Mack-Cali Leases Over 164,000 Square Feet at Morris County Properties in Fourth Quarter
02/15/2011 Category: Leasing and Development
Edison, New Jersey—February 15, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 164,597 square feet at its office properties in Morris County, New Jersey during the fourth quarter. Portfolio-wide, Mack-Cali leased 1,217,717 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- ProSight Specialty Insurance, an insurance holding company, signed a new 10-year, 10-month, 40,310-square-foot lease at the 475,100-square-foot 412 Mt. Kemble Avenue in Morris Township. The new space will serve as ProSight Specialty Insurance’s new headquarters location. Thomas Reilly and Derek DeMartino of Jones Lang LaSalle represented the tenant, and Mack-Cali was represented in-house by Brian Decillis, senior director of leasing.
- Full-service agency Coyne Public Relations signed a new 10-year, three-month lease for 36,248 square feet at 5 Wood Hollow Road in Parsippany. The 317,040-square-foot class A office building, which is 84.5 percent leased, will serve as Coyne’s new headquarters. David Sherman and Marc Trevisan of Cushman & Wakefield represented the tenant in this transaction, and Mack-Cali was represented in house by Brian Decillis.
- Continental Casualty Company, one of the CNA insurance companies, signed a five-year, six-month lease renewal for 19,416 square feet at 4 Century Drive at Mack-Cali Business Campus in Parsippany. The tenant was represented by Steve Richel of Richel Commercial Brokerage and referred by Jim Buddrus of Swearingen Realty Group, LLC, and Mack-Cali was represented in-house by Diane Chayes, vice president 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. These transactions illustrate 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.