Rose Tree II is a 160,000 sf, class A office building located at 1400 N. Providence Rd. Asking rates for the building, now 99.3% leased, are between $22 per sf to $24 per sf, full service plus utilities, a spokeswoman for Mack-Cali, tells GlobeSt.com.
A six story building, Rose Tree II is adjacent to a sister building, Rose Tree I, which is a four-story, 100,000-sf office. In addition, there is a parcel of land in between the two structures where an approximately 20,000-sf building can be developed, according to the spokeswoman. Tenants within the Center include A.G. Edwards & Sons, Janney Montgomery Scott, John Hancock Mutual Life, Kimberly Clark, and the General Services Administration. Rose Tree I is 94.2% leased; combined, the two buildings have an occupancy rate of 97.3%.
Foamex was represented by Patrick McNulty and Colin Flynn of the Flynn Co. Mack-Cali was represented in-house by Jake Fruncillo, director of leasing, and John Adderly.
When Mack-Cali released its financials for the fiscal year ending Dec 31.--total revenues came in at $808.4 million, an increase of 10.4% over the year-earlier total of $732 million--Mitchell Hersh, Mack-Cali's president & CEO pointed to the company's leasing activity and improved occupancies. "While it is widely held that the nation's economy is slowing and the capital markets are constrained, we enter this period of uncertainty with an extremely well-leased portfolio with high-caliber tenants, minimal 2008 lease expirations and a strong balance sheet," he said in a prepared statement at the time.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
