Mack-Cali Realty Corporation Wins Office Building of the Year Award

05/24/2001 Category: Miscellaneous

Award Presented for Westchester County Property

Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has received the 2001 Office Building of the Year ("TOBY") award for 565 Taxter Road, a 170,500 square-foot class A office property located in Elmsford, New York.

The award was recently presented at the Westchester Chapter of the Building Owners and Managers Association (BOMA) annual awards dinner.

The TOBY award is based on excellence in office building management, where all facets of a building's operations are evaluated including building maintenance, tenant relations programs, and community involvement. 565 Taxter Road won the award in the category of 100,000 to 250,000 square-foot buildings.

Accepting on behalf of Mack-Cali, Michael Grossman, executive vice president, commented, "This award is an excellent demonstration of Mack-Cali's expertise as a building owner and manager, as well as the quality of assets that make up our property portfolio."

Mack-Cali acquired 565 Taxter Road in May, 2000, and recently completed extensive renovations to the property, including the refurbishment of its on-site cafeteria and the replacement of the building's roof.

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

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.