Mack-Cali Announces Lease with Major Commercial Insurer at Downtown Manhattan Property
06/07/2011 Category: Leasing and Development
Edison, New Jersey—June 7, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that Continental Casualty Company, the country’s seventh largest commercial insurer, has signed a new 19‑year, 81,296-square-foot lease at 125 Broad Street in Downtown Manhattan.
Continental Casualty Company is the primary unit of insurance giant CNA, the13th largest property and casualty company in the U.S. The company provides insurance protection to more than one million businesses and professionals in the U.S. and internationally.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We’re pleased to expand our relationship with CNA, a premier company that has been a Mack-Cali tenant in one of our New Jersey properties for many years. The location and amenities offered by 125 Broad Street make it one of Downtown Manhattan’s most prestigious business addresses. We look forward to continuing to meet CNA’s needs for years to come.”
Alan R. Grossman of ARG Realty Consultants, along with Stephen B. Siegel, Bruce Surry and Christopher Mansfield of CB Richard Ellis, represented CNA in this transaction. Mack-Cali was represented by Mark Ravesloot, Peter Turchin, and Gerry Miovski, all of CB Richard Ellis.
Mack-Cali recently announced a new 21-year, eight-month 56,106-square-foot lease with General Reinsurance Corporation (Gen Re), also at 125 Broad Street.
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 278 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 32.4 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,000 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.