Mack-Cali Announces Third Quarter Leasing Activity at New Jersey Properties
11/01/2010 Category: Leasing and Development
Edison, New Jersey—November 1, 2010—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 651,427 square feet at its office and office/flex properties in New Jersey during the third quarter. Portfolio-wide, Mack-Cali leased 1,107,567 square feet of space during the third quarter of 2010.
Highlights of the third quarter transactions include:
- FTI Schonbraun McCann Group (SMG), the largest, dedicated national real estate and finance consulting firm in the Country, signed transactions totaling 25,398 square feet consisting of a five-year renewal for 22,071 square feet and a four-year and nine-month expansion for 3,327 square feet at 101 Eisenhower Parkway in Roseland. The 237,000-square-foot office property, located at Eisenhower/280 Corporate Center, is 91.4 percent leased.
- Atlas Copco NA, a provider of industrial productivity solutions, signed a new 17,620-square-foot lease for eight years and two months at the 154,395-square-foot 7 Campus Drive at Mack-Cali Business Campus in Parsippany. Mack-Cali was represented in-house by Brian Golden, leasing associate.
- OHAUS Corporation, a global manufacturer of balances and scales, signed a new 16,383-square-foot lease for five years and six months, also at 7 Campus Drive. Jeffrey Rosenberg and John Kuhn of Grubb & Ellis represented the tenant, and Mack-Cali was represented in house by Brian Golden.
- Tricore Interactive, an adult learning company, signed a two-year, four-month lease renewal for 13,140 square feet at 3 Independence Way at Princeton Corporate Center in Princeton. William E. Barish of Commercial Property Network, Inc. represented the tenant, and Mack Cali was represented in-house by Erin Moran and John O’Hearn, both directors of leasing. The 111,300-square-foot class A office building is 96 percent leased.
As previously announced, during the third quarter Mack-Cali also completed two transactions at Harborside Financial Center in Jersey City—a new 11-year lease for 23,516 square feet with Frenkel & Co., an international insurance brokerage firm, and a nine-year, 24,607-square-foot lease expansion with long-time tenant Bank of Tokyo-Mitsubishi.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, “As evidenced by our consistent outperformance in our markets, Mack-Cali stands out as the landlord of choice. Our diverse portfolio of top-tier properties and our consistent level of superior service to both large and small tenants alike, gives us a strong advantage over the competition. This past quarter’s leasing results, in the face of a difficult economic environment, demonstrate that.”
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.