JERSEY CITY, N.J., Oct. 24, 2016 /PRNewswire/ -- Mack-Cali Realty
Corporation (NYSE: CLI) today announced that it executed 62 leases
totaling 664,490 square feet for its office and flex commercial
real estate properties during the quarter ending September 30, 2016. Of the square feet leased,
289,991 square feet (44 percent) were for new leases and 374,499
square feet (56 percent) were for lease renewals and other tenant
transactions. At quarter end, Mack-Cali's Core, Flex, and
Waterfront properties, totaling 19.8 million square feet, achieved
90.3 percent leased. The overall percentage leased when Non-Core
assets are included is 87.7 percent, up 100 basis points from last
quarter's 86.7 percent. The third quarter leases had a direct
impact on the Company's 2017 expirations, reducing the total by
almost 100,000 square feet to 2.9 million square feet.
"We are pleased with the significant leasing momentum
we're seeing across our portfolio, particularly along the Hudson
River Waterfront where occupancy achieved 95 percent," said
Mitchell E. Rudin, Mack-Cali Chief
Executive Officer. "This quarter we produced GAAP roll up of 9.1
percent and cash roll up of 2.3 percent. We continue to be focused
on core markets and key properties with an eye toward transforming
these assets with first-class amenity packages. Over the first nine
months of this year, we have executed 218 leases totaling 2.5
million square feet. These results include 830,000 square feet of
new leases, and over 1.6 million square feet of renewal and other
tenant transactions. Of the 160 transactions for renewals and space
vacant less than a year, 139 produced GAAP rent roll ups, while
four were net neutral and 17 were roll downs. Year to date our
rents have rolled up 10.5 percent on a cash basis and 19.3 percent
on a GAAP basis."
"As some may have noticed today we ran an ad in the Wall Street
Journal thanking our colleagues in the leasing business for helping
us achieve 95 percent occupancy across our Waterfront portfolio,"
said Michael DeMarco, Mack-Cali President. "We also ran an ad
announcing our previously discussed joint venture with SJP
Properties to design, lease, and build Harborside 4, a 1.2
million-square-foot office tower. We chose SJP, who will be an
equity partner in the proposed venture, because Steve Pozycki, the founder, is a master builder
with an unmatched record of building iconic structures on time and
on budget. The project only gets built if we achieve substantial
preleasing at our desired rates. We believe tenant demand is there
today as is our ability to finance and add an additional equity
partner, if necessary. The Harborside 4 site is an existing parking
lot that we own free and clear of debt for over 20 years."
Large block transactions of over 20,000 square feet during the
quarter total 400,000 square feet and include the following
deals:
HUDSON RIVER WATERFRONT
- Omnicom, a global leader in marketing communications, signed a
new lease for 79,771 square feet at Harborside 2 in Jersey City.
- Zurich American Insurance, a commercial insurance provider,
signed a new lease for 64,414 square feet also at Harborside 2 in
Jersey City.
CORE NEW JERSEY SUBURBAN
MARKETS
- PBF Holding Company LLC, a petroleum refinery operator, has
signed a lease renewal and expansion totaling 57,721 square feet at
1 Sylvan Way at Mack-Cali Business Campus in Parsippany.
- Maser Consulting P.A., a consulting engineering firm, has
signed a lease renewal and an expansion totaling 54,538 square feet
in One River Centre, 331 Newman Springs Road, in Red Bank.
- Regus, the world's largest provider of flexible workplaces,
signed a lease renewal at Princeton Overlook I, 100 Overlook Center
in Princeton for 38,930 square
feet.
- Continental Casualty Insurance, an insurance provider, singed a
new lease for 27,366 square feet at 500 College Road East in
Princeton.
- RSM Maintenance LLC, a facility maintenance provider, signed a
lease renewal and expansion totaling 21,540 square feet at
Mack-Cali Centre VI, 461 From Road in Paramus.
NEW JERSEY FLEX MARKETS
- Hill-Rom Company, Inc., a global medical technology company,
signed a new lease for 38,400 square feet at 202 Commerce Drive at
Moorestown West Corporate Center in Moorestown.
- Community Behavioral Health, a subsidiary of AmeriHealth Mercy
Family of Companies, signed a lease renewal for 21,063 square feet
at 300 Horizon Drive at Horizon Center Business Park in
Hamilton.
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, and other
tenant-related services for its two-platform operations of
waterfront and transit-based office and luxury multi-family assets.
Mack-Cali provides its tenants and residents with the most
innovative communities that empower them to re-imagine the way they
work and live.
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," "projected," "should," "expect," "anticipate,"
"estimate," "target," "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.
Contacts:
|
Anthony
Krug
Mack-Cali Realty
Corporation
Chief Financial
Officer
(732)
590-1030
tkrug@mack-cali.com
|
Ilene
Jablonski
Mack-Cali Realty
Corporation
Vice President of
Marketing
(732)
590-1528
ijablonski@mack-cali.com
|
Deidre
Crockett
Mack-Cali Realty
Corporation
Director of Investor
Relations
(732)
590-1025
dcrockett@mack-cali.com
|
|
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SOURCE Mack-Cali Realty Corporation