As part of the deal, Forest Labs will give back 22,785 sf at thenearby Harborside Financial Center Center Plaza 3, which would haveexpired in approximately 18 months. The company's most recent dealat Harborside 5 came in 2005 when it boosted itsthen-presence to 180,000 sf with a 36,452-sf lease for 12 years.The research division's presence at Harborside dates to early 2002when in two separate leases it took a total of 143,000 sf in aheadquartersmove across the river from Manhattan. The multiple leasesat Plaza 5 are now all set to run concurrently.

"We're delighted that Forest Research Institute has expanded itspresence while consolidating at this waterfront office tower," saysMitchell Hersh, president and CEO of the Edison, NJ-basedMack-Cali, in a statement. "Harborside Financial Center continuesto attract and retain leading businesses from a diversity ofindustries."

The latest signing was orchestrated for Forest ResearchInstitute by Arthur Rosenbloom of Newmark Knight Frank, whileMack-Cali was represented in-house by senior director of leasingThomas Savoca. Further details were not released; availabilities atHarborside Financial Center generally command $35 per sf for directspace and $30 per sf for sublet space.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.