Mack-Cali Leases Over 918,000 Square Feet at its Northern and Central New Jersey Commercial Real Estate Properties in Second Quarter
08/03/2015 Category: Leasing and Development
Edison, New Jersey—August 3, 2015—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 918,992 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 1,377,100 square feet of space during the quarter.
Highlights of the second quarter transactions include:
- AAA Mid-Atlantic, Inc., an automotive, personal insurance, and travel services provider, signed a five-year renewal for the entire 120,000-square-foot building at 700 Horizon Drive, located in Horizon Center Business Park in Hamilton. The tenant was represented in the transaction by Roby Bull and Philip Lipper, both of Jones Lang LaSalle. Mack-Cali was represented in-house by Diane Chayes, senior vice president of leasing.
- PBF Holding Company, LLC, a petroleum refinery operator, extended its lease of 52,694 square feet at One Sylvan Way in Parsippany. The 150,557-square-foot building, located in Mack-Cali Business Campus, is 97.7 percent leased. The tenant was represented in the transaction by Jeffrey L. Heller of Avison Young. Mack-Cali was represented in-house by Diane Chayes and Brian Decillis, assistant vice president of leasing.
- A NYC-based investment firm represented by Cushman & Wakefield signed a long term lease for 42,360 square feet at Mack-Cali Centre IV and moved within the building. The 269,191-square-foot office building is located at 61 South Paramus Road in Paramus. Mack-Cali was represented in-house by Chris DeLorenzo, senior vice president of leasing.
- Accounting firm PricewaterhouseCoopers, LLP signed a renewal for 33,320 square feet at 101 Hudson Street in Jersey City. The 1.25 million-square-foot office building, located on the Jersey City Waterfront, is 88.1 percent leased. The tenant was represented in the transaction by Timothy Dempsey of CBRE. Mack-Cali was represented in-house by Thomas Savoca, assistant vice president of leasing.
- B&G Foods, Inc., a manufacturer and distributor of branded shelf-stable foods, signed a lease totaling 32,024 square feet at 4 Gatehall Drive in Parsippany. The transaction consisted of a 9,400-square-foot expansion and a 22,264-square-foot extension. Located in Mack-Cali Business Campus, the 248,480-square-foot office building is 91.7 percent leased. The tenant was represented in the transaction by David Opper of CBRE. Mack‑Cali was represented in-house by Brian Decillis.
- Group SEB USA, a manufacturer of small domestic appliances and cookware, signed a new 13-year lease to house its headquarters at the 317,040-square-foot 5 Wood Hollow Road in Parsippany. The tenant was represented in the transaction by Christopher Marx and Christopher Hanenberg, both of Savills Studley. Mack-Cali was represented in-house by Diane Chayes and Brian Decillis.
- TKL Research, a full-service, international Clinical Research Organization (CRO) serving the pharmaceutical, biotechnology, medical device and consumer healthcare industries, signed a lease renewal for their corporate headquarters totaling 17,332 square feet at Mack-Cali Centre I in Rochelle Park. Located at 365 West Passaic Street, the 212,578-square-foot office building is 83.6 percent leased. Mack-Cali was represented in the transaction by Christopher DeLorenzo.
- Assa Abloy Entrance Systems US Inc., a supplier of total door opening solutions, signed transactions totaling 21,075 square feet at the 69,780-square-foot office/flex building at 300 Horizon Drive, located in Horizon Center Business Park in Hamilton. Assa Abloy more than doubled its space, expanding by 16,646 square feet and extending its existing 6,429 square feet. The tenant was represented in the transaction by Leslie Meril of Colliers International. Mack-Cali was represented in-house by Erin Moran and John O’Hearn, both senior directors of leasing.
In addition, as previously mentioned, Valley Hospital Inc. signed a new 10-year lease for 73,978 square feet at Mack-Cali Centre III, 140 East Ridgewood Avenue in Paramus.
Mitchell E. Rudin, chief executive officer, commented, “We’re pleased that so many of our tenants chose to renew and expand within our portfolio and welcome Groupe SEB and Valley Hospital to Mack-Cali’s impressive tenant roster.”
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 278 properties, consisting of 259 office and office/flex properties totaling approximately 30.4 million square feet and 19 multi-family rental properties containing approximately 5,700 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.