Mack-Cali Leases Over 500,000 Square Feet at Northern and Central New Jersey Properties in Second Quarter
08/01/2011 Category: Leasing and Development
Edison, New Jersey—August 1, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 500,977 square feet at its office properties in northern and central New Jersey 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:
- Law firm Bressler Amery & Ross, P.C. signed transactions totaling 70,674 square feet consisting of a 49,957-square-foot renewal and a 20,717-square-foot expansion at 325 Columbia Turnpike in Florham Park. The 168,144-square-foot office building is 89.9 percent leased. Paul Giannone, John Moxley, and Paul Hindes, all of Jones Lang LaSalle, represented the tenant in this transaction. Mack-Cali was represented in-house by Diane Chayes, vice president of leasing, and Brian Golden, leasing associate.
- CoreLab Partners, Inc., a provider of medical image assessment and cardiac safety services, signed lease transactions totaling 58,807 square feet at Princeton Overlook I, located at 100 Overlook Center in Princeton. The 149,600-square-foot office building is 100 percent leased. Jane Moni and Lori Gaffney of Triad Partners represented the tenant. Mack-Cali was represented in-house by John O'Hearn and Erin Moran, both directors of leasing.
- Birdsall Services Group, Inc., an engineering and consulting group, signed a new lease for 28,763 square feet at 65 Jackson Drive in Cranford. The 82,778-square-foot office building, located in Cranford Business Park, is 100 percent leased. Charlie Dillon of Jones Lang LaSalle represented the tenant in this transaction. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- New Jersey Property-Liability Insurance Guaranty Association, a quasi-state agency, signed a renewal for 20,673 square feet at 222 Mount Airy Road in Basking Ridge. The 49,000-square-foot office building is 100 percent leased. Jack Feeney of Studley represented the tenant in the transaction. Mack-Cali was represented in-house by Richard Travaglini, senior director of leasing.
- Financial services firm Wells Fargo Advisors, LLC signed a new lease for 22,207 square feet at One River Centre, 331 Newman Springs Road, Building 2, in Red Bank. The 120,360-square-foot office building is 100 percent leased. Kevin Murphy and Mitchell Wolff, both of Newmark Knight Frank, represented the tenant. Mack-Cali was represented in-house by John O'Hearn and Erin Moran.
- Hay Group Holdings, Inc., a subsidiary of Hay Group, a global management consulting firm, signed transactions totaling 18,786 square feet consisting of a 16,788-square-foot renewal and a 1,998-square-foot expansion at Harborside Financial Center Plaza 5 on the Jersey City waterfront. The 977,225-square-foot premier office tower is 95.8 percent leased. Carl Eriksen of CB Richard Ellis represented the tenant in the transactions. Mack Cali was represented in-house by Thomas Savoca, senior 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.