Mack-Cali Leases 26,500 Square Feet at Upper Saddle River Property to Pearson Education

10/12/1999 Category: Leasing and Development

CRANFORD, NJ--October 12, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced the signing of a five-year lease with Pearson Education, an educational publisher, for 26,500 square feet at 10 Mountainview Road in Upper Saddle River, New Jersey.

The lease represents an expansion of Pearson Education's domestic headquarter offices at Mack-Cali's One Lake Street in Upper Saddle River, New Jersey. 10 Mountainview Road, a 192,000-square-foot class A office property, is now 99% leased.

"We are pleased to accommodate the growth needs of Pearson Education," commented Mitchell E. Hersh, chief executive officer of Mack-Cali. Hersh added, "One of the great strengths of the Mack-Cali organization rests in our ability to thoughtfully service all of our tenants' expansion needs."

Pearson Education, the world's leading educational publisher, offers a full range of rich content across electronic and print media, for students everywhere, from early childhood to professional education and training. Pearson Education is the global education publishing business of Pearson plc, the international media group.

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

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.