Mack-Cali Announces Over 116,000 Square Feet Leased at Southern N.J. Commercial Real Estate Properties in Fourth Quarter
02/26/2015 Category: Leasing and Development
Edison, New Jersey—February 26, 2015—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 116,405 square feet at its office/flex commercial real estate properties in Southern New Jersey, during the fourth quarter. Portfolio-wide, Mack-Cali leased 923,410 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- Quaker Sales and Distribution, Inc., a division of PepsiCo, Inc., signed a lease renewal for 26,580 square feet at 915 North Lenola Road in Moorestown. The 52,488-square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.
- Schindler Elevator Corporation, a leading global provider of elevators, escalators, and related services, signed a lease renewal for 18,020 square feet at 840 North Lenola Road in Moorestown. The 38,300-square-foot office/flex building is also located in Moorestown West Corporate Center.
- Lum Tech Lighting Company Inc., a leading provider of residential, commercial, and architectural lighting solutions, signed a new lease for 14,400 square feet at 1245 North Church Street in Moorestown. The 52,810-square-foot office/flex building is also located in Moorestown West Corporate Center.
- Regal Wine Imports Inc., an importer and distributor of fine wine and craft beer, signed a lease renewal for 10,430 square feet at 2 Commerce Drive in Moorestown. The 49,000-square-foot office/flex building is also located in Moorestown West Corporate Center.
Mack-Cali was represented in-house by Tim O’Brien, senior director of leasing, in these transactions.
Mitchell E. Hersh, president and chief executive officer, commented, “Mack-Cali had a successful fourth quarter, increasing our office building occupancy through significant leasing activity. We are pleased to continue to be the preferred provider of office space in 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 282 properties, consisting of 263 office and office/flex properties totaling approximately 30.9 million square feet and 19 multi-family rental properties containing 5,484 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.