Mack-Cali Realty Corporation CLI has signed a lease agreement with SunGard Financial Systems LLC, a financial software services and solutions company, for more than 41,000 square feet at Harborside Plaza 3 on the Jersey City Waterfront. The lease, slated to expire in 2023, is consistent with Mack-Cali’s recently adopted strategy of initiating dramatic transformation at Harborside.
Mack-Cali, the Edison, NJ-based real estate investment trust (REIT), owns and operates primarily Class A office and office/flex properties located in high-barrier-to-entry markets and sub-markets in the U.S. Harborside, which boasts 3.1 million square feet of class A office space, entices tenants and retailers with stunning views of the Manhattan skyline, exquisite glass entrances and lobbies, and modern architecture. The company intends to capitalize on these positive features in order to keep it growth momentum alive.
Notably, few days ago, Mack-Cali inked a long-term lease deal with KPMG for 54,341 square feet at a property based in Short Hills, NJ. Currently 100% leased, this 5-story, class A office building is spread across 247,476 square feet and has been heavily renovated (read more: Mack-Cali Signs Lease with KPMG for Short Hills, NJ Property ).
Mack-Cali currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR, Gramercy Property Trust Inc. GPT and W. P. Carey Inc. WPC. All three stocks sport a Zacks Rank #1 (Strong Buy).
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