Mack-Cali Announces Fourth Quarter Leasing Activity at Westchester and Rockland County and Manhattan Properties
02/14/2012 Category: Leasing and Development
Edison, New Jersey—February 14, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 171,595 square feet during the fourth quarter at its office and office/flex properties in Westchester and Rockland counties in New York, as well as Downtown Manhattan. Company-wide, Mack-Cali leased 773,707 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- HYPRES, Inc., a superconducting microelectronics manufacturer, signed a 19,200-square-foot lease renewal at 175 Clearbrook Road in Elmsford, NY. The 98,900-square-foot office/flex building, located in Cross Westchester Executive Park, is 100 percent leased. Mack-Cali was represented in-house by Louis Amalfitano, senior director of leasing.
- Reliance Standard Life Insurance Company, an insurance carrier specializing in innovative and flexible employee benefits solutions, signed two lease transactions totaling 25,860-square feet at 7 Skyline Drive in Hawthorne, NY. The transactions consisted of a 19,401-square-foot renewal and a 6,459-square foot expansion. The 109,000-square-foot office building, located in Mid-Westchester Executive Park, is 88.6 percent leased. Mack-Cali was represented in-house by Carol McGuire, senior director of leasing.
- AXA Insurance Company, a business entity of the AXA Group, signed a new 18,702-square-foot lease at 125 Broad Street in Manhattan. Mack-Cali's ownership interests of 524,476 square feet in the building are 95.5 percent leased. The tenant was represented in the transaction by Erik Schmall of Studley. Mack-Cali was represented by Mark Ravesloot, Peter Turchin, Gerry Miovski, and Christopher Levinson, all of CB Richard Ellis.
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.