Mack-Cali Leases Nearly 470,000 SF in Q3 in NY, CT

WHITE PLAINS-Thanks to a major recommitment by IBM at its Mid-Westchester Executive Park in Hawthorne, Mack-Cali Realty posted 469,897 sf in lease transactions in the third quarter at its office and office/flex properties in New York and Connecticut. IBM signed lease renewals totaling 292,304 sf of space, the largest deal with a single tenant by far in the third quarter at Mack-Cali’s portfolio in New York and Connecticut.

Other lease signings highlighted by Mack-Cali in its third quarter report included a renewal and expansion lease for 22,500 sf of space by the law firm Thacher Proffitt & Wood LLP at 50 Main St. in White Plains and a 17,863-sf lease renewal by Sportive Ventures 1 LLC, a health and fitness club, at 150 Clearbrook Rd. in Elmsford. Other New York deals included Starwood Hotels & Resorts Worldwide Inc.’s new lease for 10,275 sf at 5 Skyline Dr. in the company’s Mid-Westchester Executive Park in Hawthorne. Sempra Energy Trading Corp., a subsidiary of Sempra Energy, renewed its 10,300-sf lease at 100 Corporate Blvd. in the South Westchester Executive Park in Yonkers.

The only Connecticut transaction mentioned in its report was the new lease by AXA Equitable Life Insurance Co., a subsidiary of AXA Financial, for 10,508 sf of space at Soundview Plaza in Stamford, CT. Jeff Warner, vice president of leasing for the New York/Connecticut region for Mack-Cali, says, “IBM’s lease extension of nearly 300,000 sf, as well as the extension and expansion of Thacher Proffitt & Wood, and renewals with Sempra Energy, Court Sports and others, demonstrate that business is staying and growing in Westchester.” Companywide in the third quarter Mack-Cali Realty leased more than 1.6 million sf of space at its portfolio of 271 properties, which are primarily located in the Northeast.