Mack-Cali Leases Over 386,000 Square Feet at Northern and Central New Jersey Properties in Third Quarter
11/05/2012 Category: Leasing and Development
Edison, New Jersey—November 5, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 386,070 square feet at its office and office/flex properties in Northern and Central New Jersey 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:
- NICE Systems Inc., a provider of software solutions, signed a new lease for 34,416 square feet at Mack‑Cali Centre VI, 461 From Road in Paramus. The tenant was represented in the transaction by Dennis Gralla and James Scancarella, both of Cresa, and Richard Charkham of Centric Real Estate Advisors. Mack-Cali was represented in-house by Christopher DeLorenzo, senior vice president of leasing.
- DSM Services USA, Inc., a life sciences and materials company, signed a new lease for 31,899 square feet at 8 Campus Drive in Parsippany. The 215,265-square-foot office building is located in Mack-Cali Business Campus. Mack-Cali was represented in-house by Jim Nugent, senior director of leasing, and Brian Golden, leasing associate.
- ORBCOMM Inc., a global satellite data communications company, signed a new lease for 31,159 square feet at the 100,589-square-foot Mack-Cali Centre V at 395 W. Passaic Street in Rochelle Park. The tenant was represented in the transaction by Mark Siegler and Marc Hirschinger, both of Cassidy Turley. Mack-Cali was represented in-house by Richard Eyre, director of leasing.
- MCI Communications Services, Inc., a global telecommunications company, signed a renewal for 20,698 square feet at 101 Hudson Street in Jersey City. The 1.2 million-square-foot office building is 89 percent leased. The tenant was represented in the transaction by Jonathan Meisel of Jones Lang LaSalle. Mack‑Cali was represented in-house by Christopher DeLorenzo and Thomas Savoca, senior director of leasing.
- ProSight Specialty Insurance, an insurance holding company, signed a lease expanding their current space by 16,721 square feet at the 475,100-square-foot 412 Mt. Kemble Avenue in Morris Township. Mack-Cali was represented in-house by Diane Chayes, senior vice president of leasing.
- Manfrotto Distribution Inc., an importer and distributor of imaging related products, signed a new lease for 16,009 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000-square-foot office building is 82.4 percent leased. The tenant was represented in the transaction by Mark Siegler and Marc Hirschinger, both of Cassidy Turley. Mack-Cali was represented in-house by Richard Eyre.
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 leases for space at 233 Mount Airy Road in Basking Ridge, 30 Knightsbridge Road in Piscataway, 999 Riverview Drive at Mack-Cali Commercenter in Totowa, Mack-Cali Woodbridge, 581 Main Street in Woodbridge, and 20 Commerce Drive at Cranford Business Park in Cranford.
Mitchell E. Hersh, president and chief executive officer, commented, “While overall market activity continues to be sluggish we are pleased that we’ve successfully completed lease transactions for close to a million square feet and have maintained a healthy occupancy rate within our portfolio.”
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.