Sean Ryan is associate editor of Real Estate New Jersey
Joseph Sarno and Jeremy Neuer of Cushman & Wakefield represented American International Group. American Home Assurance Co. is an AIG subsidiary. "It's a new tenancy," says Mitchell Hersh, president and CEO of the Cranford-based REIT. Hersh represented Mack-Cali because he has a long relationship with the principals of AIG.
AIG employees won't have far to drive, since the old offices were all close to 5 Wood Hollow Dr. "It's a consolidation of three smaller offices, all in the metropolitan Morris County market," Hersh says.
The 317,040-sf class A office is 100% leased. AHAC shares the building with, among other tenants, Cingular, which just signed its own eight-year-seven-month lease in July for 72,385 sf.
In April of 2004, Mack-Cali acquired the three-story site that was then 100% leased to Lucent Technologies. The Cranford, NJ-based REIT bought the building from the Evans Parsippany Partnership for a reported $34 million. That factors out to just over $107 per sf. The REIT owns or has interest in 271 buildings, mostly in the Northeast. More than 2,100 tenants lease space among the 30 million sf of space in Mack-Cali's portfolio.
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