Mack-Cali Announces Lease Extension for Over 270,000 Square Feet with Insurer
07/08/2010 Category: Leasing and Development
Edison, New Jersey—July 8, 2010—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has finalized an agreement with National Union Fire Insurance Company of Pittsburgh, PA (NUFIC), a subsidiary of the American International Group, Inc. (AIG), that will extend the insurer’s lease at Mack-Cali’s 101 Hudson Street in Jersey City, NJ through April 2018. The lease transaction is one of the largest in New Jersey to date in 2010.
NUFIC will immediately surrender the 14th floor and continue to lease 341,477 square feet at the property through 2012. Commencing January 1, 2013, NUFIC will lease 271,533 square feet through April 2018.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We are pleased with the strong relationship we have developed with NUFIC over the years, as they are a valued tenant at several Mack-Cali properties. We believe that relationship, along with the fact that 101 Hudson Street is a premier business address, facilitated their decision to make a significant space commitment well in advance of the lease expiration.”
The tenant was represented in the transaction by Joseph Sarno and Jeremy Neuer of Cushman & Wakefield.
Situated in the Jersey City waterfront’s thriving business district, 101 Hudson Street features abundant amenities, superior access, and world-class views. Businesses can take advantage of the building’s column‑free spaces, cutting-edge infrastructure, and on-site garage parking.
In addition to NUFIC’s tenancy at this 1.25 million-square-foot class A office tower on the Jersey City waterfront, the company leases space from Mack-Cali at 555 Taxter Road at Taxter Corporate Park in Elmsford, NY, and 5 Wood Hollow Road in Parsippany, NJ.
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 287 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 32.9 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.