Mack-Cali Leases Over 81,000 Square Feet at Burlington County Properties in First Quarter
05/04/2011 Category: Leasing and Development
Edison, New Jersey—May 4, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 81,045 square feet at its office/flex properties in Burlington County, New Jersey during the first quarter. Portfolio-wide, Mack-Cali leased 1,128,595 square feet of space during the quarter.
The following transactions were for space at Moorestown West Corporate Center in Moorestown. The park is currently 92.2 percent leased. They include:
- Merchant Services, a credit card processing company, signed transactions totaling 24,000 square feet at 102 Commerce Drive, including a renewal for 19,200 square feet and an expansion of 4,800 square feet. The 38,400-square-foot office/flex building is 100 percent leased.
- Pioneer and Company, a manufacturer of optical instruments and lenses, signed a 14,400-square-foot lease renewal at 97 Foster Road, a 43,200-square-foot office/flex property. The tenant was represented by Jim Scott of Colliers International in the transaction.
- Knowles Science Teaching Foundation (KSTF), an organization committed to improving math and science education in the United States, signed an 11,900-square-foot new lease at 1247 N. Church Street. The property is a 52,790-square-foot office/flex building. Anne Klein of Grubb & Ellis represented the tenant in the transaction.
- Momentum Systems LLC, a provider of high-performance business-to-business e-commerce software, signed a 9,600-square-foot lease renewal at 41 Twosome Drive. The property is a 43,050-square-foot office/flex building. The tenant was represented by Anthony Livecchi of CB Richard Ellis in the transaction.
In addition, ATC Group, a multi-disciplinary, science and engineering firm, signed a lease renewal for 11,400 square feet at 3 Terri Lane in Burlington Township. The 64,500-square-foot office/flex building, located in Bromley Commons, is 100 percent leased.
Mack-Cali was represented in-house by Tim O’Brien, director of leasing, in all of these transactions.
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.