Of the 11 leases transacted by Mack-Cali properties in New Jersey, the largest was a 19,503-square-foot contract signed by Fazio, Mannuzza, Roche, Tankel, LaPilusa LLC, an accounting, tax and business advisory services firm, at 20 Commerce Dr. in Cranford. Marc Rosenberg and Jon Williams of Cushman & Wakefield of New Jersey Inc. advised the tenant in the 11-year deal. Mack-Cali was represented in-house by Toni Casiano, senior director of leasing. The 176,600-square-foot, class A office property located at Cranford Business Park is 99.8% occupied.
Also, Community Behavioral Healthcare Network of Pennsylvania Inc., a subsidiary of AmeriHealth Mercy Family of Cos., signed a new 18,302-square-foot lease at 300 Horizon Center in Hamilton Township, for five years and one month. Located in Horizon Center Business Park, the 69,780-square-foot office/flex property is fully leased. Alfred W. Schwacke and Christopher Rink of NorthMarq Advisors spoke for the tenant. Mack-Cali was represented in-house by John O'Hearn, director of leasing.
"These lease transactions are clear examples of an ongoing trend in the marketplace," said Mitchell E. Hersh, Mack-Cali president and chief executive officer, in a statement. "Organizations are continuing to choose to locate in high-quality buildings in the best locations."
The other deals are:
- HQ Global Workplaces LLC signed a new 14,724-square-foot lease at 103 Carnegie Center in Princeton for 11 years and six months. Carolyn Sica of CB Richard Ellis served as tenant rep. Mack-Cali was represented in house by Diane Chayes, vice president of leasing. The 96,000-square-foot class A office building is now 88.1% leased;
- Thomson Reuters (Tax & Accounting) Inc., a provider of software applications for financial professionals, took 14,379 square feet at 343 Thornall St. in Edison for five years and three months. Joseph Cabrera, Michael Gordon and Jeremy Neuer of Cushman & Wakefield Inc. represented the tenant, and Mack-Cali's Toni Casiano was the REIT's in-house rep. The 195,709-square-foot class A office property is now fully occupied;
- Advertising agency the Magna Group, Inc. inked an 11,335-square-foot lease for seven years and nine months at 17-17 Route 208 North in Fair Lawn. David Opper of CB Richard Ellis negotiated for the tenant, and Mack-Cali was represented in-house by Peter Bronsnick, leasing associate. The 143,000-square-foot class A office property is 71.1% leased;
- Clough Harbour & Associates Inc., a full-service engineering firm, signed a new 10,830-square-foot lease at 6 Campus Dr. in Parsippany for eight years. Located in Mack-Cali Business Campus, 6 Campus Dr. is an 148,291-square-foot class A office building that is 93.5% leased. Thomas Mallaney of CB Richard Ellis advised the tenant, and Mack-Cali was represented in-house by Diane Chayes;
- Stantec Consulting Services Inc., a provider of planning, engineering, and architecture consulting services, has renewed its 13,122-square-foot lease for five years at Mack-Cali Centre I in Rochelle Park. Located at 365 West Passaic St., the 212,578-square-foot class A property is 96.6% leased. Jason Hoffman of Mohr Partners and Mario L. Chiarella of Weichert Commercial Brokerage Inc. acted as tenant rep. Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing;
- Sela2, Inc., a life science software and service provider, signed a three-year renewal agreement for its 12,991-square-foot space at Mack-Cali Lakeview Plaza in Morris Plains. The 88,369-square-foot office property, located at 201 Littleton Rd., is 83.3% leased. David Sherman of Cushman & Wakefield Inc. spoke for the tenant. Mack-Cali was represented in-house by Chayes;
- GAB Robins North America Inc., a risk and claims management services and solutions company, has renewed its 9,600-square-foot lease at 3 Terri Ln. in Burlington Township for three years and two months. Located in Bromley Commons, the 64,500-square-foot office/flex property is now fully tenanted. Art Hixson of Jones Lang LaSalle advised the tenant, and Mack-Cali was represented in-house by Tim O'Brien, director of leasing;
- The Township of Moorestown has renewed its lease for 9,280 square feet at 2 Executive Dr. in Moorestown for one year. Located in Moorestown West Corporate Center, the 60,800-square-foot office/flex property is 100% leased. Mack-Cali was represented in-house by O'Brien;
- Also in Moorestown, Carrier Rental Systems Inc., a specialty provider of temperature control and power generation equipment, has re-upped for five years at 1247 North Church St. The 52,790-square-foot office/flex property is located in Moorestown West Corporate Center. Joshua Sirchio of USI Real Estate Brokerage Services Inc. negotiated on behalf of the tenant in the 7,200-square-foot lease. O'Brien acted as Mack-Cali's in-house rep.
One Sylvan Way at Mack-Cali's Business Campus in Parsippany for its US headquarters. In other company news, Mack-Cali's operating partnership, Mack-Cali Realty LP, has agreed to sell $250 million of 7.75% senior unsecured notes due in 2019. Priced at 99.145% of the principal amount to yield 7.875% at maturity, the offering is scheduled to close Friday.
The public offering is being underwritten through Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as joint book-running managers. Deutsche Bank Securities Inc., BNY Mellon Capital Markets LLC, Comerica Securities Inc., Mitsubishi UFJ Securities (USA) Inc., PNC Capital Markets LLC, RBS Securities Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc., US Bancorp Investments Inc. and Wells Fargo Securities LLC acted as co-managers.
After deducting underwriting discounts and offering expenses, the offering is expected to yield approximately $245.6 million. Net proceeds will be used for general corporate purposes, which may include the purchasing or retiring of some of the operating partnership's outstanding debt securities.
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