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Mack-Cali Realty's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CLI

Wegmans plans to construct an approximate 140,000 square foot store on a finished pad that we will be delivering. And certainly, this is not only a great opportunity to put our strategically located land bank to use in a very diverse manner. But I can't tell you about how many communications I have received, excited about the fact that Wegmans will be a very welcome addition to the community and to the county. As well as Wegmans will have probably 35,000 or 40,000 square feet of ancillary retail on the balance of that sight. All will be in the form of ground lease structures as currently anticipated.

And now turning to some of the leasing during the quarter, several of the notable transactions that we've outlined in our quarterly filings include the following. As we previously announced, the Bank of Tokyo-Mitsubishi, BTMU, a subsidiary of Mitsubishi UFJ Financial Group, signed a 100,000 square foot expansion at Harborside Financial Center Plaza 3, along New Jersey City waterfront.

This expansion now brings the banks presence at the waterfront in Harborside to approximately 262,000 square feet on a long-term commitment. The building, Plaza 3, as we refer to it is about 726,000 square feet and it's 97.3% leased with this expansion.

MD On-Line, a provider of electronic data interchange solutions, signed a new lease for 33,000, at 6 Century Drive at our Mack-Cali Business Campus in Parsippany. Relocating and expanding around slightly less than 10,000 square feet at another one of our properties in the Campus, reflecting the fact that certain segments of the economy are expanding, certainly in the technology and electronic data type solutions.

And we were witnessed to and are participant in a rapid expansion. And given our presence in that sub-market and at the Business Campus, we were able to easily and seamlessly accommodate a tenant's rapid expansion, which is part of the philosophy of our company to have deep presence in markets and deep relationships with our tenants, so that when they expand or contrary when they need to contract to deal with business conditions, we're there as their partner.

Read the rest of this transcript for free on seekingalpha.com

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