Mack-Cali Leases Over 480,000 Square Feet at Northern and Central New Jersey Commercial Real Estate Properties in Fourth Quarter
03/06/2014 Category: Leasing and Development
Edison, New Jersey—March 6, 2014—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 484,975 square feet at its office and office/flex commercial real estate properties in Northern and Central New Jersey during the fourth quarter. Portfolio-wide, Mack-Cali leased 718,588 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- Gannett Satellite Information Network, Inc, a provider of newspaper publishing services, signed a new lease for 66,999 square feet at 3600 Route 66 in Neptune. The 180,000-square-foot office building is 100 percent leased. The tenant was represented in the transaction by Suzanne Macnow and Meredith LaPier, both of CBRE. Mack-Cali was represented in-house by Diane Chayes, senior vice president of leasing.
- Franklin Credit Management Corporation, a specialty consumer finance company, renewed 33,866 square feet at 101 Hudson Street in Jersey City. The 1,246,283-square-foot office building is 83.4 percent leased. The tenant was represented in the transaction by Edward Duenas of Cushman & Wakefield. Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing.
- Groundwater & Environmental Services, Inc., a provider of environmental consulting, engineering, and technical field services, renewed 30,070 square feet 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 in the transaction by Eric Wahlers and Brian Lafond, both of Gola Corporate Real Estate. Mack-Cali was represented in-house by Erin Moran and John O’Hearn, both directors of leasing.
- Herbert L. Jamison & Co., L.L.C., a full-service insurance brokerage firm, signed a new lease for 24,838 square feet at 20 Commerce Drive in Cranford. The 176,600-square-foot office building, located in Cranford Business Park, is 99.3 percent leased. The tenant was represented in the transaction by Marc Rosenberg of Cushman & Wakefield. Mack-Cali was represented in-house by Toni Casiano, assistant vice president of leasing.
- Law firm Walder, Hayden & Brogan, P.A. renewed a 22,495-square-foot lease at 5 Becker Farm Road in Roseland. The 118,343-square-foot office building, located at 280 Corporate Center, is 84.7 percent leased. The tenant was represented in the transaction by Richard Charles of CBRE. Mack-Cali was represented in-house by Diane Chayes.
- WBI Investments, Inc., a provider of institutional and private client wealth management solutions, signed a new lease for 19,220 square feet at One River Centre, 331 Newman Springs Road, Building One, in Red Bank. The 122,594-square-foot office building is 96.1 percent leased. The tenant was represented in the transaction by Suzanne Macnow of CBRE. Mack-Cali was represented in-house by John O’Hearn and Erin Moran.
- Haymarket Media, Inc., a global media company, signed a new lease for 14,575 square feet at Mack-Cali Centre III, 140 East Ridgewood Avenue, in Paramus. The 239,680-square-foot office building is 92.3 percent leased. The tenant was represented in the transaction by Mark Siegler and Marc Hirschinger, both formerly of Cassidy Turley, and Nicola Heryet of Cassidy Turley. Mack-Cali was represented in‑house by Richard Eyre, director of leasing.
Earlier in the quarter we announced a new lease with Sedgwick, LLP for 26,074 square feet at One Newark Center in Newark. The 416,429-square-foot office building is 98.4 percent leased.
Mitchell E. Hersh, president and chief executive officer, commented, “We are pleased to end the year at 86.1 percent leased, as the suburban office markets remain challenged. Despite those challenges, Mack‑Cali continues to outperform almost 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 279 properties, consisting of 267 office and office/flex properties totaling approximately 31 million square feet and 12 multi-family rental properties containing over 3,600 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.