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Mack-Cali Extends Lease

By Zacks Investment Research on | More Posts By | Zacks.com

Mack-Cali Realty Corporation (NYSE:CLI), one of the largest office REITs in the U.S has recently extended its lease agreement with Movado Group Inc. (NYSE:MOV).  The agreement extends the 90,050-square-foot lease held by Movado at the Mack-Cali Centre II, in Paramus, New Jersey for a period of five years expiring in 2018.

Movado, among the top premier watchmakers in the world, has its corporate headquarters at the Mark-Cali Centre II, a class A property with an overall area of 348,510 square-feet.

This extension is beneficial for both the companies as it demonstrates Mack-Cali’s efforts in building and maintaining long term relationships with its tenants. For its Class A portfolio Mack-Cali provides an efficient and productive work environment and services to its clients.

Mack-Cali is primarily engaged in owning, leasing, managing, and developing Class A office and industrial/flex properties with approximately 2,000 tenants from diverse industries. The company focuses on high-barrier markets mostly in the suburban areas in the northeast and mid-Atlantic regions in the U.S., and derives most of its annualized base rents from New Jersey.

With debt-free ownership of the bulk of its portfolio, Mack-Cali offers a faster and more streamlined leasing process. In addition, Mack-Cali is structured as a vertically integrated company, providing a full range of leasing, property management, construction, legal, space planning and architectural services on a single platform.

Mack-Cali currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors Boston Properties Inc. (NYSE:BXP) also retains a Zacks #3 Rank, which translates into a short-term Hold rating.

 
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