The firm signed a total of 47 leases during the quarter at its area properties, a significant increase from the 32 transactions closed a year earlier, which accounted for 153,696 sf. For the year, Mack-Cali signed 225 leases in 2002 for a total of 1,387,921 sf, an increase of 455,198 sf from 12 months earlier. In 2001, the Cranford, NJ-based REIT signed 213 leases totaling 932,723 sf.
"Small deals continue to drive the Westchester/Fairfield market," says Mack-Cali vice president Michael Grossman, "and Mack-Cali's properties are well-positioned to accommodate these users due to our product diversity and floor size flexibility."
He adds that the New York-Connecticut portfolio is currently more than 96% leased and "continues to outperform the market."
The largest lease transactions reported by the firm in the fourth quarter of last year were renewals. United Parcel Service Inc. signed a five-year, 77,203-sf lease renewal at 3 Warehouse La. in Elmsford, NY. UPS leases 100% of the industrial/warehouse facility, which is located at the Elmsford Distribution Center.
Music publisher MMO Music Group Inc., signed a 25,000-sf renewal for five years at 50 Executive Blvd. in the Cross Westchester Executive Park, also in Elmsford. The 45,200-sf office/flex property is 97.6% leased, according to company officials.
Also, American Home Assurance Co., a member company of American International Group Inc., renewed its lease of 14,056 sf for five years at 555 Taxter Rd. at Elmsford's Taxter Corporate Park. The 170,554-sf office property is 89.9% leased. Kevin Foley and Glenn Walsh of Cushman & Wakefield of Connecticut represented American Home Assurance, and Carol McGuire, in-house leasing director, represented Mack-Cali.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
