Mack-Cali Announces Over 189,000 Square Feet of Leasing Activity in New Jersey
08/13/2009 Category: Leasing and Development
Edison, New Jersey—August 13, 2009—Mack-Cali Realty Corporation (NYSE: CLI) today announced the following lease transactions totaling 189,157 square feet at its office properties in New Jersey during the second quarter. Portfolio-wide, Mack-Cali leased over 825,600 square feet of space during the quarter.
Highlights of the second quarter transactions include:
- Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC—an accounting, tax, and business advisory services firm—has signed a new 19,503-square-foot lease for 11 years at 20 Commerce Drive in Cranford. Marc Rosenberg and Jon Williams of Cushman & Wakefield of New Jersey, Inc., represented the tenant. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing. The 176,600-square-foot class A office property located at Cranford Business Park is 99.8 percent leased.
- Community Behavioral Healthcare Network of Pennsylvania, Inc., a subsidiary of AmeriHealth Mercy Family of Companies, signed a new 18,302-square-foot lease at 300 Horizon Center, in Hamilton Township, for five years and one month. Located in Horizon Center Business Park, the 69,780-square-foot office/flex property is 100 percent leased. The tenant was represented by Alfred W. Schwacke and Christopher Rink of NorthMarq Advisors. Mack-Cali was represented in-house by John O’Hearn, director of leasing.
- HQ Global Workplaces LLC, a provider of workplace solutions, signed a new 14,724-square-foot lease at 103 Carnegie Center in Princeton for 11 years and six months. Carolyn Sica of CB Richard Ellis represented the tenant. Mack-Cali was represented in-house by Diane Chayes, vice president of leasing. The 96,000-square-foot class A office building is 88.1 percent leased.
- Thomson Reuters (Tax & Accounting), Inc., a provider of software applications for financial professionals, signed a new 14,379-square-foot lease at 343 Thornall Street in Edison for five years and three months. Joseph Cabrera, Michael Gordon, and Jeremy Neuer of Cushman & Wakefield, Inc., represented the tenant, and Mack-Cali was represented in-house by Toni Casiano. The 195,709-square-foot class A office property is 100 percent leased.
- The Magna Group, Inc., an advertising agency, signed a new 11,335-square-foot lease for seven years and nine months at 17-17 Route 208 North in Fair Lawn. David Opper of CB Richard Ellis represented the tenant, and Mack-Cali was represented in-house by Peter Bronsnick, leasing associate. The 143,000-square-foot class A office property is 71.1 percent leased.
- Clough Harbour & Associates, Inc. (CHA), a full-service engineering firm, signed a new 10,830-square-foot lease at 6 Campus Drive in Parsippany for eight years. Located in Mack-Cali Business Campus, 6 Campus Drive is a 148,291-square-foot office class A building that is 93.5 percent leased. Thomas Mallaney of CB Richard Ellis represented the tenant, and Mack-Cali was represented in-house by Diane Chayes.
- Stantec Consulting Services, Inc., a provider of planning, engineering, and architecture consulting services, has renewed its 13,122-square-foot lease for five years at Mack-Cali Centre I in Rochelle Park. Located at 365 West Passaic Street, the 212,578-square-foot class A property is 96.6 percent leased. Jason Hoffman of Mohr Partners and Mario L. Chiarella of Weichert Commercial Brokerage, Inc., represented the tenant, and Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing.
- Sela2, Inc., a life science software and service provider, signed a three-year renewal agreement for its 12,991-square-foot space at Mack-Cali Lakeview Plaza in Morris Plains. The 88,369-square-foot office property, located at 201 Littleton Road, is 83.3 percent leased. David Sherman of Cushman & Wakefield, Inc., represented the tenant. Mack-Cali was represented in-house by Diane Chayes.
- GAB Robins North America, Inc., a risk and claims management services and solutions company, has renewed its 9,600-square-foot lease at 3 Terri Lane in Burlington Township for three years and two months. Located in Bromley Commons, the 64,500-square-foot office/flex property is 100 percent leased. Art Hixson of Jones Lang LaSalle represented the tenant, and Mack-Cali was represented in-house by Tim O’Brien, director of leasing.
- The Township of Moorestown has renewed its lease for 9,280 square feet at 2 Executive Drive in Moorestown for one year. Located in Moorestown West Corporate Center, the 60,800-square-foot office/flex property is 100 percent leased. Mack-Cali was represented in-house by Tim O’Brien.
- Carrier Rental Systems, Inc., a specialty provider of temperature control and power generation equipment, has renewed its 7,200-square-foot lease for five years at 1247 North Church Street. The 52,790-square-foot office/flex property is also located in Moorestown West Corporate Center in Moorestown. Joshua Sirchio of USI Real Estate Brokerage Services, Inc., represented the tenant. Mack-Cali was represented in-house by Tim O’Brien.
In addition to these leases, Mack-Cali previously announced a new 12-year, 47,891-square-foot lease at One Sylvan Way, Mack-Cali Business Campus, in Parsippany, for the U.S. headquarters of Global Aerospace, Inc.
“These lease transactions are clear examples of an ongoing trend in the marketplace. Organizations are continuing to choose to locate in high-quality buildings in the best locations, and they are choosing to align with landlords as strong as Mack-Cali,” commented Mitchell E. Hersh, Mack-Cali president and chief executive officer, “I'm proud to say I have been involved personally in many of these deals. Strong relationships with key decision makers allow us to attract and retain high quality tenants to our buildings.”
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 295 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.8 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.