Mack-Cali Leases Over 787,000 Square Feet at Northern and Central New Jersey Properties in First Quarter
05/02/2011 Category: Leasing and Development
Edison, New Jersey—May 2, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 787,471 square feet at its office properties in northern and central New Jersey during the first quarter. Portfolio-wide, Mack-Cali leased 1,128,595 square feet of space during the quarter.
Highlights of the first quarter transactions include:
- Jefferies & Company, Inc., a global securities and investment banking firm and the principal US operating subsidiary of Jefferies Group, Inc., extended their current 55,560-square-foot lease at Harborside Financial Center Plaza 3, while also signing a lease for 62,763 square feet at 101 Hudson Street, also in Jersey City, where they will relocate and expand at the end of their term. The 725,600-square-foot Harborside Financial Center Plaza 3 is 95.6 percent leased, and the 1,246,283-square-foot 101 Hudson Street is 87.2 percent leased. Dale Schlather of Cushman & Wakefield and J.C. Giordano of Jones Lang LaSalle represented the tenant in the transaction. Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing.
- Fiserv Solutions, Inc., a global provider of technology solutions to the financial world, signed a lease renewal for the entire 75,000-square-foot 250 Johnson Road building in Morris Plains. Seena Stein of Newmark Knight Frank represented the tenant, and Mack-Cali was represented in-house by Diane Chayes, vice president of leasing, and Brian Golden, leasing associate.
- Leo Pharma Inc., a global pharma company, signed transactions totaling 29,134 square feet including a 12,654-square-foot renewal and a 16,480-square-foot expansion at One Sylvan Way in Parsippany. The 150,557-square-foot office building, located in Mack-Cali Business Campus, is 85.1 percent leased. Carolyn Sica and Kurt Burdack of CB Richard Ellis represented the tenant in this transaction, and Mack‑Cali was represented in-house by Brian Decillis, senior director of leasing.
- Law firm Lomurro, Davison, Eastman & Muñoz, P.A. signed a lease renewal for 26,827 square feet at 100 Willowbrook Road in Freehold. The 60,557-square-foot office building is located in Monmouth Executive Center.
- The Travelers Indemnity Company, an insurance company, signed a lease renewal for 24,450 square feet at 343 Thornall Street in Edison. The 195,709-square-foot office building is 94.8 percent leased. Robert Ageloff and John Buckley of Jones Lang LaSalle represented the tenant in this transaction, and Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- Universal Hospital Services, Inc., a medical equipment management and service solutions provider, signed a lease renewal for 21,245 square feet at 1 Center Court in Totowa. The 38,961-square-foot office/flex building, located in Mack-Cali Commercenter, is 100 percent leased. The tenant was represented by Peter T. Rossi and Frank Quatro of Newmark Knight Frank in this transaction, and Mack‑Cali was represented in-house by Richard Eyre, director of leasing.
- Alere Health LLC, a global health management solutions provider, signed a 19,500-square-foot lease renewal at the 192,000-square-foot 10 Mountainview Road in Upper Saddle River. Michael Tesser of Colliers and Douglas B. Eidson of The Eidson Group represented the tenant in the transaction, and Mack‑Cali was represented in-house by Thomas Savoca.
In addition, Mack-Cali previously announced a 137,076-square-foot lease renewal with The Bank of Tokyo-Mitsubishi UFJ, Ltd. at Harborside Financial Center Plaza 3 on the Jersey City Waterfront and a 90,050-square-foot lease renewal with Movado Group Inc. at Mack-Cali Centre II, 650 From Road in Paramus.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “Despite challenging economic times, we continue to see solid leasing activity and to outperform in our key markets. These transactions are prime examples of Mack-Cali’s ability to attract and retain high credit quality tenants.”
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.