Mack-Cali Announces Fourth Quarter Leasing Activity at Its Westchester and Fairfield County Commercial Real Estate Properties
Edison, New Jersey—March 10, 2014—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it leased 153,766 square feet during the fourth quarter at its office and office/flex commercial real estate properties in Westchester County, New York and Fairfield County, Connecticut. Portfolio-wide, Mack-Cali leased 718,588 square feet of space during the quarter.
Highlights of the fourth quarter transactions include:
One of Mack-Cali’s largest tenants, Montefiore Medical Center signed a new lease for 28,430 square feet at 4 Executive Plaza in Yonkers. The 80,000-square-foot office/flex building, located in South Westchester Executive Park, is 100 percent leased. The tenant was represented in the transaction by Glenn Walsh and Gregory Frisoli, both of Newmark Grubb Knight Frank. Mack-Cali was represented in-house by Carol McGuire, senior director of leasing.
Solais Lighting, Inc., a designer and manufacturer of high-performing LED lamps and fixtures, signed a new lease for 21,957 square feet at 650 West Avenue in Stamford. The 40,000-square-foot office/flex building is located in Stamford Executive Park. The tenant was represented in the transaction by Michael Nelson and William Cuddy, both of CBRE. Mack-Cali was represented in-house by Louis Amalfitano, senior director of leasing.
Bright Horizons Children’s Center signed lease renewals totaling 14,200 square feet at 77 Executive Boulevard at Cross Westchester Executive Park in Elmsford and 7 Odell Plaza at South Westchester Executive Park in Yonkers. 77 Executive Boulevard, a 13,000-square-foot office/flex building, is 100 percent leased. 7 Odell Plaza, a 42,600-square-foot office/flex building, is also 100 percent leased. Mack‑Cali was represented in the transactions by Louis Amalfitano.
Fabrication Enterprises, Inc., a manufacturer and distributor of physical and occupational therapy products, signed a lease renewal for 12,060 square feet at 3 Westchester Plaza. The 93,500-square-foot office/flex building, located in South Westchester Executive Park, is 97.9 percent leased. Mack-Cali was represented in‑house by Ivan Abry, assistant vice president of leasing.
Mitchell E. Hersh, president and chief executive officer, commented, “We are pleased to end the year at 86.1 percent leased, as the suburban office markets remain challenged. Despite those challenges, Mack‑Cali continues to outperform almost all of 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 279 properties, consisting of 267 office and office/flex properties totaling approximately 31 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.
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.