Mack-Cali Announces Over 68,000-Square-Foot Lease with New Jersey City University on the Jersey City Waterfront
12/23/2014 Category: Leasing and Development
Edison, New Jersey—December 23, 2014—Mack-Cali Realty Corporation (NYSE: CLI) today announced that New Jersey City University (NJCU) has signed a new 20-year, 68,348-square-foot lease at Harborside Plaza 2 in Jersey City, New Jersey.
Located directly on the Jersey City Waterfront, Harborside is currently undergoing a dramatic public space transformation. Significant upgrades are underway on the retail promenade, grand atrium, individual building lobbies, exterior entrances, and outdoor esplanade, as well as the addition of a beer garden and completely renovated market dining area. The reimagined Harborside will offer inspirational working places and aspirational living spaces.
The NJCU School of Business will be located in the hub of Jersey City’s financial district, on Hudson Street and across from lower Manhattan. Harborside sees monthly foot traffic of nearly 12 million professionals, residents, and small business patrons. And with Jersey City poised to become the largest city in the state by 2020, this location will only become more popular and impactful. With the influx of new students and plans for new faculty hires, NJCU is positioning itself as a leader in finance, data analytics, logistics/supply chain management, entrepreneurial studies, and other traditional business studies.
“NJCU’s business school is poised for terrific growth in the coming years. With our new school at Harborside, we will be able to meet the enrollment demand we see from our students and the need for a qualified workforce from our corporate partners,” said Sue Henderson, President.
NJCU is currently a Mack-Cali tenant within the complex at Harborside Plaza 4A.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “We’re delighted that NJCU has decided to house their successful business program here at Harborside. Their expanded presence on the Waterfront will provide our office tenants and residents with a valuable amenity which will be a great asset and inducement for talent recruitment. This is a true win-win for the Jersey City community as well and we’re thrilled to be a part of it. This reflects the continued success of Mack-Cali’s strategy to build successful, long-term tenant relationships by maintaining high standards for both our properties and our services.”
The tenant was represented in the transaction by Bob Antonicello of Grid Real Estate, LLC and Anthony V. Bastardi of Strategic Development Group. Mack-Cali was represented by the CBRE team of Mark Ravesloot, David Opper, Peter Turchin, and Lee Cross.
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 282 properties, consisting of 266 office and office/flex properties totaling approximately 31.5 million square feet and 16 multi-family rental properties containing approximately 4,900 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.