Mack-Cali Leases Over One Million Square Feet at New Jersey Properties in Second Quarter
08/12/2010 Category: Leasing and Development
Edison, New Jersey—August 12, 2010—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 1,028,966 square feet at its office and office/flex properties in New Jersey during the second quarter. Portfolio-wide, Mack-Cali leased 1,305,847 square feet of space during the second quarter of 2010.
Highlights of the second quarter transactions include:
- Hanul Corporation, a third party shipping and return goods management company, signed a new five-year, four-month lease for 96,000 square feet at Mack-Cali Airport, located at 200 Riser Road in Little Ferry. Andrew Schiffer and James Yamauchi of Cushman & Wakefield of New Jersey, Inc., represented the tenant. The 286,628-square-foot office property is 100 percent leased.
- Cellco Partnership, dba Verizon Wireless, signed a five-year lease renewal for the entire 63,213-square-foot office building at 51 Imclone Drive in Branchburg.
- Allstate Insurance Company signed three lease renewals and a lease expansion:
- A seven-year, three-month renewal for the entire 35,973-square-foot office property at 1325 Campus Parkway, located at Monmouth Shores Corporate Park in Wall Township.
- A seven-year, three-month renewal for 13,538 square feet, and an eight-year, one-month lease expansion for 3,906 square feet at 65 Jackson Drive in Cranford. The 82,778-square-foot office building, located in Cranford Business Park, is 100 percent leased.
- A three-year renewal for 4,456 square feet at Mack-Cali Centre IV located at 61 South Paramus Road in Paramus.
- Meridian Health Realty Corporation, a subsidiary of healthcare provider Meridian Health, signed an eight-year lease renewal for 46,362 square feet at 1350 Campus Parkway in Wall Township. The 79,747-square-foot, class A office building, located in Monmouth Shores Corporate Park, is 99.9 percent leased.
- Accounting firm PricewaterhouseCoopers LLP signed a five-year lease renewal for 44,944 square feet at 101 Hudson Street in Jersey City. Timothy Dempsey, William Golden, and Craig Eisenhardt of CB Richard Ellis represented the tenant. The 1,246,283-square-foot
class A office tower is 97.4 percent leased.
- New Cingular Wireless PCS LLC, a wireless communications service provider, signed a five-year lease renewal for 27,766 square feet at 120 West Passaic Street in Rochelle Park. Marc Rosenberg and Joseph DeWitt of Cushman & Wakefield of New Jersey, Inc., represented the tenant. The 52,000-square-foot office building is 99.6 percent leased.
- Coram Alternate Site Services, Inc., a provider of home health care services, signed a five-year, nine-month lease renewal for 26,125 square feet at 11 Commerce Way in Totowa. Gary T. Goodgame of Corporate Realty Associates represented the tenant. The 47,025-square-foot office/flex building, located in Mack-Cali Commercenter, is 100 percent leased.
- Malcolm Pirnie Inc., an environmental engineering consulting firm, signed a seven-year, two-month lease renewal for 26,114 square feet at 17-17 Route 208 North in Fair Lawn. Christopher S. Pulie and Joshua Sirchio of USI Real Estate Brokerage Services, Inc., represented the tenant. The 143,000-square-foot, class A office building is 100 percent leased.
- Mannkind Corporation, Inc., a biopharmaceutical company, signed a lease renewal for 22,746 square feet at Mack‑Cali Centre IV in Paramus. Dan De Palma and Paul Hindes of Jones Lang LaSalle represented the tenant.
- Bayada Nurses, Inc., a provider of home health care services, signed a new six-year, seven-month lease for 16,215 square feet at 5 Terri Lane, in Burlington Township. The 74,555-square-foot office/flex property, located in Bromley Commons, is 100 percent leased.
As previously announced, Mack-Cali also completed a five-year, four-month lease renewal for 271,533 square feet at 101 Hudson Street in Jersey City with National Union Fire Insurance Company of Pittsburgh, PA (NUFIC).
Subsequent to the end of the quarter, technology solution provider Integrated Business Systems, Inc. signed a new 10,274-square-foot lease at 999 Riverview Drive in Totowa. James J. Scancarella and Larry I. Leib of CresaPartners New Jersey, LLC, represented the tenant. This 56,066-square-foot class A office building, located in Mack-Cali Commercenter, is 76.7 percent leased.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, “Mack-Cali’s ongoing commitment to offering a superior product, strong sponsorship, and an unmatched tenant-first philosophy continues to allow us to attract and retain 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 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.