The continued success of Cali Realty is attributed to a driven
management team, guided by the traditions and philosophies that have
directed the company since its inception over 48 years ago.

Cali Realty has reached its position as an industry leader because of the excellence, dedication and depth of its management team. Its young, aggressive leaders have built upon the almost 50 years of real estate development experience of the Company founders to produce one of the fastest growing and most successful REITs in the country. President and Chief Executive Officer Thomas A. Rizk, cited as one of the "Top 16 Stars to Watch in Real Estate" by Commercial Property News in October 1996, has led the Company along with Brant Cali, Chief Operating Officer, John R. Cali, Chief Administrative Officer and Head of Acquisitions, as well as the other members of the senior management team: Roger Thomas, General Counsel; Barry Lefkowitz, Chief Financial Officer; James Nugent, Vice President - Leasing; and Albert Spring, Vice President - Operations. Cali's Board of Directors, led by Chairman of the Board John J. Cali, has continued to demonstrate its independence and intelligence in helping management accomplish its goals. As Cali Realty enters 1997, its leadership will continue to deliver quality service to its tenants and added value to its shareholders. The Robert Martin aquisition delivers additional management resources with valuable expertise in the Westchester/Fairfield markets, and business philosophies similar to Cali's. Brad W. Berger, formerly President and Chief Executive Officer of Robert Martin, and Timothy M. Jones, formerly Robert Martin's Chief Operating Officer, have joined Cali's management team as Executive Vice Presidents. Cali Realty Corporation looks forward to the valuable contribution these two professionals will make in bringing Cali to the next level of success. In recognition of Cali's achievements, the New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP) awarded Cali its 1996 "Impact Award." The prestigious award is presented each year to a company that has made the greatest contribution to New Jersey's commercial and industrial real estate industry.