Mack-Cali Breaks Ground For Jersey City Office Building

03/13/2001 Category: Leasing and Development

--575,000 Square-Foot Waterfront Property at Harborside Financial Center is 100% Pre-leased to Charles Schwab & Co.--

JERSEY CITY, NEW JERSEY—March 13, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today held a groundbreaking ceremony for the construction of Harborside Financial Center Plaza 10, a 575,000 square-foot class A office building on the Hudson River waterfront in Jersey City, New Jersey. Government officials and executives from Charles Schwab & Co., which has pre-leased the entire building, were among the attendees.

Harborside Plaza 10 is expected to be completed in 2002, and will be the site of Schwab Capital Markets' East Coast headquarters.

United States Congressman Robert Menendez; Jersey City Mayor Bret Schundler; Lon Gorman, Vice Chairman of The Charles Schwab Corporation and President of Schwab Capital Markets; and Mitchell E. Hersh, Chief Executive Officer of Mack-Cali, each made remarks at the ceremony.

"We're thrilled to have such a high-caliber tenant as Charles Schwab providing a strong commitment to Jersey City and to Mack-Cali's Harborside complex," stated Hersh. "Harborside continues to attract a ‘Who's Who' of financial services tenants, and stands out as one of the region's premier success stories," he added.

Harborside Financial Center currently consists of 2.1 million square feet of class A office space in four plazas, all of which are fully leased. In addition to Plaza 10, development projects underway at Harborside include Plaza 5, a 34-story, 980,000 square-foot class A office building; a 350-room Hyatt Regency hotel on Harborside's south pier; and luxury residential apartments on the north pier. The remaining land sites at Harborside are able to accommodate approximately 4.1 million square feet of additional office development.

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 267 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 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.