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NKF to manage Mack's 101 Hudson.

Newmark Knight Frank is going to soon be taking over the agency assignment for 101 Hudson Street, the 1.2 million s/f office building owned and developed by Mack-Cali in Jersey City.

An in house team at Mack-Cali previously handled leasing in the building, but a source revealed that the company may be handing off the assignment as part of a quid pro quo. Newmark is buying a portion of the Gale Company, the real estate firm that Mack-Cali purchased last year for $500 million, and the source said the agency work was likely included as an added perk that will grease the wheels of the transaction. Mitchell Hersh, Mack-Cali's president and CEO, wouldn't confirm whether Newmark would get the assignment, but mentioned broker Scott Panzer as a likely candidate to represent the building.

"We have a great relationship with both the firm and him," Hersh said.

In recent weeks, Mack-Cali took over leasing of Harborside Financial Center from CB Richard.

Hersh said that the decision to handle leasing was made because the 3.6 million s/f complex was virtually fully leased.
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Author:Geiger, Daniel
Publication:Real Estate Weekly
Date:Jan 31, 2007
Words:184
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