Mack-Cali Leases Over 158,000 Square Feet at Suburban Philadelphia Properties in Fourth Quarter
02/11/2011 Category: Leasing and Development
Edison, New Jersey—February 11, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 158,909 square feet at its suburban Philadelphia office and office/flex properties during the fourth quarter of 2010. Portfolio-wide, Mack-Cali leased 1,217,717 square feet of space during the quarter.
The largest of the fourth quarter transactions was a five-year, two-month lease renewal for 35,829 square feet with Unitrin Direct Insurance Company at One Plymouth Meeting, 502 West Germantown Pike, in Plymouth Meeting. The tenant is the automobile insurance arm of financial services provider Unitrin. One Plymouth Meeting is a 167,748-square-foot office property. Mark Gola of Gola Corporate Real Estate represented the tenant, and Mack-Cali was represented in-house by Jake Fruncillo, director of leasing.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “Despite only a modest economic recovery to date, Mack-Cali continues to outperform and be the landlord of choice in our core markets. This transaction illustrates that fact.”
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 277 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 32.2 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.