PARSIPPANY — Mack-Cali Realty has completed 82 leases totaling more than 1.1 million square feet during the first quarter of 2016, consisting of 82,093 square feet in Parsippany.
The Edison-based real estate firm said in a prepared statement that its leasing activity has increased by 45 percent, from 758,919 square feet, for the same period last year.
Of the 1.1 million square feet, 386,000 square feet, or 35 percent, were new leases and 740,000 square feet, or 65 percent, were lease renewals and other tenant transactions, Mack-Cali said.
“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,” Mitchell E. Rudin, CEO, said in a prepared statement. “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.”
Some highlights of the quarter include:
- Ferrero U.S.A. Inc. signed a new lease for 50,069 square feet at 7 Sylvan Way in the Mack-Cali Business Campus.
- B&G Foods Inc. signed a lease renewal for 32,024 square feet and expanded by 14,419 square feet at 4 Gatehall Drive in the Mack Cali-Business Campus.
- Bank of America Merrill Lynch signed a lease renewal for 334,835 square feet and also expanded by 53,372 square feet at 101 Hudson St. in Jersey City.
- Hackensack University Health Network Inc./Meridian Health Systems Inc. signed a new lease for 61,069 square feet at Metroview, 343 Thornall St. in Edison.
- GBT signed a new lease for 49,563 square feet at 101 Hudson St. in Jersey City.
Brian Decillis is the Vice President of Leasing handling transactions in Parsippany.
