AAA Mid-Atlantic Enters 15 Year Lease for New HQ

Mack Cali Web Site - October 20, 2005

Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has entered into a development and acquisition agreement with AAA Mid-Atlantic. The agreement includes Mack-Cali's development of an operations center for AAA and its acquisition of land and buildings from AAA, all in Hamilton Township, New Jersey.

Mack-Cali will develop for AAA a three-story, 120,000 square-foot class A office building on a 21.6 acre land site at Mack-Cali's Horizon Center Business Park. AAA has pre-leased the building, which it will use as an operations center, for 15 years. Construction on the build-to-suit project is expected to be completed in the third quarter of 2006.

Upon completion of the new building for AAA, Mack-Cali will acquire from AAA three office and office/flex buildings totaling 83,762 square feet and land for the development of an additional 243,000 square feet of commercial space. Mack-Cali plans to redevelop each of the acquired properties. Sphere: Related Content