Mack-Cali Leases Over 208,000 Square Feet in Westchester and Connecticut Portfolio in First Quarter

05/03/2001 Category: Leasing and Development

Highlights Include Leases with Trigen Energy and Fujitsu

Cranford, New Jersey-May 3, 2001-Mack-Cali Realty Corporation (NYSE: CLI) today announced it has leased over 208,000 square feet of new and renewal space at its Westchester and Connecticut office and office/flex properties during the first quarter of 2001.

Highlights of these transactions include:

  • Trigen Energy Corporation, an energy management firm, has signed a new 10-year lease for 36,789 square feet of space for its headquarters at 3 Barker Avenue in White Plains, New York. 3 Barker Avenue, a 65,300 square-foot class A office property, is 93.3% leased.

  • Varta Batteries, Inc., a manufacturer of automotive and consumer batteries, has renewed its 18,400 square-foot lease for one year at 300 Executive Boulevard in Elmsford, New York. 300 Executive Boulevard is a 99.7%-leased, 60,000 square-foot office/flex property.

  • Thacher Proffitt and Wood, a law firm, has signed renewal and expansion leases totaling 15,650 square feet of space for five years at 50 Main Street at Westchester Financial Center in White Plains, New York. 50 Main Street is a 309,000 square-foot office building that is 100% leased.

  • Fujitsu Network Communications, a designer and manufacturer of fiber-optic transmission and broadband switching platforms-and a subsidiary of Fujitsu Limited-has leased the entire building at 350 Executive Boulevard in Elmsford, New York. The lease is for 15,220 square feet for a seven-year term.

  • Toyota Motor Credit Corporation, the financing subsidiary of Toyota Motor Sales USA, Inc., has renewed its 14,822 square-foot lease for 18 months at 1000 Bridgeport Avenue in Shelton, Connecticut. The 133,000 square-foot class A office property is 100% leased.

    Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "While demand in Connecticut remains strong, we are especially pleased that the Westchester market continues to gain strength, as evidenced by this strong leasing activity."

    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.