent leased.
- Kiewit Construction Company, a construction and mining organization, signed a five- year and four-month, 16,140-square-foot lease expansion at 470 Chestnut Ridge Road in Woodcliff Lake, increasing their occupancy in the building to 42,640 square feet. John Cunningham of FirstService Williams and Scott Kraft of Allied Realty represented the tenant. Mack-Cali was represented in house by Richard Eyre, leasing associate. The 52,500-square-foot class A office property is fully leased.
- New England Life Insurance Company, a subsidiary of insurance and financial planning provider MetLife, signed transactions totaling 15,984 square feet at 1305 Campus Parkway in Wall Township. The transactions consisted of a four-year and four-month renewal for 13,957 square feet and a six-year and one-month expansion for 2,027 square feet. The 23,350 square-foot office building is located in Monmouth Shores Corporate Park. The tenant was represented by Dan De Palma of Jones Lang LaSalle. Mack-Cali was represented in-house by John O’Hearn and Erin Moran, both directors of leasing.
- Bright Horizons Children’s Center, LLC, a provider of employer-sponsored child care, has signed a five-year lease renewal for 10,927 square feet at 3 Becker Farm Road in Roseland. Mack-Cali was represented in-house by Richard Travaglini, senior director of leasing. The 114,319-square-foot class A office property, located in the 280 Corporate Center, is 81.4 percent leased.
As previously announced, Mack-Cali also signed two large leases at the start of the fourth quarter — a new 15-year lease with Day Pitney LLP for the entire 100,000-square-foot class A property at 1 Jefferson Road in the Center of Morris County office campus in Parsippany; and a lease extension through October of 2024 with Budd Larner, P.C., for 54,931 square feet at Mack-Cali Short Hills at 150 John F. Kennedy Parkway in Short Hills.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, “Today, businesses are looking for landlords that have strong balance sheets, exceptional assets, and a long-term ownership strategy. Because Mack-Cali demonstrates these qualities, we are able to maintain long-term tenant relationships like these.”
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 289 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.2 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.