Mack-Cali to Develop Office Building for Wyndham Worldwide’s Corporate Headquarters Consolidation
08/15/2011 Category: Leasing and Development
One of the World’s Largest Hospitality Companies Pre-Leases Entire 203,000 Square-Foot Building in Parsippany, New Jersey for over 15 Years, Creating Single Headquarters Campus
Edison, New Jersey—August 15, 2011—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it will develop a 203,000-square-foot class A office building for Wyndham Worldwide Corporation (NYSE: WYN), enabling the hospitality company to consolidate its Parsippany, NJ-based workforce within a single campus.
The new building will be constructed adjacent to the 250,000-square-foot Wyndham Worldwide corporate headquarters at 22 Sylvan Way in the Mack-Cali Business Campus. Upon completion, the two buildings will provide a single, cohesive location for the thousands of associates based in Parsippany, and bring the total square feet leased in the Campus to 453,000, an increase of 14 percent.
The existing class A office building at 22 Sylvan was completed in 2009 by Mack-Cali during phase one of the campus project for Wyndham Worldwide. As part of phase two, the Company has pre-leased the new building for 15 years and three months, with both phases now having a co-terminus lease.
Mack-Cali president and chief executive officer Mitchell E. Hersh, commented, “When we acquired the Campus in 1998, we were attracted to its existing premier buildings and exceptional tenants. The property also offered additional attractive development sites to accommodate the growth needs of first-class companies in this barrier constrained market. We’re pleased that we are able to extend our strong relationship with Wyndham Worldwide in the Campus.”
While specifics are still to be determined, the new building is anticipated to increase efficiencies, and support the culture and core values of Wyndham Worldwide, which include a strong commitment to sustainability and responsible environmental practices. The Wyndham Worldwide corporate headquarters at 22 Sylvan Way has received numerous recognitions, including earning the prestigious silver LEED certification for Corporate Interiors by the U.S. Green Building Council.
The three-story granite and glass building is expected to be completed in first quarter 2013 and ready for occupancy by late third quarter 2013. The architect on the core and shell portion of the project is HLW International.
About Mack-Cali Realty Corporation
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.