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Mack-Cali Signs Lease with KPMG for Short Hills, NJ Property

Mack-Cali Realty CorporationCLI has struck a long-term lease with KPMG for 54,341 square feet of space at a property located in Short Hills, NJ. Currently 100% leased, this five-story, class A office building with a total space of 247,476 square feet has undergone major renovations in recent times.

The property is situated on 150 John F. Kennedy Parkway in Short Hills, Essex County, directly off Route 24. It enjoys good access to the Garden State Parkway, New Jersey Turnpike, and Newark Liberty International Airport. Its location plays a major role in driving its demand among tenants.

One of Mack-Cali's largest corporate tenant groups, KPMG has leased over 182,000 square feet of additional space in Roseland and Woodcliff Lake, NJ. The recent lease in yet another Mack-Cali property indicates its long-standing faith in the company.

Mack-Cali's chief executive officer Mitchell Rudin has described the deal as "a strong example of the benefits that we expect to come from Mack-Cali's recently announced strategic shift and three-year plan."

In fact, Mack-Cali has suffered its share of struggles over the last few years. In an attempt to turn things around, the company recently decided to shift its focus toward waterfront and transit-oriented office properties as well as luxury multi-family properties from suburban operations.

Its new leaders chalked out a three-year strategic transformation plan - 20/15 - which calls for the disposition of non-core properties and includes extensive plans for upgrading its existing assets and transforming them to Class A properties. Improving efficiency is also on the agenda.

The primary goal is to attract the attention of people who prefer to live, work and play in the same area - a trend that has already driven development in several other cities in the U.S. This group gives importance to transit options, which is the reason why such areas have become a strategic choice for the company. (Read: Mack-Cali to Find Its Fortunes on the Hudson Waterfront )

Mack-Cali currently has a Zacks Rank #3 (Hold). Stocks worth considering in the real estate operations sector include Prologis, Inc. PLD , PS Business Parks Inc. PSB and Public Storage PSA . All these stocks have a Zacks Rank #2 (Buy).

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PROLOGIS INC (PLD): Free Stock Analysis Report

PUBLIC STORAGE (PSA): Free Stock Analysis Report

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MACK CALI CORP (CLI): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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