Mack-Cali Announces Second Quarter Leasing Activity at Suburban Philadelphia, Southern NJ, D.C., and Maryland Properties
08/03/2011 Category: Leasing and Development
Edison, New Jersey—August 3, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 216,176 square feet at its office properties in the Suburban Philadelphia, Southern New Jersey, Washington, D.C., and Maryland markets during the second quarter. Portfolio-wide, Mack-Cali leased 1,081,690 square feet of space during the quarter.
Highlights of the second quarter transactions include:
- Regus Business Centre, LLC, a global provider of innovative workplace solutions, signed a lease renewal for 30,121 square feet at 1055 Westlakes Drive in Berwyn, Pennsylvania. The 118,487-square-foot office building, located in Westlakes Office Park, is 88.1 percent leased. The tenant was represented by Stephen Kriz and Peter Danna, both of CB Richard Ellis, in the transaction.
- Bayada Nurses, Inc., a provider of home health care services, signed two transactions totaling 34,665 square feet at Moorestown West Corporate Center in Moorestown, New Jersey. They consisted of a renewal for 26,465 square feet and an expansion of 2,800 square feet at 101 Executive Drive and a new lease for 5,400 square feet at 1 Executive Drive. Moorestown West Corporate Center is now 89.3 percent leased. Mack-Cali was represented in-house by Tim O’Brien, director of leasing.
- Allstate Insurance Company signed a lease renewal for 25,497 square feet at 224 Strawbridge Drive in Moorestown, New Jersey. The 74,000-square-foot office building, located in Moorestown Corporate Center, is 100 percent leased. Jon Sarkisian and Timothy Reynolds, both of CB Richard Ellis, represented the tenant in the transaction. Mack-Cali was represented in-house by Tim O’Brien.
- Anexinet Corporation and Virtus Partners, LLC, information technology providers, signed transactions totaling 15,980 square feet consisting of a 12,971-square-foot renewal and a 3,009-square-foot expansion at the 63,930-square-foot 4 Sentry Park in Blue Bell, Pennsylvania. Jeffrey Barker and Kim Finnerty, both of Cushman & Wakefield, represented the tenant in the transaction. Mack-Cali was represented in-house by Jake Fruncillo, director of leasing.
- Construction organization Whiting Turner Contracting Company signed a new lease transaction for 14,159 square feet at 6305 Ivy Lane in Greenbelt, Maryland. The 112,022-square-foot office building, located in Capital Office Park, is 88.8 percent leased. Mack-Cali was represented in-house by Ken Smondrowski, director of leasing.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We continue to focus on attracting and retaining high credit quality tenants while striving to provide superior work environments and service. This enables us to continue to outperform in our key markets.”
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.