Mack-Cali Signs Leases Totaling Over 304,000 Square Feet at Northeast Office Properties

10/16/2000 Category: Leasing and Development

CRANFORD, NEW JERSEY—October 16, 2000—Mack-Cali Realty Corporation (NYSE:CLI) today announced it has signed nine leases totaling over 304,000 square feet at its Northeast office properties.

--Chase Manhattan Mortgage Company, a provider of banking and mortgage services, has signed a 48,302 square-foot lease renewal and expansion at 300 Tice Boulevard in Woodcliff Lake, New Jersey. The five-year lease represents a 21,752 square-foot expansion of Chase's current lease. 300 Tice Boulevard, a 230,000 class A office property, is 100% leased.

--Xerox Corporation, a global provider of document solutions, has signed a 44,513 square-foot lease renewal and expansion at Lakeview Plaza, 201 Littleton Road in Morris Plains, New Jersey. The lease, which carries a term of 10 years, represents a 13,514 square-foot expansion of Xerox's current space. Lakeview Plaza, a 88,345 square-foot class A office property, is 100 % leased.

--KPMG Consulting LLC, a provider of Internet integration services, has signed a 10-year, 39,994 square-foot lease expansion at 106 Allen Road at the Liberty Corner Corporate Center in Bernards Township, New Jersey. KPMG Consulting will occupy 77,956 square feet at Liberty Corporate Corporate Center, a 135,000 square-foot class A office property recently constructed by a joint venture between Mack-Cali and SJP Properties. The building is 72.5% leased.

--Oracle Corporation, a leading supplier of software for information management, has signed a five-year, 39,163 square-foot lease renewal at 1205 Westlakes Drive in Westlakes Office Park in Berwyn, Pennsylvania. The 130,265 square-foot class A office property is 100% leased.

--Paychex, Inc., a payroll processing company, has signed a 10-year, 30,000 square-foot lease at 135 Chestnut Ridge Road in Montvale, New Jersey. This represents a 12,000-square-foot expansion and relocation from another Mack-Cali property in Woodcliff Lake, New Jersey. 135 Chestnut Ridge Road, a 66,150 square-foot office property, is 99.7% leased.

--Registrar & Transfer, a provider of securities transfer services, has signed a 10-year, 26,315 square-foot lease at 10-12 Commerce Drive in Cranford, New Jersey. This represents an 8,680 square-foot expansion of Registrar and Transfer's current space. The 72,260-square-foot property is 96.3% leased.

--SBC Telecom, a provider of telecommunication services, has signed a 10-year, 26,000 square-foot lease at 120 Passaic Street in Rochelle Park, New Jersey. The 52,000 square-foot property is 100% leased.

--Wise/Contact US Optical Corporation, a distributor of optical products, has signed a 10-year, 25,575 square-foot lease at 4 Executive Plaza, South Westchester Executive Park in Yonkers, New York. 4 Executive Plaza, an 80,000 square-foot office/flex property, is 100% leased.

--Groundwater/Environmental Services, Inc., an environmental consulting and remediation company, has signed a four-year, 24,200 square-foot lease renewal at 1340 Campus Parkway at Monmouth Shores Corporate Park in Wall Township, New Jersey. 1340 Campus Parkway, a 72,502 square-foot office/flex property, is 94.6% leased.

Mitchell E. Hersh, chief executive officer of Mack-Cali commented, "These leases demonstrate the strength of the high-barrier-to-entry markets in which we operate, as well as our ability to accommodate the evolving space needs of our tenants."

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 28.2 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, reports on Form 8-K, and annual reports on Form 10-K.