Mack-Cali Leases Over 780,000 Square Feet at Northern and Central New Jersey Properties in Third Quarter
10/31/2011 Category: Leasing and Development
Edison, New Jersey—October 31, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 782,864 square feet at its office properties in northern and central New Jersey during the third quarter. Portfolio-wide, Mack-Cali leased 1,245,345 square feet of space during the quarter.
Highlights of the third quarter transactions include:
- HQ Global Workplaces LLC, a provider of workplace solutions, signed two new lease transactions totaling 36,158 square feet. They include a 20,635-square-foot lease at 101 Hudson Street in Jersey City, a Mack-Cali on the Hudson property, and a 15,523-square-foot lease at 50 Tice Boulevard in Woodcliff Lake. The over 1.2 million-square-foot 101 Hudson Street is 86.6 percent leased and 50 Tice Boulevard, a 235,000-square-foot office building, is 89.1 percent leased. Kurt Burdack and Carolyn B. Sica, both of CB Richard Ellis, represented the tenant in the transactions.
- Capsugel, Inc., a manufacturer of drug delivery systems, signed a new 27,496-square-foot lease transaction at 412 Mt. Kemble Avenue in Morris Township. Robert Ryan, Nicholas Hilton, and Christopher Hanenberg, all of CB Richard Ellis, represented the tenant. Mack-Cali was represented in-house by Brian Decillis, senior director of leasing.
- Optimer Pharmaceuticals, Inc., a biopharmaceutical company, signed lease transactions totaling 24,337 square feet at 101 Hudson Street. The transactions include a 14,196-square-foot renewal and a 10,141‑square-foot expansion. The tenant was represented by Harlan Hollander of Cushman & Wakefield. Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing.
- Accounting firm Untracht Early Management, Inc. signed two lease transactions totaling 23,989 square feet at 325 Columbia Turnpike in Florham Park. The transactions include a 20,480-square-foot renewal and a 3,509-square-foot expansion. The 168,144-square-foot building is 94.9 percent leased. The tenant was represented by James Sousa of Weichert Commercial Brokerage. Mack-Cali was represented in-house by Brian Golden, leasing associate.
- Intersil Corporation, a designer and manufacturer of high-performance semiconductors, signed a new 21,479-square-foot lease at One Grande Commons, 440 Route 22 East, in Bridgewater. The 198,376-square-foot office building is 93.4 percent leased. Thomas Semler of CresaPartners represented the tenant in the transaction. Mack-Cali was represented in-house by Richard Travaglini, senior director of leasing.
- NB Ventures, Inc., a provider of procurement services, signed lease transactions totaling 17,776 square feet at 100 Walnut Avenue in Clark. The transactions included a 12,167-square-foot renewal and a 5,609-square-foot expansion. The 182,555-square foot office building is 100 percent leased. Barbara Gross of Sheldon Gross Realty represented the tenant in the transactions. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- AmeriCredit Financial Services, Inc., a leading independent automobile finance company, signed an expansion lease for 15,219 square feet at Mack-Cali Centre II, Mack-Cali Centre II in Paramus. The 348,510-square-foot office building is 85.5 percent leased. Mack-Cali was represented in-house by Richard Eyre, director of leasing.
Also during the quarter, Mack-Cali announced it would develop a 203,000-square-foot class A office building for Wyndham Worldwide Corporation, enabling the hospitality company to consolidate its Parsippany, NJ-based workforce within a single campus. In conjunction with this agreement, Wyndham Worldwide signed a 249,409-square-foot renewal lease for its adjacent headquarters building at 22 Sylvan Way in the Mack-Cali Business Campus. Wyndham leases 100 percent of the building.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, “Mack-Cali’s ongoing commitment to offering a superior product, strong sponsorship, and an unmatched ‘Tenants First’ philosophy continues to allow us to attract and retain tenants like these.”
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.