Mack-Cali Acquires Two Office Buildings In Parsippany, New Jersey for $48 Million

04/09/2001 Category: Acquisitions

Acquisition of Maple Plaza I and II Increases Company's Holdings in Parsippany Submarket to 2 Million Square Feet

Cranford, New Jersey—April 9, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has acquired Maple Plaza I and II, two class A office buildings totaling 295,800 square feet and located in Parsippany, New Jersey. The buildings were purchased for $48 million from Lend Lease Real Estate Investments, Inc.

The three-story properties, at 4 and 6 Campus Drive, are situated on a 20-acre land site in Mack-Cali Business Campus. Maple Plaza I and II are 92.6% leased to 17 tenants including Nabisco, Prudential Insurance, Summit Equities, Rockwell Electronics, and ExxonMobil.

The acquisition of Maple Plaza I and II increases Mack-Cali's holdings at the Business Campus to 1.5 million square feet, and increases its holdings in the Parsippany submarket to 14 properties totaling 2 million square feet. Mack-Cali also owns or has interests in land in the Parsippany area to accommodate over 2 million square feet of additional office development.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "The addition of these premier assets to our portfolio strengthens both our presence in the very attractive Parsippany submarket and our overall strategic position in high-barrier-to-entry markets in the Northeast."

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 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.9 million square feet. The properties 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.