Mack-Cali Leases Over 279,000 Square Feet in Westchester and Connecticut Portfolio in Second Quarter

08/16/2001 Category: Leasing and Development

Cranford, New Jersey—August 16, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has leased over 279,000 square feet of space at its Westchester and Connecticut properties during the second quarter of 2001.

Highlights of these transactions include:

  • Acorda Therapeutics Inc., a developer of therapeutic products for nervous system disorders, leased 29,960 square feet at 15 Skyline Drive in the Mid-Westchester Executive Park in Hawthorne, New York. The lease represents a lease extension for 21,000 square feet and an expansion of 8,960 square feet. 15 Skyline Drive, a 55,000 square-foot class A office/flex property, is 100% leased.

  • South Beach Beverage Co., Inc., a producer of herbally-enhanced refreshment beverages, leased 24,256 square feet at 40 Richards Avenue in Norwalk, Connecticut. The lease represents a 20,916 square-foot extension and a 3,340 square-foot expansion of its current space. 40 Richards Avenue, a 145,487 square-foot class A office building, is 90.6% leased.

  • Conri Services, Inc., a fulfillment distributor, leased 20,255 square feet for five years at 250 Clearbrook Road in Elmsford, New York. The lease represents a 16,255 square-foot renewal and a 4,000 square-foot expansion of its current space. 250 Clearbrook Road is a 155,000 square-foot office/flex property that is 94.5% leased.

  • The Bronx Healthplan, Inc., a health maintenance organization, has signed a 15,352 square-foot lease at One Executive Boulevard in the South Westchester Executive Park in Yonkers, New York. The lease represents a 10,226 square-foot renewal and a 5,086 square-foot expansion of its current space. One Executive Boulevard is a 112,000 square-foot class A office building that is 100% leased.

  • MetLife, a provider of insurance and financial services, leased 11,650 square feet of space at 565 Taxter Road in Elmsford, New York. 565 Taxter Road is located in Taxter Corporate Park, a 95%-leased, 341,100 square-foot office complex. Kim Mowers of Grubb and Ellis represented MetLife in the transaction.

    Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We are pleased that the demand for our prime suburban properties in these markets remains strong, as indicated by the quarter's 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 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.