(CLI) Mack-Cali Realty to Build Wyndham Facility

Mack-Cali Realty Corp.(CLI) recently announced the development of a 203,000-square-foot class A office building for Wyndham Worldwide Corporation (WYN) in Parsippany, New Jersey. This transaction will allow the hospitality company to consolidate its New Jersey-based workforce within a single campus.

Wyndham provides hospitality products and services to consumers and currently operates from its 250,000-square-foot corporate headquarters at 22 Sylvan Way in Parsippany. The new building will be constructed adjacent to Wyndham’s corporate headquarters and is expected to be completed by the first quarter of 2013 and will be ready for occupancy by late third quarter 2013.

Upon completion, the two buildings will provide a single location for the thousands of associates in Parsippany, spanning 453,000 square feet. With this transaction Mack-Cali further strengthened its relationship with Wyndham Worldwide.

Mack-Cali is one of the largest office real estate investment trusts (REITs), primarily engaged in owning, leasing, managing, and developing Class A office and industrial/flex properties. The company boasts approximately 2000 tenants from diverse industries. The company focuses on high-barrier markets mostly in the suburban areas of the northeast and mid-Atlantic regions in the U.S., and derives most of its annualized base rents from New Jersey.

The company has a conservative balance sheet with a high ratio of debt-free assets and strong debt service coverage ratios, and is comparatively better equipped than its competitors to sustain the economic challenge. At current levels, Mack-Cali has interests in 278 properties, primarily office and office/flex buildings located in the Northeast, totaling 32.4 million square feet.

Mack-Cali currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock.

MACK CALI CORP (CLI): Free Stock Analysis Report

WYNDHAM WORLDWD (WYN): Free Stock Analysis Report

Zacks Investment Research

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