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Arch Insurance Leases 107,000 SF

JERSEY CITY-As part of a consolidation, the company is moving its operations groups across the Hudson River to Mack-Cali's Harborside.

By Eric Peterson | Updated on July 25, 2008

JERSEY CITY-The Arch Insurance Co. division of Arch Capital Group has leased 106,815 sf of office space at Mack-Cali Realty Corp.’s Harborside Financial Center, specifically at the 10-story, 725,000-sf Plaza 3 building within the five-building, 3.1-million-sf waterfront complex. The deal effectively fills Plaza 3, and brings the entire complex to 99.6% leased.

“We are pleased to welcome Arch,” says Mitchell Hersh, president and CEO of the Edison, NJ-based Mack-Cali, in a statement. “Harborside continues to be an attractive office location for leading businesses due to its amenities, transportation access and significant financial benefits.”

Arch was represented by Mark Ravesloot, Paul Jacobs, Colin Reilly, Scott Sloves, David Opper and Michael Monahan of CB Richard Ellis, while Mack-Cali was represented in-house. The lease runs for 15 years, but further terms were not released. The space had been listed with an asking rate as “negotiable,” and comparable space in the market generally commands $35 to $40 per sf.

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