The identity of the tenant was not released, but GlobeSt.com has learned that it is the Shaw Group Inc., an engineering and environmental firm based in Baton Rouge, LA. A Mack-Cali spokesman would not confirm that identity, citing a confidentiality agreement. Shaw, however, does list one of its regional office locations at the renewed building in Hamilton.
That renewal for 39,060 sf for three years came at 200 Horizon Dr. within Horizon Center Business Park in the Robbinsville section of Hamilton Twp. Further terms were not released; availabilities at comparable adjacent buildings within the 33.5-acre park are listed with an asking price of $14 to $16 per sf. The 45,770-sf office/flex 200 Horizon Dr. is now 100% leased.
The rest of the space involves new leases at two, three-story buildings in Moorestown. For one, Shaw has leased the entire 74,565-sf office building at 228 Strawbridge Dr. within the Moorestown Corporate Center for a term of seven years. And the engineering firm has also leased 24,470 sf at the adjacent 74,000-sf 224 Strawbridge Dr. for a term of seven years and two months. Further terms were not released, but the 228 Strawbridge space had been listed with an asking price of $21 per sf, and remaining availabilities at the 98%-leased 224 Strawbridge are listed with the same asking price.
"This transaction is a demonstration of how Mack-Cali's deep market presence benefits our tenants as their office space needs evolve and grow," says Mitchell Hersh, the REIT's president and CEO, in a statement. "In this case, we were able to accommodate the tenant's needs to consolidate its space by shifting much of its workforce from two locations to our Moorestown Corporate Center.
"We look forward to building further on our long-term relationship with this tenant," Hersh says. Mack-Cali was represented in-house by Tim O'Brien, leasing director; and John Adderly and Diane Chayes, both VP of leasing. The tenant was also represented in-house.
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