X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PISCATAWAY, NJ-QualCare Alliance Networks Inc. has signed a lease for a total of 99,541 sf at Knightsbridge Rd. here. The managed healthcare services provider will move its headquarters to the Mack-Cali Realty Corp.-owned property from its current location just up the road at 242 Old New Brunswick Rd.

Under the terms of the lease, QualCare will take an initial occupancy of 78,468 sf at the property, carrying a term of 15 years, followed by a second occupancy phase of 21,073 sf at an unspecified date. Further terms of the signing were not disclosed, however, available space at 30 Knightsbridge Rd. is listed on Mack-Cali’s website with an asking price of $18.50 per sf. QualCare was represented by Brad Fenlon of CB Richard Ellis’ Saddle Brook office, while Mack-Cali was represented in-house.

“We were able to leverage our industry relationships to secure this long-term lease,” says Mitchell E. Hersh, president and CEO of the Cranford-based Mack-Cali. 30 Knightsbridge Rd. is a 680,350-sf, four-building class A complex that Mack-Cali acquired in mid-2004 from AT&T. As reported by GlobeSt.com, the acquisition was part of a larger 13-building deal with AT&T involving 2.5 million sf of space that brought several buildings into Mack-Cali’s portfolio and included a series of leasebacks, lease extensions and lease obligation assumptions in New Jersey and Staten Island, NY. As part of that transaction, AT&T continues to occupy 275,000 sf in two buildings on a long-term basis.In an unrelated transaction, Mack-Cali has also confirmed an earlier report by GlobeSt.com that the New Jersey Turnpike Authority has leased approximately 100,000 sf at the REIT’s 581 Main St. in Woodbridge. The lease carries a term of 10 years and eight months, according to Mack-Cali, and will consolidate the Authority’s two existing headquarters locations here and in East Brunswick. The lease brings the 200,000-sf, eight-story class A building to 100% leased.

Mack-Cali has not released further details of the transaction. As reported by GlobeSt.com, however, information released by the Authority earlier this month puts the value of the deal at $25 million. The lease calls for the Authority to pay $24.50 per sf for the first three years, $25.25 for the next three years and $26 per sf for the duration, according to the Authority. The space had been listed on Mack-Cali’s website with an asking price of $26 to $27.50 per sf.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.