Mack-Cali Realty Corp
) along with The Praedium Group, its joint venture (JV) partner,
disclosed a new lease agreement with Sedgwick, LLP for 26,074
square feet of space at Class A office tower - One Newark Center
- in New Jersey. Sedgwick, LLP is a San Francisco-based
international litigation and business law firm.
One Newark Center, located advantageously at downtown Newark,
is a 24-story building spanning 416,429 square foot. The fully
furnished property is situated close to Newark Penn Station as
well as Newark Liberty International Airport. The 98.4% leased
office property is occupied by the IRS, the Newark Club, Seton
Hall University Law School, The United States Trustees office and
Kirkpatrick & Lockhart.
In the transaction, executives of Studley, Inc. represented
Sedgwick. On the other hand, Mack-Cali and The Praedium Group
were represented by personnel's of
Jones Lang LaSalle Inc.
), which is the exclusive leasing agent for One Newark
We expect this leasing transaction of Mack-Cali to boost its
strong tenant base and prove accretive to its earnings going
forward. Notably, to counter the continued weakness in the
company's core office markets, Mack-Cali has been divesting a
notable part of its office portfolio and deploying its capital to
expand its holdings in the multi-family residential sector that
has traditionally been more of a stable product type.
Yet, the aggressive disposition of office assets would
continue to have a dilutive impact on its financials in the
near-to-medium term. Moreover, with rents on the renewals rolling
down in its core office portfolio, this Zacks Rank #5 (Strong
Sell) stock lacks sufficient growth momentum.
Investors interested in the REIT industry may consider stocks
Getty Realty Corp.
Pebblebrook Hotel Trust
). Both these stocks carry a Zacks Rank #1 (Strong Buy).
MACK CALI CORP (CLI): Free Stock Analysis
GETTY REALTY CP (GTY): Free Stock Analysis
JONES LANG LASL (JLL): Free Stock Analysis
PEBBLEBROOK HTL (PEB): Free Stock Analysis
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