Mack-Cali Realty Corporation and The Praedium Group Announce New 26,000-Square-Foot Lease with International Law Firm at One Newark Center
01/08/2014 Category: Leasing and Development
Edison, New Jersey—January 8, 2014—Mack-Cali Realty Corporation (NYSE: CLI) and its joint venture partner, The Praedium Group, today announced that law firm Sedgwick, LLP signed a new lease for 26,074 square feet at One Newark Center in Newark, New Jersey.
Located in the heart of Newark’s downtown, the 24-story, 416,429-square-foot office building is 98.4 percent leased. The class A property offers tenants an attached parking garage, cafeteria, 24-hour security, redundant power systems, and The Metropolitan Room at the Newark Club. In addition, One Newark Center is strategically located just one block from Newark Penn Station — a great asset for commuting staff and visitors.
Sedgwick was represented in the transaction by David J. Goldstein, Greg B. Taubin, and Christopher B. Marx, all of Studley. Mack-Cali and The Praedium Group were represented by Jonathan Meisel, Aaron Ellison, and Chris Conklin, all of Jones Lang LaSalle, exclusive leasing agents for the property.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "We're delighted to welcome this outstanding firm to One Newark Center. The property’s strategic location and rich area amenity base offered the right mix. We look forward to serving Sedgwick’s office space needs for many years to come.”
About Mack-Cali Realty Corporation
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 31.1 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.
About The Praedium Group
The Praedium Group is a privately-held real estate investment firm focusing on properties throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing $9.3 billion of capital, including 70,000 multifamily units and 43.3 million square feet of commercial space. Over the past 22 years, The Praedium Group has sponsored a series of eight private equity funds. The commingled funds and investment vehicles sponsored by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.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.