(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19)
EDISON, NJ-Mack-Cali Realty Corp. reported slightly better than estimated per-share earnings in the second quarter - $0.62 – on the strength of a steady leasing pace for its office and flex properties in northern and central New Jersey and elsewhere in the Northeast.
With a bevy of transactions at suburban buildings and new and expanded leases at its Harborside Financial Center in Jersey City, the Edison-based REIT leased a total of 450,476 square feet in the Garden State.
This includes the previously announced expansion lease for 100,274 square feet with The Bank of Tokyo-Mitsubishi UFJ, Ltd. at Harborside Financial Center Plaza 3.
At the publicly-owned company’s earnings conference last week, Mitchell E. Hersh, president and CEO, also said that the first phase of its planned joint-venture apartment-construction project at Harborside has been “re-scaled.” The first phase, to be completed by 2015, is now slated to include a single residential tower with 766 units rather than two towers with 1,260 units. The tower to be built atop a parking structure is to rise 69 stories, taller than previously planned and mirroring the height of the Goldman Sachs building near it on the waterfront.
Second quarter activity listed by Hersh as highlights include:
- MD On-Line, taking 33,196 square feet at 6 Century Drive in Parsippany, in relocating and expanding from 9,867 square feet at the Mack-Cali Business Center campus.
- Enercon Services, signing a new lease for 25,768 square feet at 4 Campus River at the same campus.
- Also, PBF Holding Company expanding to 15,242 square feet at One Sylvan Way at the campus.
- Cover-All Technologies, a new lease for 23,412 square feet at 412 Mt. Kemble Ave. in Morris Township.
- Xoriant Corp., a new lease for 17,634 square feet at 343 Thornall St. in Edison.
- Paragon Solutions, renewals totaling 17,565 square feet at 25 Commerce Drive in Cranford.
- Volt Information Sciences, a new lease for 14,760 square feet at 14 Commerce Drive in Cranford, in the same business park.
- Fidelity Brokerage Services, a new lease for 16,130 square feet at Harborside Financial Center 3 in Jersey City.
- Korea Business Center, NJ (KOTRA), a new lease for 13,600 square feet at 2115 Linwood Avenue in Fort Lee.
Also during Q2, the REIT announced a deal with Wegmans Food Markets to lease 140,000 square feet for a supermarket it wants to build on Mack-Cali’s site at Sylvan Way and Ridgedale Avenue in Hanover Township.
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