Mack-Cali Signs Two Office Leases in the Suburban Philadelphia Market

03/16/2000 Category: Leasing and Development

Cranford, New Jersey—March 16, 2000--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has signed two leases totaling over 44,000 square feet in two of its office properties in the suburban Philadelphia market.

Bluestone Software, Inc., a provider of enterprise interaction management software, has leased 24,000 square feet for seven years at 300 Stevens Drive, which is part of Airport Business Center in Lester, Pennsylvania. Bluestone will use the space as its headquarters. The 68,000 square-foot building is 82.5% leased.

Harleysville Mutual Insurance Company, a provider of individual and group life insurance, will lease 20,330 square feet for five years at 224 Strawbridge Drive in Moorestown Corporate Center in Moorestown, New Jersey. The 74,000 square foot building is 96% leased.

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 259 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 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.