Mack-Cali Realty Corp. (CLI)

[Enterprising Investor]

Mack-Cali Announces New 54,000-Square-Foot Lease With KPMG In Centrally Located Short Hills (9/29/15)

KPMG will move into the recently renovated 150 John F. Kennedy Parkway, featuring a redesigned lobby, covered parking, and a lobby-level café

EDISON, N.J., Sept. 29, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that KPMG, a leading global accounting firm, has signed a new long-term lease for 54,341 square feet at 150 John F. Kennedy Parkway in Short Hills, New Jersey. The Mack-Cali property is a 247,476-square-foot, five-story, class A office building ideally located in Essex County, directly off Route 24. The location offers easy access to the Garden State Parkway and the New Jersey Turnpike, as well as to Newark Liberty International Airport.

"We are thrilled to continue Mack-Cali's long-standing relationship with KPMG and we are excited that they have chosen to continue to grow within our portfolio," said Christopher DeLorenzo, Mack-Cali executive vice president of leasing. "The building's recent renovations, unrivaled amenities, and convenient location are extremely attractive to tenants like KPMG who demand a premier space."

Mack-Cali recently renovated the lobby, which now features wood, glass, and granite finishes, media screens, and an enhanced entryway with granite pavers and stainless steel light Bollards. The property also boasts a five-story skylit atrium, covered parking, proximity to world-class shopping at The Mall at Short Hills, as well as award-winning, on-site property management. Other amenities include lobby-level food service and complimentary WiFi in the cafe and lobby. 150 John F. Kennedy Parkway is 100 percent leased.

"This deal is a strong example of the benefits that we expect to come from Mack-Cali's recently announced strategic shift and three-year plan," said Mitchell Rudin, Mack-Cali chief executive officer. "As part of that plan, we are focusing on our class A assets with convenient access to transit options and bolstering those properties through renovations – ultimately providing tenants like KPMG with exactly the services they demand."

The tenant was represented by Jeffrey C. Babikian, Patrick Murphy, and Kenneth J. Boland, all of CBRE.

KPMG is among Mack-Cali's largest corporate tenants, with more than 182,000 square feet of additional space in Roseland and Woodcliff Lake, NJ.

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its two-platform operations of Waterfront and transit-based office and luxury multi-family. Mack-Cali owns or has interests in 274 properties, consisting of 255 office and office/flex properties totaling approximately 29.7 million square feet and 19 multi-family rental properties containing approximately 5,600 residential units and a pipeline of 10,000 units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.

http://www.prnewswire.com/news-releases/mack-cali-announces-new-54000-square-foot-lease-with-kpmg-in-centrally-located-short-hills-300150712.html