Mack-Cali Leases 1.1 Million Square Feet During The First Quarter

101 Hudson St., Jersey City, had five lease renewals and expansions in the first quarter.

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.