Mack-Cali Leases Over 243,000 Square Feet of Office Space at Jersey City Waterfront Development

08/08/2001 Category: Leasing and Development

—SunAmerica, Fidelity and Forest Labs Among Tenants at New Harborside Building—

Cranford, New Jersey—August 8, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has leased over 243,000 square feet of space to four companies at Harborside Financial Center Plaza 5, a new 34-story class A office tower being developed by the Company on the Jersey City, New Jersey waterfront.

Leases were signed with:

  • Forest Laboratories, Inc., for 71,810 square feet for 15 years. Forest Laboratories, a pharmaceutical company, will use the space for its regional headquarters. Arthur Rosenbloom, Seena Stein and Richard Madison of Newmark JGT of New Jersey represented the tenant.
  • SunAmerica Asset Management Corp. for 69,621 square feet for 15 years. SunAmerica, a financial services company owned by American International Group, will use the space for its Northeast headquarters. James Travers and W. Lawson Martin III of Travers Realty and Kenneth Rapp of CB Richard Ellis represented the tenant.
  • On-Line Investment Services Management Corporation, for two floors totaling 68,000 square feet of space for 10 years. On-Line Investment, a financial services firm, will use the space for its headquarters. Kevin Driscoll of Helmsley-Spear represented the tenant.
  • National Financial Services LLC/Fidelity Corporate Real Estate LLC, for 34,359 square feet for 10 years. National Financial Services Group, a financial services firm, will use the space for its investment group. Augustus Field and John Cefaly of Cushman & Wakefield represented the tenant.

    Mark Ravesloot, Michael Monahan and Scott Sloves of Insignia/ESG represented Mack-Cali in each transaction.

    Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "Harborside continues to attract leading businesses looking for new, high-tech office space at cost-effective rates. We're confident in the success of this project and the entire Harborside complex, which is well on its way to becoming the premier "city within a city" on the Jersey City waterfront."

    Harborside Financial Center Plaza 5, consisting of 980,000 square feet, is on schedule for late 2002 delivery. The property, which is 25% pre-leased, offers unobstructed views of New York Harbor and the Manhattan skyline, an on-site New York Waterway ferry stop and Hudson-Bergen Light Rail station, an adjacent PATH station, and numerous on-site amenities.

    Currently, Harborside Financial Center totals 2.1 million square feet of class A office space in four plazas, all of which are 100% leased. In addition to Plaza 5, development projects underway at Harborside include Plaza 10, a 19-story, 575,000 square-foot class A office building 100% pre-leased to Charles Schwab & Co.; a 350-room Hyatt Regency hotel on Harborside's south pier; and a 300-unit luxury apartment complex on the north pier. The remaining land sites at Harborside are able to accommodate approximately 4.3 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 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.