"This transaction is in line with our strategy of building successful, long-term tenant relationships," says Mitchell E. Hersh, president and CEO of the Edison-based Mack-Cali, in a statement. "It also demonstrates the Jersey City waterfront's appeal to companies such as Lehman Brothers."
CB Richard Ellis of New York's chairman Robert Alexander, vice chairman Michael Geoghegan and FVP Andrew Sussman represented the tenant on the lease. Christopher DeLorenzo, in-house VP of leasing, and senior director of leasing Thomas Savoca represented Mack-Cali. Terms of the deal were not released; asking price for available space in the building is currently listed on Mack-Cali's website as "negotiable."
With the signing, the landmark tower is now just less than 92% leased. As reported by GlobeSt.com, Mack-Cali bought the asset in early 2005 from a partnership headed by LCOR for $329 million, which factors out to approximately $275 per sf. Since then, major leases have been signed with PricewaterhouseCoopers, AIG subsidiary National Union Fire Insurance and Franklin Credit, the latter being a sublet.
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