Mack-Cali Leases Over 710,000 Square Feet at Northern and Central New Jersey Commercial Real Estate Properties in Third Quarter
11/04/2013 Category: Leasing and Development
Edison, New Jersey—November 4, 2013—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 711,109 square feet at its office and office/flex commercial real estate properties in Northern and Central New Jersey during the third quarter. Portfolio-wide, Mack-Cali leased 980,600 square feet of space during the quarter.
Highlights of the third quarter transactions include:
- AT&T Corp. signed a renewal for 275,000 square feet 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 in the transaction by Marc Rosenberg of Cushman & Wakefield. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- DSV Air & Sea, a global supplier of transport and logistics solutions, signed a lease renewal for 37,798 square feet at 100 Walnut Avenue in Clark. The 182,555-square-foot office building is 100 percent leased. Mack-Cali was represented in-house by Toni Casiano.
- New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA), a provider of statutory benefits to insureds and claimants of insolvent property casualty insurance companies, signed a new lease for 28,234 square feet at 233 Mount Airy Road in Basking Ridge. The property is a 66,000-square-foot office building. The tenant was represented in the transaction by Jack Feeney of Studley. Mack-Cali was represented in-house by Richard Travaglini, senior director of leasing.
- Cervalis, LLC, a provider of IT infrastructure solutions, signed a new lease for 28,130 square feet at 29 Commerce Way in Totowa. The 48,930-square-foot office/flex building, located in Mack-Cali Commercenter, is 77.9 percent leased. The tenant was represented in the transaction by Jim Garibaldi and Mike Witko, both of the Garibaldi Group, and Howard Greenberg of Howard Properties, Ltd. Mack‑Cali was represented in-house by Thomas Savoca, senior director of leasing.
- United Water Management & Services, Inc., a provider of water and wastewater services to approximately 5.5 million people in the United States, signed a new lease for 24,900 square feet at Mack-Cali Centre II, 650 From Road in Paramus. The 348,510-square-foot office building is 81.5 percent leased. The tenant was represented in the transaction by Andrew Somple of NAI James E. Hanson. Mack-Cali was represented in-house by Richard Eyre, director of leasing.
- S2, Inc., d/b/a Sigma Group, a fully integrated advertising agency, signed a new lease for 23,573 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000-square-foot office building is 85.3 percent leased. The tenant was represented in the transaction by David Sherman, Marc Trevisan, Mark Zazinski, and Slava Vaynberg, all of Cushman & Wakefield. Mack-Cali was represented in-house by Christopher DeLorenzo, senior vice president of leasing.
- New England Life Insurance Company, a provider of insurance and financial planning products and services, signed transactions totaling 21,564 square feet at 1305 Campus Parkway in Wall Township. The transactions consisted of a 15,984-square-foot renewal and a 5,580-square-foot expansion. The 23,350-square-foot office building, located in Monmouth Shores Corporate Park, is 92.4 percent leased. The tenant was represented in the transaction by Jodie Matthews of Jones Lang LaSalle. Mack-Cali was represented in-house by John O’Hearn, director of leasing.
- SS&C Technologies, a global provider of investment and financial software-enabled services and software, signed transactions totaling 18,983 square feet, consisting of a 12,687-square-foot renewal and a 6,296-square-foot expansion at 11 Commerce Drive in Cranford. The 90,000-square-foot office building, located in Cranford Business Park, is 81.5 percent leased. The tenant was represented in the transaction by John Cunningham of Colliers International. Mack-Cali was represented in-house by Toni Casiano.
- Perrigo Company, a global healthcare supplier, signed a new lease for 13,589 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 Tom Carragher and Chris Koeck, both of Studley.
Mitchell E. Hersh, president and chief executive officer, commented, “We are pleased with the level of leasing activity we saw during the quarter in New Jersey, as well as the fact that we continue to be the preferred provider of office space in the markets in which we operate.”
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 275 properties, consisting of 266 office and office/flex properties totaling approximately 30.7 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 and the commercial real estate properties and multi‑family residential communities available for lease can be found 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.