EDISON, NJ-Newly reorganized Mack-Cali Realty Corp. Thursday reported it leased 485,000 square feet of office and flex space in New Jersey during the fourth quarter of 2013.
CEO Mitchell E. Hersh proclaimed it a more-than-decent showing for the office portfolio, given the consistently high suburban office vacancy rate - over 20% - for the past several years.
“We are pleased to end the year at 86.1% leased, as the suburban office markets remain challenged,” he said. “Despite those challenges, Mack-Cali continues to outperform almost all of the markets in which we operate.”
The REIT is still in the midst of transition, building its multifamily portfolio in the Northeast and shedding none-core office property. Earlier this week, it announced that its CFO and general counsel would resign and that a new board member would be added. (See previous story.)
He is Jonathan Litt, a consultant specializing in publicly traded real estate and securities.
In New Jersey, Mack-Cali listed these as some of its larger transactions in Q4:
• Gannett Information Network, taking 66,999 square feet at 3600 Route 66 in Neptune. The 180,000-square-foot building is fully leased.
• Franklin Credit Management Corp. renewing for 33,866 square feet at 101 Hudson St. in Jersey City. The 1.2 million-square-foot building is 83.4% leased.
• Groundwater & Environmental Services, renewing for 30,070 square feet at 1340 Campus Parkway in Wall Township. The 72,502-square-foot office/flex building in Monmouth Shores Corporate Park, is 100% leased.
- Sedgwick, LLP, taking 26,074 square feet at One Newark Centr in Newark. The 416,400-square-foot office building is 98.4% leased.
• Herbert L. Jamison & Co. insurance firm, taking 24,838 square feet at 20 Commerce Drive in Cranford. The 176,600-square-foot office building in Cranford Business Park is 99.3% leased.
• Law firm Walder, Hayden & Brogan renewing a 22,495-square-foot lease at 5 Becker Farm Rd. in Roseland. The 118,343-square-foot office building at 280 Corporate Center, is 84.7 % leased.
• WBI Investments signed a new lease for 19,220 square feet at One River Center in Red Bank. The 122,594-square-foot office building is 96% leased.
• Haymarket Media, taking 14,575 square feet at Mack-Cali Centre III, 140 E. Ridgewood Ave. in Paramus. The 239,680-square-foot office building is 92.3% leased.
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