Mack-Cali Acquires Two Office/Flex Buildings in Westchester County, New York

08/10/2001 Category: Acquisitions

Cranford, New Jersey—August 10, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has acquired 5 and 6 Skyline Drive, two office/flex buildings that total 168,177 square feet and are located in Hawthorne, New York. The buildings were purchased from Madeira-RMC LP for $14.7 million.

The properties, situated in Mack-Cali's Mid-Westchester Executive Park, are 100% leased to five tenants, including Taro Pharmaceuticals, Evonyx and Westco Closets. The acquisition of 5 and 6 Skyline Drive increases the Company's holdings in Mid-Westchester Executive Park to over 958,000 square feet.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "The acquisition of these properties represents another step in our efforts to enhance our strong position in our core Northeast markets."

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 269 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.5 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 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, current reports on Form 8-K, and annual reports on Form 10-K.