Mack-Cali Leases Over 450,000 Square Feet at Northern and Central New Jersey Properties in Second Quarter
07/30/2012 Category: Leasing and Development
Edison, New Jersey—July 30, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 450,476 square feet at its office and office/flex properties in Northern and Central New Jersey 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:
- MD On-Line, Inc., a provider of electronic data interchange (EDI) solutions, signed a new lease for 33,196 square feet at 6 Century Drive in Parsippany, relocating and expanding from 9,867 square feet at another property in the Campus. The 100,036-square foot office building is located in Mack-Cali Business Campus. Mack-Cali was represented in-house by Diane Chayes, senior vice president of leasing.
- Enercon Services, Inc., a provider of professional services to private, public, and government sector clients that help address energy and environmental needs, signed a new lease for 25,768 square feet at 4 Campus Drive in Parsippany. The 147,475-square-foot office building, located in Mack‑Cali Business Campus, is 77.9 percent leased. The tenant was represented in the transaction by Christopher D. Olsen and Brendan McBride, both of Newmark Grubb Knight Frank, and Evonne Keene of Transwestern. Mack‑Cali was represented in-house by Diane Chayes.
- Cover-All Technologies, Inc., a developer of software solutions for the property and casualty insurance industry, signed a new lease for 23,412 square feet at the 475,100-square-foot 412 Mt. Kemble Avenue in Morris Township. The tenant was represented in the transaction by Paul Hindes, Ken Flynn, and James Scanlon, all formerly of Jones Lang LaSalle. Mack-Cali was represented in-house by Diane Chayes.
- Xoriant Corporation, a product development and engineering and product consulting services company, signed a new lease for 17,634 square feet at 343 Thornall Street in Edison. The 195,709-square-foot office building is 89.5 percent leased. The tenant was represented in the transaction by Wesley Moore of CB Richard Ellis. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- Paragon Solutions, an advisory consulting and systems integration firm, signed lease renewals totaling 17,565 square feet at 25 Commerce Drive in Cranford. The 67,749-square-foot office building, located in Cranford Business Park, is 86.8 percent leased. The tenant was represented in the transaction by Larry Martin of Newmark Grubb Knight Frank. Mack-Cali was represented in-house by Toni Casiano.
- Fidelity Brokerage Services LLC signed a new lease for 16,130 square feet at Harborside Financial Center Plaza 3 on the Jersey City Waterfront. The 725,600-square-foot office building is 97.3 percent leased. The tenant was represented in the transaction by Augustus Field and Edward Duenas of Cushman & Wakefield. Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing.
- PBF Holding Company LLC, a petroleum refinery operator, signed an expansion lease for 15,242 square feet at One Sylvan Way in Parsippany. The 150,557-square-foot office building, located in Mack-Cali Business Campus, is 96 percent leased. The tenant was represented in the transaction by Tim Greiner of Newmark Grubb Knight Frank. Mack-Cali was represented in-house by Diane Chayes.
- Volt Information Sciences, Inc., a provider of global infrastructure solutions in technology, information services, and staffing acquisitions, signed a new lease for 14,760 square feet at 14 Commerce Drive in Cranford. The 67,189-square-foot office building, located in Cranford Business Park, is 85.2 percent leased. The tenant was represented in the transaction by Chuck Fern of Cassidy Turley. Mack-Cali was represented in-house by Toni Casiano.
- Korea Business Center, NJ (KOTRA), a Korea trade investment promotion agency, signed a new lease for 13,600 square feet at 2115 Linwood Avenue in Fort Lee. The 68,000-square-foot office building is 70.4 percent leased. The tenant was represented in the transaction by Nick Kim of Colliers International. Mack-Cali was represented in-house by Richard Eyre, director of leasing.
The Company recently announced that it entered into a ground lease with Wegmans Food Markets, Inc. at its undeveloped site located at Sylvan Way and Ridgedale Avenue in Hanover Township, New Jersey. Subject to receiving all necessary governmental approvals, Wegmans intends to construct a store of approximately 140,000 square feet on a finished “pad” to be delivered by Mack-Cali.
In addition, Mack-Cali previously announced an expansion lease for 100,274 square feet with The Bank of Tokyo-Mitsubishi UFJ, Ltd. at Harborside Financial Center Plaza 3.
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.