The Cranford, N.J.-based REIT reports that it negotiated 395,184 sf in lease deals, up from just under 154,000 sf at year's end 2001 and from the 264,000 sf in transactions closed during the first quarter of 2001.
Mithcell E. Hersh, chief executive officer of Mack-Cali relates, "Despite an uncertain economy, we continue to see solid demand from high-quality businesses interested in leasing Mack-Cali's prime suburban office space."
The largest new lease in the first quarter of 2002 was the 19,032-sf deal with Ferring Pharmaceuticals at 400 Rella Blvd., in Suffern (Rockland County, N.Y.) The biopharmaceutical company relocated its operations from 120 White Plains Road in Tarrytown. The transaction with Ferring now brings the 180,000-sf building to full occupancy. Jack Feeney and James Schroeder of Julien J. Studley, Inc., represented Ferring Pharmaceuticals in the deal. Senior Leasing Director Jeffrey M. Warner represented the building ownership.
Mack-Cali also reports that Fuji Medical Systems USA. Inc. has expanded its presence at its headquarters property at 419 West Ave., in Stamford, CT. The firm signed a six-year renewal for 78,690 sf and an expansion for 9,310 sf. Once the company takes occupancy of its expansion space, Fuji will lease the entire 88,000-sf building. Joseph DiScala of Alliance Partners, Inc. represented Fuji while Mack-Cali's Warner represented the owner.
In Westchester County, the largest transaction was with EM Industries, Inc., an affiliate of Merck KG&A of Germany, which renewed its lease for 33,325 sf at 7 Skyline Drive in Hawthorne. The deal with EM brings the 109,000-sf property located at Mack-Cali's Mid-Westchester Executive Park to 92.5 percent leased. Warner also represented Mack-Cali in that deal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
