Mack-Cali Leases Over 525,420 Square Feet at Northern and Central New Jersey Properties in Fourth Quarter
03/04/2010 Category: Leasing and Development
Edison, New Jersey—March 4, 2010—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 525,420 square feet at its office properties in northern and central New Jersey during the fourth quarter. Portfolio-wide, Mack-Cali leased 901,468 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- LEO Pharma, a global pharmaceutical company, signed a new five-year, six-month, 12,654-square-foot lease for its new corporate headquarters at One Sylvan Way in Parsippany. Carolyn Sica and Kurt Burdack of CB Richard Ellis represented the tenant, and Mack-Cali was represented in-house by Brian Decillis, senior director of leasing. One Sylvan Way is a 150,557-square-foot, class A property located in Mack-Cali Business Campus.
- Science Applications International Corporation (SAIC), a scientific, engineering, and technology applications company, signed a three-year, three-month, 22,781-square-foot lease renewal at One River Centre, 331 Newman Springs Road, Building II, in Red Bank. One River Centre is a three-building class A office complex totaling 437,472 square feet that is 100 percent leased. Steven Fleming of Jones Lang LaSalle represented the tenant, and Mack-Cali was represented in house by John O’Hearn and Erin Moran, both directors of leasing.
- FirstEnergy Service Company, a diversified energy company, signed a five-year, 17,497-square-foot lease renewal at One River Centre, 331 Newman Springs Road, Building III, in Red Bank. Robert Bull and Philip Lipper of Studley represented the tenant. Mack-Cali was represented in house by Diane Chayes, vice president of leasing.
- Systems Sales Corporation, a provider of life safety and commercial communications systems, signed a five-year, four-month lease renewal for 12,471 square feet at 1345 Campus Parkway in Wall Township. Robert Black of Grubb & Ellis represented the tenant, and Mack-Cali was represented in-house by John O’Hearn and Erin Moran. The 76,300-square-foot office/flex property, located in Monmouth Shores Corporate Park, is 85.4 percent leased.
- Communication Resources Inc., a provider of communication solutions, signed a transaction for a total of 13,329 square feet at 1433 Route 34 in Wall Township. The transaction is comprised of a seven-year, four-month lease expansion for 7,567 square feet and a five-year, six-month lease renewal for 5,762 square feet. The spaces carry coterminous expiration dates. Mack-Cali was represented in-house by Erin Moran and John O’Hearn. Located in Central Monmouth Business Park, 1433 Route 34 is a 69,020 square foot office/flex property.
In addition, Mack-Cali previously announced several leases in the fourth quarter totaling over 262,800 square feet. They include leases with A&E Distribution, Budd Larner, P.C., Integrated Communications, Corp., Pace LLC, and Torre Lazur Healthcare Group, Inc.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, “Today, tenants are looking for landlords that have strong balance sheets, exceptional assets, and a long-term ownership strategy. Because Mack-Cali has a proven track record of demonstrating these qualities, we are able to attract and retain high-quality tenants like these.”
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 289 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.2 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.