Mack-Cali Completed 273 Leases for 2.8M SF in 2016

Michael DeMarco, president, Mack-Cali Realty Corporation

JERSEY CITY, NJ—Mack-Cali Realty Corporation completed 273 lease transactions aggregating 2.8 million square feet in its consolidated commercial portfolio in 2016.  Mack-Cali says 35 percent were for new leases and 65 percent were for renewals and other tenant transactions.  These deals allowed the firm to finish 2016 with a percentage leased of 90.6 percent in its core, waterfront, and flex properties, 150 basis points higher than year-end 2015.

The 2017 expirations in the company’s core, waterfront, and flex portfolio total 2.1 million square feet or 11.2 percent of the portfolio. These expirations are heavily weighted towards the end of the year and on the waterfront, which Mack-Cali calls “the healthiest” market. The company also notes that its 2017 expirations will be reduced to 1.8 million square feet after removing assets the company is currently considering for sale.