Mack-Cali Realty Corporation Acquires Office Building in Princeton Forrestal Center for $21.2 Million

05/29/1998 Category: Acquisitions

CRANFORD, NJ--May 29, 1998--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has acquired 500 College Road East, a 158,235 square-foot class A office building in the Princeton Forrestal Center, for $21.2 million.

The four-story building is 100 percent leased to Merrill Lynch, Buchanan Ingersoll, and PNC Bank. The property was acquired from SI Princeton, Inc. and was financed from funds made available through one of the Company's revolving credit facilities.

Commenting on the acquisition, Thomas A. Rizk, Chief Executive Officer, said, "We're pleased to once again strengthen our holdings in the Princeton market--one of the best markets in the state--and to add another first-class asset to our portfolio." The Company now owns six office buildings totaling over 684,000 square feet of space in the Princeton area.

Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. With the completion of pending transactions, Mack-Cali will own 242 properties, primarily office and office/flex buildings, totaling approximately 26.3 million square feet, serving over 2,300 tenants in 11 states, primarily in the Northeast, as well as the Southwest and West.

Additional information on Mack-Cali Realty Corporation is available on the Company's website at

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, and annual reports on Form 10-K.