Mack-Cali Signs Leases for 182,000 Square Feet at Harborside Financial Center in Jersey City

05/18/1999 Category: Leasing and Development

CRANFORD, NJ--May 18, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced it has signed leases totaling 182,000 square feet at Harborside Financial Center in Jersey City, New Jersey.

The long-term leases recently signed at Harborside include: Forest Laboratories, 22,800 square feet; PR Newswire Association, a 21,000 square-foot expansion and a 35,200 square-foot lease extension; Dean Witter Reynolds Inc., a 42,800 square-foot expansion; Dean Witter Trust Company, a 42,350 square-foot expansion; and Exodus Communications, a 18,250 square-foot expansion.

James G. Nugent, senior vice president of leasing, stated, "We continue to see the benefits of having a dominant presence in the markets we serve. These significant leases announced today, along with the recently signed DLJdirect lease, reflect our ability to serve both the expansion needs and evolving business plans of our tenants."

Harborside Financial Center, a 1.9 million square-foot class A waterfront property, is 100% leased. The Harborside property also contains land to develop an additional 4.1 million square feet of office, hotel and residential space.

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 253 properties, primarily office and office/flex buildings, totaling approximately 28 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.