Mack-Cali’s 125 Broad Street Reaches 100 Percent Occupancy
Mack-Cali Realty Corporation, one of the largest tri-state area developers based out of New Jersey, has leased out its remaining office space at 125 Broad Street, brokers told The Commercial Observer last week.
Loeb Holding Corporation, a financial firm, is the latest to sign a lease at the building and its 22,000 square foot office will mark the property as 100 percent leased.
“I think that Mack-Cali was willing to build space for the tenant [was one of the attractions],” said Mark Ravesloot, vice chairman of CBRE. “Most landlords want to give cash allowances, but Mack-Cali, having such a large company in New Jersey where most tenants do not want to do the work and the landlords do it, handled the construction.”
“We basically agreed what it will look like and the the rent that will be paid,” added Mr. Ravesloot.
Mr. Ravesloot was joined by his colleagues Gerry Miovski and Peter Turchin in representing the landlord. CBRE’s Chris Corrinet and Scott Bogetti also worked on the deal as representatives for Loeb Holding Corporation with Bob Savitt of Savitt Partners.
The real estate company initially bought the building in 2007 when it was entirely leased. The tumultuous years that followed caused some tenants to leave the property, most conspicuously in the case of its anchor tenant, Citibank, which left its 365,000-square-foot office in 2009.
Mack-Cali tapped an exclusive leasing team from CBRE in 2009 to market 580,000 square feet of unoccupied space. CBRE’s aggressive leasing efforts have hauled in a bevy of new tenants, including Continental Casualty Company for 81,296 square feet, AXA Insurance Company for 18,702 square feet, Institute for Community Living for 51,594 square feet, and AECOM Technology Corporation for 91,414 square feet.
Following the leasing efforts at 125 Broad Street, CBRE will further assist Mack-Cali in Jersey City at 101 Hudson Street and Harborside Financial Center, where up to 250,000 square foot is available in contiguous blocks.