Mack-Cali Leases Over 518,000 Square Feet at Northern and Central New Jersey Commercial Real Estate Properties in Fourth Quarter
02/24/2015 Category: Leasing and Development
Edison, New Jersey—February 24, 2015—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 518,234 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 923,410 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
- Cisco Systems Inc., a worldwide leader in IT, signed a new lease for 35,446 square feet at 4 Gatehall Drive in Parsippany. The 248,480-square-foot office building, located in Mack-Cali Business Campus, is 84.9 percent leased. The tenant was represented in the transaction by Dan De Palma and Brian Gropler, both of Jones Lang LaSalle. Mack-Cali was represented in-house by Diane Chayes, senior vice president of leasing.
- Atlantic Inertial Systems, Inc., a provider of high technology products and services to the building and aerospace industries, signed a lease renewal for 19,854 square feet at 20 Commerce Way in Totowa. The 42,540-square-foot office/flex building, located in Mack-Cali Commercenter, is 95.5 percent leased. The tenant was represented in the transaction by Jason Fray of Cushman & Wakefield. Mack-Cali was represented in-house by Thomas Savoca, assistant vice president of leasing.
- U.S. General Services Administration (GSA) signed a lease renewal for 19,676 square feet at 343 Thornall Street in Edison. The 195,709-square-foot office building is 98.4 percent leased. The tenant was represented in the transaction by David Lipson, Ken Ruderman, and Neil Levy, all of Savills Studley. Mack-Cali was represented in-house by Toni Casiano, assistant vice president of leasing.
- Federal Farm Credit Banks Funding Corporation, a provider of loans, leases, and services to U.S. agriculture and rural America, signed a new lease for 19,225 square feet at 101 Hudson Street in Jersey City. The 1,246,283-square-foot office building is 87.0 percent leased. The tenant was represented in the transaction by Robert Goodman and Richard Mirliss, both of Colliers International. Mack-Cali was represented in house by Thomas Savoca, assistant vice president of leasing.
- Law firm Connell Foley LLP signed transactions totaling 17,411 square feet consisting of a 12,987-square-foot renewal and a 4,424-square-foot expansion at Harborside Plaza 5 in Jersey City. The 977,225-square-foot office building is 87.0 percent leased. The tenant was represented in the transaction by Thomas Reilly, Dan Loughlin, and Tom Stanton, all of Jones Lang LaSalle.
In addition, Mack-Cali previously announced that New Jersey City University (NJCU) signed a new lease for 68,348 square feet at Harborside Plaza 2 in Jersey City.
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.