Mack-Cali Announces Third Quarter Leasing Activity at Suburban Philadelphia, D.C., and Maryland 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 174,042 square feet at its office properties in Suburban Philadelphia, Washington, D.C., and Maryland 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 in Suburban Philadelphia, Washington, D.C., and Maryland include:
- Turner Investment Partners, an investment management firm, signed a five-year, three-month lease renewal for 39,644 square feet at 1205 Westlakes Drive at Westlakes Office Park in Berwyn, Pennsylvania. Martin Bond and Judson J. Wambold of Tactix Real Estate Advisors, LLC represented the tenant, and Mack-Cali was represented in-house by Christie McBride, director of leasing. The 130,265-square-foot office property is 87.6 percent leased.
- Radio Free Europe/Radio Liberty (RFE/RL), an independent, international news and broadcast organization, signed a12-year lease renewal for 26,856 square feet at 1201 Connecticut Avenue, NW in Washington, D.C. Robert Osinoff of Transwestern represented the tenant, and Mack-Cali was represented in-house by Kenneth Smondrowski, director of leasing. The 169,549-square-foot office property is 100 percent leased.
- PNC Bank NA, signed a five-year, five-month lease renewal for 23,337 square feet at 1000 Westlakes Drive, also at Westlakes Office Park in Berwyn. Thomas W. Coyne of Fidelity Commercial represented the tenant, and Mack-Cali was represented in-house by Richard Jones, leasing associate. The 60,696-square-foot office property is 92.2 percent leased.
- ASRC Aerospace Corporation, a provider of engineering, technical, operations and maintenance, and professional services to government and industry, signed a 14,159-square-foot lease expansion for approximately three and a half years at 6303 Ivy Lane at Capital Office Park in Greenbelt, Maryland. Michael Gillman of CB Richard Ellis represented the tenant, and Mack-Cali was represented in-house by Kenneth Smondrowski. The 112,047-square-foot office property is 85.6 percent leased.
- Provider of end-of-life services, VITAS Healthcare signed a new seven-year, four-month lease for 10,958 square feet at 16 Sentry Park West in Blue Bell, Pennsylvania. Chase Deuschle and Michael Colgan of CB Richard Ellis represented the tenant, and Mack-Cali was represented in-house by Jake Fruncillo, director of leasing. The 93,093-square-foot office property is 100 percent leased.
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.