Mack-Cali Announces Fourth Quarter Leasing Activity at Suburban Philadelphia, Southern NJ, D.C., and Maryland Properties
02/15/2012 Category: Leasing and Development
Edison, New Jersey—February 15, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 242,307 square feet at its office and office/flex properties in the Suburban Philadelphia, Southern New Jersey, Washington, D.C., and Maryland markets during the fourth quarter. Portfolio-wide, Mack-Cali leased 773,707 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- Oldcastle BuildingEnvelope, a supplier of architectural glass and aluminum glazing systems, signed a new lease for the entire 32,700-square-foot office/flex building at 1507 Lancer Drive at Moorestown West Corporate Center in Moorestown, NJ. The tenant was represented in the transaction by Bob Leiding and Rick Widerman, both of Jones Lang LaSalle. Mack-Cali was represented in-house by Tim O'Brien, director of leasing.
- PNC Bank, N.A., a member of the PNC Financial Services Group, Inc., signed transactions totaling 30,426 square feet at 1000 Westlakes Drive in Berwyn, PA. The transactions consisted of a 23,337-square-foot renewal and a 7,089-square-foot expansion. The 60,696-square-foot office building, located in Westlakes Office Park, is 96.7 percent leased. The tenant was represented in the transactions by Thomas W. Coyne of Fidelity Commercial Real Estate Alliance. Mack-Cali was represented in-house by Richard Jones, leasing associate.
- The Township of Moorestown signed lease transactions totaling 24,280 square feet at Moorestown West Corporate Center in Moorestown, NJ. The transactions consisted of a 15,000-square-foot renewal with the Police Department at 1245 North Church Street, and a 9,280-square-foot renewal, with the Township for its Township Hall, at 2 Executive Drive. 1245 North Church Street is a fully leased 52,810-square-foot office/flex building, and 2 Executive Drive is a 60,800-square-foot office/flex building which is 90.3 percent leased. Mack-Cali was represented in-house by Tim O'Brien.
- The U.S. General Services Administration (GSA) signed transactions totaling 28,667 square feet at Capital Office Park in Greenbelt, MD. The transactions consisted of a new 18,766-square-foot lease at 6406 Ivy Lane and a 9,901-square-foot renewal at 6411 Ivy Lane. Mack-Cali was represented in-house by Kenneth Smondrowski, director of leasing.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "I'm pleased to report that Mack-Cali continues to stand out as the landlord of choice. Our diverse portfolio of top-tier properties and our consistent level of superior service to both large and small tenants alike give us a strong advantage over the competition. These transactions clearly demonstrate that."
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," "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.