Mack-Cali Leases Over 172,000 Square Feet in Suburban Philadelphia Portfolio in First Quarter

05/03/2001 Category: Leasing and Development

Cranford, New Jersey-May 3, 2001-Mack-Cali Realty Corporation (NYSE: CLI) today announced it has leased over 172,000 square feet of new and renewal space at its suburban Philadelphia office properties during the first quarter of 2001.

Highlights of these transactions include:

  • Turner Investment Partners, an investment advisory firm, has signed new and renewal leases for 33,767 square feet for its company headquarters at Westlakes Office Park in Berwyn, Pennsylvania. Turner will occupy 21,497 square feet for five years at 1235 Westlakes Drive, a 134,900 square-foot class A office building that is 100% leased, and 12,270 square feet for six years at 1205 Westlakes Drive, a 130,250 square-foot class A building that is 97.6% leased.

  • Chartwell Investment Partners, an investment advisory firm, has leased 20,681 square feet for seven years at 1235 Westlakes Drive. The lease represents an expansion of its previous lease of 2,170 square feet.

  • Banc One National Processing Company, a subsidiary of Bank One Company, has signed a one-year lease renewal for 20,881 square feet of space at 1000 Madison Avenue in Norristown, Pennsylvania. The 100,700 square-foot class A property is 86.4% leased.

  • Media Investments, a subsidiary of Blank Rome Comisky & McCauley LLP, has signed a renewal and expansion lease for 8,837 square feet of space for seven years at Rose Tree Corporate Center One, a 100,000 square-foot office building at 1400 North Providence Road at Rose Tree Corporate Center in Media, Pennsylvania. Rose Tree One is 88.8% leased.

    Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "These leases are clear demonstrations of Mack-Cali's ability to provide long-term space solutions to leading businesses in suburban Philadelphia and other markets throughout 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 273 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 29.1 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, current reports on Form 8-K, and annual reports on Form 10-K.