Allstate Insurance Leases 23,000 Square Feet at Mack-Cali Property in Paramus, NJ

08/11/1999 Category: Leasing and Development

CRANFORD, NJ--August 11, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has leased 23,000 square feet of office space to Allstate New Jersey Insurance Company at Mack-Cali Centre IV in Paramus, New Jersey.

Allstate is relocating a claims center from a Wayne, New Jersey location. Mack-Cali Centre IV, a 269,191 square-foot class A office building located at 61 South Paramus Road, is 94% leased.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "This lease with Allstate is another example of Mack-Cali's strong tenant relationships and the benefits our size and scope bring to our tenants. Allstate is our customer in a number of locations throughout our Northeast portfolio and we look forward to continuing to service their real estate needs in new markets."

Christopher DeLorenzo and Steven Geltzeiler of Mack-Cali represented the Company in the transaction and Edward J. DaCosta of CB Richard Ellis represented Allstate.

Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 255 properties, primarily office and office/flex buildings, totaling approximately 28.3 million square feet located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.

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 different 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 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.