EDISON, NJ—Mack-Cali Realty Corporation executed 82 leases totaling 1.1 million square feet for its office and flex commercial real estate properties during the quarter ended March 31, 2106, 45 percent more space than the 758,919 square feet it leased for the same period last year.

Of the 1.1 million square feet leased, 386,000 square feet (35 percent) were for new leases and 740,000 square feet (65 percent) were for lease renewals and other tenant transactions. At quarter end, about 90.3 percent of Mack-Cali's Core, Flex, and Waterfront properties were leased, while its Non-Core properties were 75.7 percent leased. The total percentage leased for the company is 87.2 percent, up 100 basis points from year-end 2015. The first quarter leases had a direct impact on the company's 2017 expirations, reducing the total by 330,000 square feet.

“Our portfolio performed strongly this quarter with significant new leases and renewals. We estimate the GAAP roll up for this quarter to be in excess of 18 percent and cash roll up to be approximately 10 percent,” says Mitchell E. Rudin, chief executive officer. “The momentum we are seeing, as exemplified by these leases, is due to real improvement in our key core markets, as well as our continuing focus on providing tenants superior amenities and ideally situated properties with convenient transit options.”