Mack-Cali Announces First Quarter Leasing Activity at Suburban Philadelphia, Southern N.J., and Maryland Properties
05/02/2013 Category: Leasing and Development
Edison, New Jersey—May 2, 2013—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 205,014 square feet at its office and office/flex properties in the Suburban Philadelphia, Southern New Jersey, and Maryland markets during the first quarter. Portfolio-wide, Mack-Cali leased 1,028,903 square feet of space during the quarter.
Highlights of the first quarter transactions include:
- Bozzuto & Associates, Inc., a diversified residential real estate company, signed a new 74,117-square-foot lease at 6406 Ivy Lane in Greenbelt, Maryland. The 163,857-square foot office building is located in Capital Office Park. The tenant was represented in the transaction by Demetri Koutrouvelis and Nicole Miller, both of Studley. Mack-Cali was represented in-house by Kenneth Smondrowski, director of leasing.
- Prism Color Corp., a provider of prepress and printing services, signed a 37,320-square-foot renewal at 31 Twosome Drive in Moorestown. The 84,200-square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased. The tenant was represented in the transaction by Jon C. Sarkisian of CBRE. Mack-Cali was represented in-house by Tim O’Brien, director of leasing.
- Ketec Inc., a designer and manufacturer of Electronic Article Surveillance (EAS) systems that help prevent shoplifting in retail stores, signed a 12,670-square-foot renewal at 1256 North Church Street in Moorestown, New Jersey. The 63,495-square-foot office/flex building, also located in Moorestown West Corporate Center, is 100 percent leased. Mack-Cali was represented in-house by Tim O’Brien.
Mitchell E. Hersh, president and chief executive officer, commented, “While overall markets continue to be challenging, we are pleased with the leasing activity we are seeing in the Suburban Philadelphia, Southern New Jersey, and Maryland office markets, where we continue to attract and retain high-credit quality tenants.”
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 consisting of 269 office and office/flex properties totaling approximately 31.1 million square feet and nine multi-family rental properties containing over 3,300 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.