Mack-Cali Leases Over 764,000 Square Feet at Northern and Central New Jersey Properties in Fourth Quarter
02/16/2011 Category: Leasing and Development
Edison, New Jersey—February 16, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 764,493 square feet at its office properties in northern and central 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:
- Sumitomo Mitsui Banking Corporation, a subsidiary of Sumitomo Mitsui Financial Group, signed lease renewals totaling 71,153 square feet. The transactions consist of five-year renewals for 40,470 square feet at Harborside Financial Center Plaza 1 and 30,683 square feet at Harborside Plaza 2 on the Jersey City waterfront. Harborside Plaza 1 is a 400,000-square-foot office building and Harborside Plaza 2 is a 761,200-square-foot office building, both of which are 100 percent leased. Derek Trulson of Jones Lang LaSalle represented the tenant in the transaction.
- Novo Nordisk Inc., a global healthcare company specializing in diabetes care, signed a new 48,478-square-foot lease for three years and nine months at the 158,235-square-foot 500 College Road East, in Princeton. Steve Tolkach of Newmark Knight Frank represented the tenant, and Mack-Cali was represented in-house by John O’Hearn and Erin Moran, both directors of leasing.
- Regus Business Centres, a global provider of innovative workplace solutions, signed a 38,930-square-foot lease renewal for five years and four months at Princeton Overlook I, 100 Overlook Center in Princeton. The four-story, 149,600-square-foot class A office building is 90.9 percent leased. Carolyn Sica of CB Richard Ellis represented the tenant in this transaction.
- Maser Consulting P.A., a consulting engineering firm, renewed its 29,046-square-foot lease at One River Centre Building II, 331 Newman Springs Road in Red Bank for seven years. The 120,360-square-foot office building is 82.8 percent leased. The tenant was represented by Gregg K. Najarian and Joseph Messina of Studley in this transaction.
- Mannkind Corporation, Inc., a biopharmaceutical company, signed a lease renewal for 22,746 square feet at Mack-Cali Centre IV, 61 S. Paramus Road in Paramus. Dan DePalma and Paul Hindes of Jones Lang LaSalle represented the tenant in this transaction.
- Supermedia Sales-East Co., an advertising solutions and services provider, signed a three-year, 15,396‑square-foot renewal at 30 Knightsbridge Road in Piscataway. The 332,607-square-foot building is 80.8 percent leased. The tenant was represented by Bob Acuff of CASE Commercial Real Estate Partners in this transaction, and Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
In addition, Mack-Cali previously announced a lease extension with Verizon New Jersey for 95,000 square feet at 600 Horizon Center Drive at Horizon Center Business Park in Hamilton.
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.