Mack-Cali Realty Corporation Starts Construction on Westchester Building

03/22/1999 Category: Leasing and Development

CRANFORD, NJ--March 22, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced that the Company has begun construction of 12 Skyline Drive, a 47,200 square foot two-story, class A office/flex building located in the Company's Mid-Westchester Executive Park in Hawthorne, New York.

Construction recently began following the Company's successful pre-leasing of 29,000 square feet of space to two tenants--Medelec, Inc., a wholesaler of medical instruments and laboratory equipment, will lease 15,000 square feet, and Savin Corporation, a wholesaler of office equipment, will lease 14,000 square feet. Both tenants are relocating from other areas in Westchester County and will utilize the space for office, sales and service activities.

The design of 12 Skyline Drive will be consistent with that of the other office/flex buildings in Mid-Westchester Executive Park. Other tenants in the park include IBM, Coca-Cola, UPS and Tellabs. The facade of the building will be constructed of aluca-bond and reflective glass. The building, which will offer numerous high-technology amenities, will have ceiling heights of 15 feet on the lower level with tailgate loading capability and 12 feet on the upper level with on-grade access.

Construction is expected to be completed by early third quarter 1999.

Michael Grossman, vice president of leasing, commented, "We are excited to bring development back to Westchester County with 12 Skyline Drive. Our development here is evidence of our belief in the ongoing strength of our portfolio in the Westchester marketplace. Mack-Cali's occupancy rates and leasing activity in Westchester remain extremely high, and we have been able to achieve rent increases from both new leases and renewals."

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. Throughout Westchester County, Mack-Cali owns 63 properties totaling 4,019,220 square feet. Mack-Cali owns or has interests in 249 properties, primarily office and office/flex buildings, totaling approximately 27.8 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 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.