Mack-Cali Leases Over 580,000 Square Feet at Northern and Central New Jersey Properties in First Quarter
04/30/2013 Category: Leasing and Development
Edison, New Jersey—April 30, 2013—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 580,310 square feet at its office and office/flex properties in Northern and Central New Jersey 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:
- Kiewit Infrastructure Co., a construction, mining, and engineering corporation, signed a transaction totaling 53,730 square feet consisting of a 42,640-square-foot renewal and an 11,090-square-foot expansion at 470 Chestnut Ridge Road in Woodcliff Lake. With its expansion, Kiewit now leases the entire building. The tenant was represented in the transaction by John Cunningham of Colliers International. Mack-Cali was represented in-house by Christopher DeLorenzo, senior vice president of leasing, and Richard Eyre, director of leasing.
- The Ayco Company, L.P., a provider of financial counseling and education services for corporate executives and employees, signed a 38,878-square-foot renewal at 8 Campus Drive, located in Mack‑Cali Business Campus in Parsippany. The tenant was represented by Jonathan Meisel of Jones Lang LaSalle. Mack-Cali was represented in-house by Diane Chayes, senior vice president of leasing.
- The Sherwin-Williams Company, a specialty retailer of paint and painting supplies, signed a 37,055-square-foot renewal at 10 Mountainview Road in Upper Saddle River. The 192,000-square-foot office building is 82.4 percent leased. The tenant was represented by Sara Jones-Maturo, Remy DeVarenne, and Scott Belfer, all of CBRE. Mack-Cali was represented in-house by Christopher DeLorenzo, senior vice president of leasing.
- Paychex North America Inc., a provider of payroll, human resource, and benefits outsourcing solutions, signed a 30,156-square-foot renewal at 30 Knightsbridge Road in Piscataway. The four-building office complex, totaling 680,350 square feet, is 92.7 percent leased. The tenant was represented by Michael Maroon of Acclaim Group, LLC. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- Groundwater & Environmental Services, Inc., a provider of environmental consulting, engineering, and technical field services, signed a 30,070-square-foot renewal at 1340 Campus Parkway in Wall Township. The 72,502-square-foot office/flex building, located in Monmouth Shores Corporate Park, is 100 percent leased. The tenant was represented by Bryan Lisowski and Peter Yannotta, both of UGL Service Corporation. Mack-Cali was represented in-house by Erin Moran and John O’Hearn, both directors of leasing.
- UBS Financial Services Inc., a global financial services firm, signed a transaction totaling 26,713 square feet consisting of a 23,373-square-foot renewal and a 3,340-square-foot expansion at One River Centre, 331 Newman Springs Road, Building One in Red Bank. The 122,594-square-foot office building is 86.1 percent leased. The three building office complex, totaling 437,472 square feet, is 95.4 percent leased. The tenant was represented by Bill Brown, III and Joshua Cohen, both of Cushman & Wakefield. Mack-Cali was represented in-house by Erin Moran and John O’Hearn.
- TT Government Services Inc., a subsidiary of Applied Communication Sciences, signed a new 27,635-square-foot lease at One River Centre, 331 Newman Springs Road, Building Two in Red Bank. The 120,360-square-foot office building is 97.5 percent leased. The tenant was represented by Joseph J. Sarno and Jeremy Neuer, both of CBRE. Mack-Cali was represented in-house by Erin Moran and John O’Hearn.
- Morgan Stanley Smith Barney Financing LLC, a global financial services firm, signed a 26,262-square-foot renewal at Mack-Cali Centre III, 140 East Ridgewood Avenue in Paramus. The 239,680-square-foot office building is 91.9 percent leased.
- Decisions Resources LLC, a provider of market research publications, advisory services, and consulting for the healthcare industry, signed a new 22,453-square-foot lease at 5 Wood Hollow Road in Parsippany. The 317,040-square-foot office building is 95.2 percent leased. The tenant was represented by William O’Keefe, Charles Parmelli, and John Boyle, all of Cassidy Turley. Mack-Cali was represented in-house by Brian Golden, director of leasing.
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 New Jersey 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.