GREENBELT, MD-Mack-Cali Realty announced it leased 1,028,903 square feet of space during the first quarter. Of that amount, it inked 205,014 square feet worth of deals at its office and office/flex properties in the Suburban Philadelphia, Southern New Jersey, and Maryland markets.

And of that amount, Bozzuto & Associates accounted for 74,117 square feet, with a lease it signed at 6406 Ivy Lane in Greenbelt for its new headquarters.

The 163,857-square foot office building is located in Capital Office Park. Bozzuto was represented in the transaction by Demetri Koutrouvelis and Nicole Miller, both of Studley. Mack-Cali was represented in-house by Kenneth Smondrowski, director of leasing.

Mack-Cali, though, doesn't view the lease as an augur of more leases to come. In its earnings call last week, Mitchell Hersh, president and CEO of the REIT, discussed office leasing and the Bozzuto lease in particular.

Regarding office leasing, he said, "we have had some significant successes, but I'm not sure that they necessarily reflect a trend in the market. In suburban Maryland, we signed a long-term lease with Bozzuto & Associates."

Interestingly, Hersch went on to note that Bozzuto is a very well-respected diversified residential real estate company dealing in the multifamily sector, "perhaps some synergies there over time," he said.

Mack-Cali is indeed bullish on the DC area's multifamily market. The REIT entered the metro market with a splash in March with its $263 million acquisition of a luxury apartment house in the Crystal City submarket. It partnered with a fund advised by UBS Global Asset Management to acquire the 828-unit Crystal House from Avalon Bay.