Saturday, March 25, 2006

Hovnanian Enterprises Enters Build-to-Suit For New Office Building in NJ

MarketWatch - March 23, 2006

Mack-Cali Realty Corporation (CLI) today announced that it has entered into a joint venture agreement with The PRC Group to develop a 92,878 square-foot class A office building in Red Bank, New Jersey. The entire building has been pre-leased to Hovnanian Enterprises, Inc. on a triple net basis for 10 years.

The building will be part of a two-building complex, known as Red Bank Corporate Plaza, to be developed by Mack-Cali. Expected to be completed by the third quarter of 2007, the building includes 88,000 square feet of office space, 4,878 square feet of retail space, and a four-story parking garage. The second building in the complex, a two-story, 18,560 square-foot class A office building, will be developed at a later date.

The property will be developed on a 3.4-acre land site located at 141 West Front Street in downtown Red Bank contributed to the joint venture by The PRC Group. Mack-Cali will serve as the leasing agent and co-management agent for the complex. No broker was involved in the Hovnanian transaction. Sphere: Related Content

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