Mack-Cali and The Praedium Group Announce New 19,000-Square-Foot Lease with Global Transportation Company at One Newark Center
01/12/2015 Category: Leasing and Development
Edison, New Jersey—January 12, 2015—Mack-Cali Realty Corporation (NYSE: CLI) and its joint venture partner, The Praedium Group, today announced that global transportation company Yang Ming Marine Transport Corporation signed a new lease for 19,306 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, The Metropolitan Room at the Newark Club, and the Seton Hall Law School. The local area boasts increased residential housing, restaurants, entertainment, and proximity to the court system—making it an ideal location. In addition, One Newark Center is strategically located just one block from Newark Penn Station—a great asset for commuting staff and visitors.
Yang Ming was represented in the transaction by Frank Recine of Newmark Grubb Knight Frank. Mack-Cali and The Praedium Group were represented by Jonathan Meisel, Chris Conklin, and Isabel Freire, 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 global firm to One Newark Center. The property’s strategic location and rich area amenity base was compelling. We look forward to serving Yang Ming’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 282 properties, consisting of 266 office and office/flex properties totaling approximately 31.5 million square feet and 16 multi-family rental properties containing over 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.
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 23 years, The Praedium Group has sponsored a series of 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.