Montefiore Expands Presence at Mack-Cali Property

Last August, in part to accommodate Montefiore Medical Center's expansion needs, Mack-Cali acquired Three Odell Plaza from outgoing tenant Schott Corp. for $6 million. At the time, the Cranford, NJ-based REIT reported that Schott Corp., a specialty glass products manufacturing firm, had signed a lease deal to relocate its US corporate headquarters to 16,815 sf of space at Mack-Cali's 555 Taxter Rd. property in Elmsford. In conjunction with the building purchase, Mack-Cali signed a lease with Montefiore Medical Center for approximately 44,590 sf of space at Three Odell Plaza. That deal also marked an expansion of the hospital's operations at Mack-Cali's South Westchester Executive Park, bringing the hospital's presence to more than 120,000 sf of space at the complex.

"Our acquisition and subsequent lease-up of this property is an excellent example of our ability satisfy the evolving requirements of our existing tenants and add value for our shareholders," Mitchell E. Hersh, chief executive officer of Mack-Cali. With the new lease, the 11-building South Westchester Executive Park, which totals 750,000 sf of space, is 98.3% leased.