Mack-Cali Announces Second Quarter Leasing Activity at Suburban Philadelphia and Southern N.J. Properties
08/01/2012 Category: Leasing and Development
Edison, New Jersey—August 1, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 159,061 square feet at its office and office/flex properties in the Suburban Philadelphia and Southern New Jersey markets during the second quarter. Portfolio-wide, Mack-Cali leased 938,873 square feet of space during the quarter.
Highlights of the second quarter transactions include:
- Sterling Medical Services LLC, a medical supply distributor and subsidiary of McKesson Corporation, signed a lease renewal for the entire 48,600-square-foot office/flex building located at 2 Twosome Drive at Moorestown West Corporate Center in Moorestown, N.J. The tenant was represented in the transaction by Jon Sarkisian and Adam Loges both of CB Richard Ellis. Mack-Cali was represented in-house by Tim O’Brien, director of leasing.
- Sussex Wine Merchants, a wine distributor, signed a 19,075-square-foot lease renewal at 50 Twosome Drive in Moorestown, N.J. The 34,075-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.
- Law firm Campbell Campbell Edwards & Conroy PC signed a new 13,185-square-foot lease at 1205 Westlakes Drive in Berwyn, Pa. The 130,265-square-foot office building, located in Westlakes Office Park, is 99.1 percent leased. The tenant was represented in the transaction by Jim Dugan of Grubb & Ellis. Mack-Cali was represented in-house by Christie McBride, director of leasing.
- Systems Maintenance Services, Inc., a provider of multi-vendor IT maintenance and support, signed a 12,835-square-foot lease renewal at 2 Executive Drive in Moorestown, N.J. The 60,800-square-foot office/flex building is located in Moorestown West Corporate Center. The tenant was represented in the transaction by Jon Sarkisian and Mike Gillman, both of CB Richard Ellis. Mack-Cali was represented in-house by Tim O’Brien.
- Icon Identity Solutions and Icon Acquisition, Inc., providers of illuminated signage programs, signed a new 11,900-square-foot lease at 1247 North Church Street in Moorestown, N.J. The 52,790-square-foot office/flex building, located in Moorestown West Corporate Center, is 80.7 percent leased. The tenant was represented in the transaction by Peter Strickler of UGL Equis. Mack-Cali was represented in-house by Tim O’Brien.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We continue to focus on attracting and retaining high credit quality tenants while striving to provide superior work environments and service. This enables us to continue to outperform in our key markets.”
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 276 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.