State Street Bank Renews Leases for 114,500 Square Feet at Mack-Cali Office Building in Princeton Submarket

08/13/2001 Category: Leasing and Development

Cranford, New Jersey—August 13, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced that State Street Bank has renewed leases totaling 114,500 square feet to occupy space through mid-2009 at 500 College Road East in Plainsboro, New Jersey.

State Street Bank is the nation's largest provider of fund accounting services. 500 College Road, a 158,235 square-foot class A office property, is 100% leased.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We are pleased to be able to continue to serve the space needs of high-caliber tenants such as State Street Bank." He added, "We continue to experience healthy leasing activity, which we believe is a testament both to the strength of the New Jersey office market and the quality of the properties in our portfolio."

Robert Bull from Julien J. Studley, Inc. represented the tenant and Diane Chayes, in-house senior director of leasing, represented Mack-Cali in this transaction.

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.