Mack-Cali announces Harborside 4 project

JERSEY CITY — Mack-Cali unveiled this week its plans to build Harborside 4, a 1.2 million-square-foot office tower located on the Hudson River waterfront in Jersey City.
“We are pleased with the significant leasing momentum we’re seeing across our portfolio, particularly along the Hudson River Waterfront where occupancy achieved 95 percent,” said Mitchell Rudin, Mack-Cali chief executive officer.
In this release to the press and several advertisements including one in the Wall Street Journal, Rudin said Mack-Cali said they will be undertaking joint venture with real estate developer SJP Properties for the construction of the project, located in the Jersey City waterfront business community near the Exchange Place PATH station as well as the Hudson Bergen Light Rail line.
“We chose SJP, who will be an equity partner in the proposed venture, because Steve Pozycki, the founder, is a master builder with an unmatched record of building iconic structures on time and on budget,” said Michael DeMarco, Mack-Cali’s president. “The project only gets built if we achieve substantial preleasing at our desired rates. We believe tenant demand is there today, as is our ability to finance and add an additional equity partner, if necessary. The Harborside 4 site is an existing parking lot that we own free and clear of debt for over 20 years.”

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