Mack-Cali Announces First Quarter Leasing Activity at Suburban Philadelphia, Southern N.J., D.C., and Maryland Properties
05/02/2012 Category: Leasing and Development
Edison, New Jersey—May 2, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 248,827 square feet at its office and office/flex properties in the Suburban Philadelphia, Southern New Jersey, Washington, D.C., and Maryland markets during the first quarter. Portfolio-wide, Mack-Cali leased 1,098,191 square feet of space during the quarter.
Highlights of the first quarter transactions include:
- A global engineering company renewed its lease for the entire 74,000-square-foot 228 Strawbridge Drive in Moorestown Corporate Center in Moorestown, N.J. Mack-Cali was represented in-house by Tim O'Brien, director of leasing.
- Arabella Advisors, a philanthropy services firm, signed a new 15,513-square-foot lease at 1201 Connecticut Avenue, NW in Washington, D.C. The 169,549-square-foot office building is 100 percent leased. Steve Burman and Jay Farmer of Jones Lang LaSalle represented the tenant in the transaction. Mack-Cali was represented in-house by Kenneth Smondrowski, director of leasing.
- Vision Realty, aka Don Mar Frame and Moulding, a distributor of picture framing materials, signed a 14,570-square-foot lease renewal at 915 North Lenola Road in Moorestown, N.J. The 52,488-square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased. Mack-Cali was represented in-house by Tim O'Brien.
- CVC Specialty Chemicals Inc., a chemical manufacturer, signed an 11,870-square-foot lease renewal at 844 North Lenola Road in Moorestown, N.J. The 28,670-square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased. Mack Cali was represented in-house by Tim O'Brien.
- Keystone Mercy Health Plan and AmeriHealth Mercy Health Plan, members of the AmeriHealth Mercy Family of companies, signed a new 11,533-square-foot lease at 300 Stevens Drive in Lester, Pa. Located in Airport Business Center, the 68,000-square-foot office building is 100 percent leased. The tenant was represented in the transaction by Thomas Whitworth and Chris Rink, both of NorthMarq Advisors. Mack-Cali was represented in-house by Jake Fruncillo, director of leasing.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "These transactions clearly demonstrate that our "Tenants First" philosophy strengthens our reputation as a premier landlord, as we've had many successes in attracting new tenants, as well as retaining our existing 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,” “potential,” “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.