The company's board has formed a search committee and retained Ferguson Partners, an executive search firm, to identify candidates, Hersh says.

“I'm confident that the board will identify the right leader to continue building on our momentum, executing on our strategic initiatives, and strengthening the company's already impressive platform,” he says. He declined to speculate about his successor.

The company signed 923,000 square feet of lease transactions, including 268,000 square feet of new leases, and tenant retention rate was 77.3 percent of outgoing space, Hersh told securities analysts during the company's investor conference call on Thursday. The company's total leased occupancy was 84.2 percent in the fourth quarter, up slightly from the previous quarter's 83.7 percent.

For the full year, Mack-Cali signed 450 leases totaling more than three million square feet, and 1.1 million square feet of new leases, Hersh says. Full year tenant retention was 53.5 percent.

“Despite the challenging office leasing environment, our portfolio continues to outperform in the majority of the markets in which we operate with our leased rates exceeding market averages in Central New Jersey, Westchester County, Manhattan, and Washington, DC ,” says Hersh. “We continue to remain focused on growing our occupancy within the office portfolio. At the same time, we remain committed to continual reinvestment in our office properties, in order to further solidify our position as the preferred provider of office space in our markets.”

Hersh also says the company is making good progress in its multifamily residential strategy, including the opening of Portside at East Pier in Boston, MA. The 176-unit luxury complex is a major step in “creating a dynamic waterfront neighborhood that captures the character and heritage of East Boston,” Hersh says.

Highlights of the quarter's leasing transactions include:

NORTHERN NEW JERSEY:

• New Jersey City University signed a new lease for 68,348 square feet at Harborside Plaza 2 in Jersey City. The 761,200 square-foot office building is 57.3 percent leased.

• Law firm Connell Foley LLP signed transactions totaling 17,411 square feet consisting of a 12,987 square-foot renewal and a 4,424 square-foot expansion at Harborside Plaza 5 in Jersey City. The 977,225 square-foot office building is 87.0 percent leased.

• Cisco Systems Inc., a worldwide leader in IT, signed a new lease for 35,446 square feet at 4 Gatehall Drive in Parsippany. The 248,480 square-foot office building, located in Mack-Cali Business Campus, is 84.9 percent leased.

• Atlantic Inertial Systems, Inc., a provider of high technology products and services to the building and aerospace industries, signed a renewal for 19,854 square feet at 20 Commerce Way in Totowa. The 42,540 square-foot office/flex building, located in Mack-Cali Commercenter, is 95.5 percent leased.

• Federal Farm Credit Banks Funding Corporation, a provider of loans, leases, and services to U.S. agriculture and rural America, signed a new lease for 19,225 square feet at 101 Hudson Street in Jersey City. The 1,246,283 square-foot office building is 87.0 percent leased.

CENTRAL NEW JERSEY:

• U.S. General Services Administration (GSA), signed a renewal for 19,676 square feet at 343 Thornall Street in Edison. The 195,709 square-foot office building is 98.4 percent leased.

• RGN-Neptune I LLC, a subsidiary of HQ Global Workplaces, LLC and provider of temporary office suites, signed a new lease for 15,408 square feet at 3600 Route 66 in Neptune. The 180,000 square-foot office building is 100 percent leased.

WESTCHESTER COUNTY, NEW YORK:

• Fabrication Enterprises, Inc., a manufacturer, importer, and master distributor of products for physical and occupational therapy, athletic training, and home care, signed a transaction totaling 81,394 square feet at 250 Clearbrook Road in Elmsford, representing a renewal of 33,659 square feet and expansion of 47,735 square feet. The 155,000 square-foot office/flex building, located in Cross Westchester Executive Park, is 95.1 percent leased.

• Westinghouse Air Brake Technologies Corporation, a provider of value-added, technology-based equipment and services for the global rail industry, signed a renewal for 28,000 square feet at 4 Warehouse Lane in Elmsford. The 195,500 square-foot industrial building, located in Elmsford Distribution Center, is 97 percent leased.

• Retrieval-Masters Creditors Bureau Inc., a recovery agency for consumer collections, signed transactions totaling 15,100 square feet at 4 Westchester Plaza in Elmsford, consisting of a 10,100 square-foot renewal and a 5,000 square-foot expansion. The 44,700 square-foot office/flex building, located in Cross Westchester Executive Park, is 100 percent leased.

SOUTHERN NEW JERSEY:

• Quaker Sales and Distribution, Inc., a division of PepsiCo, Inc., signed a renewal for 26,580 square feet at 915 North Lenola Road in Moorestown. The 52,488 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.

• Schindler Elevator Corporation, a global provider of elevators, escalators and related services, signed a renewal for 18,020 square feet at 840 North Lenola Road in Moorestown. The 38,300 square-foot office/flex building, located in Moorestown West Corporate Center, is 47 percent leased.

• Curbell Plastics, Inc. signed a renewal for 16,800 square feet at 844 North Lenola Road in Moorestown. The 28,670 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.

CONNECTICUT:

• Immucor, Inc., a provider of transfusion and transplantation diagnostics that facilitate patient-donor compatibility, signed a renewal for 36,928 square feet at 550 West Avenue in Stamford. The 54,000 square-foot office/flex building, located in Stamford Executive Park, is 81.3 percent leased.