Mack-Cali Announces Third Quarter Leasing Activity at Suburban Philadelphia, Southern N.J., D.C., and Maryland Properties
11/05/2012 Category: Leasing and Development
Edison, New Jersey—November 5, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 168,747 square feet at its office and office/flex properties in the Suburban Philadelphia, Southern New Jersey, Washington, D.C., and Maryland markets during the third quarter. Portfolio-wide, Mack-Cali leased 932,990 square feet of space during the quarter.
Highlights of the third quarter transactions include:
- CORT Business Services Corp., a Berkshire Hathaway Inc. company and a provider of furniture rental and services, signed a lease renewal for 46,880 square feet at 31 Twosome Drive in Moorestown, N.J. The 84,200-square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.
- Vitality Foodservice, Inc., a Nestlé company and beverage solution provider to the foodservice industry, signed a 14,700-square-foot renewal lease at 5 Terri Lane in Burlington Township, N.J. The 74,555-square-foot office/flex building, located in Bromley Commons, is 100 percent leased. The tenant was represented in the transaction by Steve Tolkach and John Calvo, both of Newmark Grubb Knight Frank.
- Riley Sales, Inc., a global satellite data communications company, signed an 11,970-square-foot renewal lease at 915 North Lenola Road, also in Moorestown. The 52,488-square foot office/flex building, located at Moorestown West Corporate Center, is 100 percent leased. The tenant was represented in the transaction by Brian Belcher of Belcher-Pregmon Commercial Real Estate.
Mack-Cali was represented in-house in all three deals by Tim O’Brien, director of leasing.
In addition, Mack-Cali previously announced that Regus, the world’s largest provider of flexible workplaces, has signed eight new leases during the quarter totaling 110,242 square feet. The transactions included a 14,112-square-foot lease for 5 Sentry Park West in Blue Bell, Penn.
Mitchell E. Hersh, president and chief executive officer, commented, “While overall market activity continues to be sluggish, we are pleased with the leasing activity we are seeing in these regions. These transactions are prime examples of our ability to retain tenants at a time when so many options exist.”
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 281 properties consisting of 275 office and office/flex properties totaling approximately 31.9 million square feet and six multi-family rental properties containing over 1,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential 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.