Mack-Cali Leases Over 468,000 Square Feet at New Jersey Properties in First Quarter
04/30/2010 Category: Leasing and Development
Edison, New Jersey—April 30, 2010—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 468,737 square feet at its office and office/flex properties in New Jersey during the first quarter. Portfolio-wide, Mack-Cali leased 806,621 square feet of space during the quarter.
Highlights of the first quarter transactions include:
- Lum, Drasco & Positan, LLC, a law firm, signed a five-year, seven-month, 19,379-square-foot lease renewal at 103 Eisenhower Parkway in Roseland. Bryn Cinque and Jim Bailey of First Service Williams represented the tenant, and Mack-Cali was represented in-house by Richard Travaglini, senior director of leasing. 103 Eisenhower Parkway is a 151,545-square-foot, class A office building located in Eisenhower/280 Corporate Center.
- ADP Management Associates, LLC, a statewide insurance company, signed a new 16,165-square-foot lease at 325 Columbia Turnpike, a 168,144-square-foot, class A property in Florham Park. Marc Rosenberg and Jon Williams of Cushman & Wakefield of New Jersey, Inc., represented the tenant and Mack-Cali was represented in-house by James Nugent, senior director of leasing, and Brian Golden, leasing associate.
- Ultra Logistics, Inc., a transportation service provider, signed a new 10-year, 12,388-square-foot lease at 17-17 Route 208 North in Fair Lawn. James J. Scancarella of CresaPartners and Daniel J. Tichio, CCIM, of Impact Realty Associates Inc., represented the tenant, and Mack Cali was represented in-house by Christopher DeLorenzo, vice president of leasing and Richard Eyre, director of leasing. 17-17 Route 208 North, a 143,000-square-foot, class A office property, is 100 percent leased.
- T&M Associates, an engineering, planning, and environmental consulting firm, signed a seven-year, three-month, 19,000-square-foot renewal lease at 1256 North Church Street in Moorestown. Matthew Neisser of Markeim-Chalmers, Inc. represented the tenant and Mack Cali was represented in-house by Tim O’Brien, director of leasing. Located in Moorestown West Corporate Center, 1256 North Church Street, a 63,495-square-foot office/flex property, is 100 percent leased.
- MTS Software Solutions, Inc., a provider of document imaging and content management services, signed a new seven-year, 15,400-square-foot lease at 225 Executive Drive in Moorestown. Adam Rose of Rose Commercial Real Estate represented the tenant, and Mack Cali was represented in-house by Tim O’Brien. This 50,600-square-foot, office/flex property is located in Moorestown West Corporate Center.
- Werum America, Inc., a worldwide supplier of Manufacturing Execution Systems (MES) for the pharmaceutical and biopharmaceutical industries, signed a new eight-year, 10,044-square-foot lease at Five Sylvan Way in Parsippany. Peter Rasmusson of Lee & Associates represented the tenant, and Mack-Cali was represented in-house by Brian Golden. Located in Mack-Cali Business Campus, Five Sylvan Way, a 151,383-square-foot class A property, is 98.3 percent leased.
- Curbell Plastics, Inc., a nationwide supplier of plastic materials, signed a five-year, six-month, 9,600-square-foot renewal lease at 844 North Lenola Road in Moorestown. Mack Cali was represented in-house by Tim O’Brien. 844 North Lenola Road, located in Moorestown West Corporate Center, is a 100 percent leased, 28,670-square-foot office/flex property.
Mack-Cali has previously announced first quarter leases totaling over 107,300 square feet with Par Pharmaceuticals and Telcordia Technologies.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, “Both existing and potential tenants recognize the importance of aligning themselves with a financially strong, stable landlord that consistently maintains a portfolio of premier properties. These tenants are just a few examples of the companies that choose Mack-Cali for these reasons.”
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 288 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.1 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.