Two of the leases are renewals of space that Cingular inherited when it completed its takeover of AT&T Wireless last year. In the first, Cingular re-signed for 259,823 sf, representing the entire Mack-Cali Centre VII at 15 E. Midland Ave. here. The latest lease at the five-story class A asset runs for six years and nine months, according to Mitchell E. Hersh, president and CEO of the REIT.
In the second signing, Cingular renewed for just under 124,000 sf, also for six years and nine months, at Mack-Cali Centre III here. Consisting of two towers linked by a seven-story atrium, the asset at 140 E. Ridgewood Ave. totals just under 240,000 sf and is currently 100% leased.
The one new signing among the trio involves 72,385 sf at Mack-Cali's 5 Wood Hollow Rd. in nearby Parsippany. The term of the lease runs for eight years and seven months, and the 317,040-sf class A asset is also 100% leased. Further terms of the individual leases are not being disclosed.
In each of the transactions, Cingular was represented by Michael Morrone of the Philadelphia office and Peter Yannotta of the Iselin office of Equis Corp. Mack-Cali was represented in-house by EVP Michael A. Grossman.
Mack-Cali made news earlier this year with a telecom transaction involving Vonage. The REIT paid $24 million for the 359,000-sf 23 Main St. in Holmdel, a former Prudential operations center that had been largely vacated by the financial services company, which was the seller. Simultaneous to that acquisition, Mack-Cali signed the broadband phone company to a full-building lease for its headquarters operations.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.