By Real Estate NJ
Mack-Cali Realty Corp. leased more than 650,000 square feet of office and flex space in the second quarter, including more than 150,000 square feet in new deals.
The Edison-based real estate investment trust announced it executed 74 leases from April through June. At the end of the quarter, its portfolio was 86.7 percent leased, up from 82.3 percent at the same time last year.
Mack-Cali also said that, just after the end of Q2, it signed a 79,771-square-foot lease with Omnicom. In mid-July, the marketing and communications firm was awarded a 10-year $39.4 million state tax credit to move 415 full-time jobs from Manhattan to Jersey City.
At the end of the quarter, the company’s portfolio of core, flex and waterfront properties was 90.4 percent leased, according to a news release. With the new Omnicom lease, Mack-Cali’s waterfront portfolio is projected to be about 94 percent leased by the end of Q3.
“We are proud of the significant leasing momentum across our portfolio, particularly along the Hudson River Waterfront,” Mitchell E. Rudin, CEO of Mack-Cali, said in a prepared statement.