Mack-Cali and Hyatt Break Ground on Hotel at Harborside Financial Center

06/02/2000 Category: Leasing and Development

First Full-Service Hotel on the Jersey City Waterfront

Cranford, NJ — June 2, 2000--Jersey City Mayor Bret Schundler and city, state and federal officials joined representatives from Mack-Cali Realty Corporation (NYSE:CLI) and Hyatt Hotels Corporation in a groundbreaking ceremony for the new Hyatt Regency South Pier Hotel in Jersey City, New Jersey, on May 23, 2000.

The nine-story, 350-room hotel will be developed on the south pier at Mack-Cali's Harborside Financial Center, a 1.9 million square-foot office complex overlooking New York Harbor and directly across from downtown Manhattan. The project is a joint venture of Mack-Cali and Hyatt Hotels Corporation.

Hyatt Regency South Pier, designed by Brennan Beer Gorman, is the first full-service hotel on the Jersey City waterfront and will feature over 19,000 square feet of meeting and facility space, a 165-seat restaurant and a 75-seat lounge. A perimeter walkway and public park will also be part of the hotel project, which is expected to be completed in late summer of 2002.

"As the first and only full-service hotel on the Jersey City waterfront, we believe enormous opportunity exists here to serve both business and leisure travelers," said Nick Pritzker, president of Hyatt Development Corporation.

"Not only will this hotel be an important amenity for our tenants at Harborside Financial Center--it will also be a tremendous asset to the community," commented Mitchell E. Hersh, chief executive officer of Mack-Cali Realty Corporation. "We continue to believe that Jersey City is one of the most dynamic submarkets in the country, and plan to continue to play a significant role in the development of Jersey City as a preferred location," he added.

Other development projects at Harborside Financial Center include a 185,000 square-foot office property being built for TD Waterhouse on top of an 1100-car parking garage; a joint venture with Lincoln Property Company to develop residential apartments on the north pier; and future plans to develop additional office towers totaling up to 6 million square feet.

Hyatt Hotels Corporation operates 118 hotels and resorts in the U.S., Canada and the Caribbean. Hyatt International, through its subsidiaries, operates 77 hotels and resorts in 36 countries. For more information about Hyatt hotels, consult its website at http://www.hyatt.com.

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 266 properties, primarily office and office/flex buildings, totaling approximately 28.6 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 2,400 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company's website at http://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, reports on Form 8-K, and annual reports on Form 10-K.