Mack-Cali Leases Over 720,000 Square Feet at Northern and Central New Jersey Properties in Second Quarter
08/06/2013 Category: Leasing and Development
Edison, New Jersey—August 6, 2013—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 720,171 square feet at its office and office/flex properties in Northern and Central New Jersey during the second quarter. Portfolio-wide, Mack-Cali leased 1,311,917 square feet of space during the quarter.
Highlights of the second quarter transactions include:
- T-Mobile USA, Inc., a wireless telecommunications service provider, signed a renewal lease for the entire 105,135-square-foot office building at 4 Sylvan Way in Mack-Cali Business Campus in Parsippany. The tenant was represented in the transaction by Jim Medenbach and Fred Hyatt, both of Jones Lang LaSalle. Mack-Cali was represented in house by Diane Chayes, senior vice president of leasing.
- American General Life Insurance Company, a provider of life insurance, annuity, and accident and health products, signed a new lease for 74,199 square feet at 3600 Route 66 in Neptune. The 180,000-square-foot office building is 100 percent leased. The tenant was represented by Joseph J. Sarno and Jeremy Neuer, both of CBRE. Mack-Cali was represented in-house by Diane Chayes.
- Public Service Electric and Gas Company signed a renewal for 47,604 square feet at 20 Commerce Drive in Cranford. The 176,600-square-foot office building, located in Cranford Business Park, is 87.5 percent leased. The tenant was represented by Bryn Cinque of Colliers International. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing.
- Sunovion Pharmaceuticals Inc., a research-based pharmaceutical company, signed a lease renewal for 45,847 square feet at One Bridge Plaza in Fort Lee. The 200,000-square-foot office building is 91.4 percent leased. The tenant was represented in the transaction by Richard E. Charles, Masahiro Tanaka, Thomas Shirocky, Jeff Babikian, and Ron Volk, all of CBRE. Mack-Cali was represented in-house by Christopher DeLorenzo, senior vice president of leasing.
- Toyota Motor Credit Corporation, a provider of finance and insurance products and services, signed a renewal for 22,236 square feet at 4 Gatehall Drive in Parsippany. The 248,480-square-foot office building, located in Mack-Cali Business Campus, is 81.7 percent leased. The tenant was represented in the transaction by David Warren of Resource Realty, and Wade Clark and Ronda Clark, both of Jones Lang LaSalle. Mack-Cali was represented in-house by Brian Golden, director of leasing.
- Hammerman & Gainer, Inc., a third party administration firm, signed a new lease for 20,874 square feet at 3 Paragon Way in Freehold. The 66,898-square-foot office building, located in Monmouth Executive Center, is 88.2 percent leased. Mack-Cali was represented in-house by Erin Moran and John O’Hearn, both directors of leasing. In addition, Hammerman & Gainer signed a new lease for 5,655 square feet at Mack-Cali Centre III, 140 E. Ridgewood Avenue, in Paramus. The 239,680-square-foot office building is 94.2 percent leased. Mack-Cali was represented in-house by Richard Eyre, director of leasing. The tenant was represented in both transactions by Dan DePalma of Jones Lang LaSalle.
- Law firm Orloff, Lowenbach, Stifelman & Siegel, P.A., signed a lease renewal for 20,228 square feet at 101 Eisenhower Parkway in Roseland. The 237,000-square-foot office building, located in Eisenhower/280 Corporate Center, is 84.8 percent leased. The tenant was represented by David Stifelman of Cushman & Wakefield. Mack-Cali was represented in-house by Richard Travaglini, senior director of leasing.
- Law firm Greenbaum, Rowe, Smith & Davis LLP signed a lease renewal for 17,295 square feet at 75 Livingston Avenue in Roseland. The 94,221-square-foot office building is located in 280 Corporate Center. The tenant was represented in the transaction by Doug Rowe of American Properties Realty and Jackie Witmondt of Associated Realty. Mack-Cali was represented in-house by Richard Travaglini.
- 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 outperformed all of 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 272 properties, consisting of 263 office and office/flex properties totaling approximately 30.5 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
- 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.