Mack-Cali Leases Over 587,000 Square Feet at Northern and Central New Jersey Commercial Real Estate Properties in Second Quarter
07/29/2014 Category: Leasing and Development
Edison, New Jersey—July 29, 2014—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 587,245 square feet at its office and office/flex commercial real estate properties in Northern and Central New Jersey during the second quarter. Portfolio-wide, Mack-Cali leased 876,273 square feet of space during the quarter.
Highlights of the second quarter transactions include:
- Savvis Communications Corporation, which is now CenturyLink Technology Solutions, a global provider of cloud and managed solutions, signed a renewal lease for 71,474 square feet at Harborside Plaza 3 in Jersey City. The 725,600-square-foot office building is 78.4 percent leased. The tenant was represented in the transaction by Jeff Kolodkin of Newmark Grubb Knight Frank. Mack-Cali was represented in-house by Thomas Savoca, assistant vice president of leasing.
- Mannkind Corporation, involved in the discovery, development, and commercialization of therapeutic products, signed a renewal lease for 22,746 square feet at Mack-Cali Centre IV, 61 South Paramus Road in Paramus. The tenant was represented in the transaction by Dan De Palma of Jones Lang LaSalle. Mack-Cali was represented in-house by Christopher DeLorenzo, senior vice president of leasing.
- Jack Henry & Associates, Inc., a provider of computer systems and electronic payment solutions, signed a new lease for 20,278 square feet at 2 Center Court in Totowa. The 30,600-square-foot office/flex building, located in Mack-Cali Commercenter, is 100 percent leased. The tenant was represented in the transaction by James Scancarella of Cresa NJ. Mack-Cali was represented in-house by Thomas Savoca.
- ADT LLC, d/b/a ADT Security Services, a provider of electronic security and monitoring services, signed a new lease for 20,780 square feet at 20 Commerce Way, also in Mack-Cali Commercenter. The 42,540-square-foot office/flex building is 95.5 percent leased. The tenant was represented in the transaction by Brian J. Godau of CBRE. Mack-Cali was represented in-house by Thomas Savoca.
- FTI Consulting, Inc., a global business advisory services firm, signed a lease renewal for 18,462 square feet at 101 Eisenhower Parkway in Roseland. The 237,000-square-foot office building, located in Eisenhower/280 Corporate Center, is 83.3 percent leased.
Last week Mack-Cali announced a new lease with United Water Management & Services, Inc. for 116,360 square feet at Mack-Cali Centre VI, 461 From Road in Paramus. The 253,554-square-foot office building is 86.5 percent leased.
Mitchell E. Hersh, president and chief executive officer, commented, “We are pleased that so many of our tenants choose to renew and expand with Mack-Cali, proof that we deliver on our promise to provide an office experience that is unmatched in the industry. And, we welcome our new tenants to the Mack-Cali portfolio.”
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 266 office and office/flex properties totaling approximately 31.5 million square feet and 13 multi-family rental properties containing over 3,900 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.