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Article: Mack-Cali to Develop Pre-leased Office Building With The PRC Group; Red Bank, New Jersey Building 100% Pre-leased to Hovnanian Enterprises.
- Article from:
- Business Wire
- Article date:
- March 23, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CRANFORD, N.J. -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has entered into a joint venture agreement with The PRC Group to develop a 92,878 square-foot class A office building in Red Bank, New Jersey. The entire building has been pre-leased to Hovnanian Enterprises, Inc. (NYSE: HOV) on a triple net basis for 10 years.
The building will be part of a two-building complex, known as Red Bank Corporate Plaza, to be developed by Mack-Cali. Expected to be completed by the third quarter of 2007, the building includes 88,000 square feet of office space, 4,878 square feet of retail space, and a four-story parking garage. The second building in the ...