EDISON, NJ-Mack-Cali Realty Corp. leased 720,171 square feet at its office and flex properties in northern and central New Jersey during the second quarter.
In the midst of a program to raise capital to build its multi-family portfolio, the REIT has been selling off large blocks of office space in the region. Yet, says Mack-Cali's Mitchell E. Hersh, president and CEO, “We are pleased with the level of leasing activity we saw during the quarter in New Jersey, as well as the fact that we outperformed all of the markets in which we operate.”
Portfolio-wide, Mack-Cali leased 1,311,917 square feet of space during the quarter.
The company said its biggest recent deals included:
• T-Mobile USA renewal lease for the entire 105,135-square-foot office building at 4 Sylvan Way in Mack-Cali Business Campus in Parsippany. The tenant was represented in the transaction by Jim Medenbach and Fred Hyatt of Jones Lang LaSalle. Mack-Cali was represented in-house by Diane Chayes.
- American General Life Insurance Co.'s lease of 74,199 square feet at 3600 Route 66 in Neptune. AGLI as represented by Joseph J. Sarno and Jeremy Neuer of CBRE. Chayes represented Mack-Cali.
• Public Service Electric and Gas Company renewed for 47,604 square feet at 20 Commerce Drive in Cranford. PSEG was represented by Bryn Cinque of Colliers International. Toni Casiano handled the deal for Mack-Cali.
• Sunovion Pharmaceuticals renewed for 45,847 square feet at One Bridge Plaza in Fort Lee. Richard E. Charles, Masahiro Tanaka, Thomas Shirocky, Jeff Babikian, and Ron Volk of CBRE represented the tenant; Christopher DeLorenzo represented Mack-Cali.
• Toyota Motor Credit Corp. renewed for 22,236 square feet at 4 Gatehall Drive in Parsippany, represented in the transaction by David Warren of Resource Realty and Wade Clark and Ronda Clark of Jones Lang LaSalle. Mack-Cali's Brian Golden represented the company.
• Hammerman & Gainer, Inc. took 20,874 square feet at 3 Paragon Way in Freehold; Mack-Cali was represented in-house by Erin Moran and John O'Hearn. Also, H&G leased 5,655 square feet at Mack-Cali Centre III, 140 E. Ridgewood Avenue, in Paramus; Mack-Cali was represented by Richard Eyre. Dan DePalma of Jones Lang LaSalle provided tenant representation in both cases.
• Law firm Orloff, Lowenbach, Stifelman & Siegel renewed for 20,228 square feet at 101 Eisenhower Parkway in Roseland, represented by David Stifelman of Cushman & Wakefield. Mack-Cali was represented by Richard Travaglini.
• Law firm Greenbaum, Rowe, Smith & Davis renewed for 17,295 square feet at 75 Livingston Ave. in Roseland, represented by Doug Rowe of American Properties Realty and Jackie Witmondt of Associated Realty. Travaglini represented Mack-Cali.
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