Mack-Cali Leases Over 642,000 Square Feet at Northern and Central New Jersey Properties in Fourth Quarter
02/11/2013 Category: Leasing and Development
Edison, New Jersey—February 11, 2013—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 642,394 square feet at its office and office/flex properties in Northern and Central New Jersey during the fourth quarter. Portfolio-wide, Mack-Cali leased 1,147,218 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- New Cingular Wireless PCS, LLC, a wireless communications service provider and long time Mack-Cali tenant, signed leases totaling 211,573 square feet in Paramus. The transactions consisted of a 137,991‑square-foot renewal at Mack-Cali Centre VII, 15 East Midland Avenue and a 73,582-square-foot renewal at Mack-Cali Centre III, 140 East Ridgewood Avenue. Mack-Cali Centre VII, a 259,823-square-foot office building, is 80.5 percent leased and the 239,680-square-foot Mack-Cali Centre III is 91.9 percent leased. The tenant was represented in the transaction by Marc Rosenberg of Cushman & Wakefield.
- AECOM Technology Corporation, a global technical and support services firm, signed transactions totaling 70,932 square feet at 30 Knightsbridge Road in Piscataway, consisting of a 59,652-square-foot renewal and an 11,280-square-foot expansion. The four-building property, totaling 680,350 square feet, is 92.7 percent leased. The tenant was represented in the transaction by Adam Foster and Wesley Moore, both of CBRE. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing. AECOM also signed a lease with Mack-Cali for 91,414 square feet at 125 Broad Street in Downtown Manhattan.
- Towers Watson Pennsylvania, Inc., a global professional services company, signed a new lease for 28,500 square feet at 8 Campus Drive in Parsippany. The 215,265-square-foot office building is located in Mack-Cali Business Campus. The tenant was represented in the transaction by Edward DaCosta of CBRE. Mack-Cali was represented in-house by Diane Chayes, senior vice president of leasing.
- Regulus Group, LLC, a payment processing and service provider and also a long time Mack-Cali tenant, signed a 21,500-square-foot lease renewal at Mack-Cali Centre I, 365 West Passaic Street in Rochelle Park. The 212,578-square-foot office building is 84.6 percent leased. The tenant was represented in the transaction by Michael G. Walters of NAI James E. Hanson. Mack-Cali was represented in-house by Christopher DeLorenzo, senior vice president of leasing.
- HealthEd Group, Inc., a health care marketing agency, signed lease renewals totaling 22,390 square feet at 100 Walnut Avenue in Clark. The 182,555-square-foot office building is 100 percent leased. The tenant was represented in the transaction by Marc Trevisan and David Sherman, both of Cushman & Wakefield. Mack-Cali was represented in-house by Toni Casiano.
- The Bank of Tokyo-Mitsubishi UFJ, Ltd., a subsidiary of Mitsubishi UFJ Financial Group, signed an expansion lease for 20,649 square feet at Harborside Financial Center Plaza 3 in Jersey City, bringing The Bank of Tokyo-Mitsubishi’s total square feet leased at the building to 282,606 square feet. The 725,600-square-foot waterfront building is 86 percent leased. The tenant was represented in the transaction by Fred Smith and Curtis Foster, both of Cushman & Wakefield.
- The U.S. General Services Administration (GSA) signed a lease renewal for 19,702 square feet at 4 Paragon Way in Freehold. The 63,989-square-foot office building is located in Monmouth Executive Center. The tenant was represented in the transaction by Wendy Blue and William Korchak, both of Jones Lang LaSalle. Mack-Cali was represented in-house by Erin Moran and John O’Hearn, both directors of leasing.
- Black & Veatch Corporation, an employee-owned, global leader in building Critical Human Infrastructure™ in energy, water, telecommunications and government services, signed a new lease for 19,678 square feet at Mack-Cali Centre II, 650 From Road in Paramus. Mack-Cali Centre II is a 348,510-square-foot office building. The tenant was represented in the transaction by Graham “Chip” Conklin and Timothy B. Monahan, both of Studley. Mack-Cali was represented in-house by Richard Eyre, director of leasing.
- Palisade Capital Management, an SEC-registered investment adviser, signed a renewal and expansion lease for 18,853 square feet at One Bridge Plaza in Fort Lee where they have been a tenant for many years. The 200,000-square-foot office building is 92.3 percent leased. Mack-Cali was represented in‑house by Christopher DeLorenzo.
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 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 271 office and office/flex properties totaling approximately 31.6 million square feet and seven multi-family rental properties containing over 2,000 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.