Office REIT Mack-Cali (NYSE: CLI) has announced plans to develop a 250,000 sq. ft. office building in Parsippany, N.J. for Wyndham Worldwide Corp. (NYSE: WYN). Wyndham agreed to pre-lease the building for a 15-year term. The hotelier already occupies space at Mack-Cali’s Business Campus in Parsippany. When the three-story granite building is completed late next year, Wyndham will occupy more than 395,000 sq. ft. at the business park.
Mack-Cali did not disclose the total project cost for Wyndham’s new corporate headquarters. Mitch Hersh, CEO of Mack-Cali, says that he originally acquired the land for the business park due to Parsippany’s “barrier constrained market.” The surplus land that Mack-Cali bought will serve as Wyndham’s new building. Architectural firm HLW is designing the new building.
Both companies trade on the New York Stock Exchange. Shares of Mack-Cali were trading around $54 this afternoon. Wyndham shares were trading near $35.