Mack-Cali Leases 340,380 Square Feet in Northern and Central New Jersey Portfolio in First Quarter

05/09/2002 Category: Leasing and Development

Highlights Include New Lease with Metropolitan Life Insurance and Renewal with Deloitte & Touche

Cranford, New Jersey—May 9, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 340,380 square feet of leasing transactions at its Northern and Central New Jersey properties during the first quarter of 2002.

Highlights include:

  • Metropolitan Life Insurance Company signed a new lease for 14,555 square feet for 10 years at 65 Jackson Drive in Cranford, New Jersey. The 82,778 square-foot office property is 100% leased. Douglas Petrozzini of Grubb & Ellis Company represented the tenant and Toni Casiano, in-house leasing director, represented Mack-Cali in the transaction.
  • Deloitte & Touche USA LLP, a professional services firm, renewed 85,727 square feet at 2 Hilton Court at the Mack-Cali Business Campus in Parsippany, New Jersey. The 181,592 square-foot class A office building is 100% leased. Patrick Eichner, in-house leasing director, represented Mack-Cali.
  • Yamanouchi Pharma America, Inc., the United States subsidiary of Yamanouchi Pharmaceutical Company, Ltd., a global pharmaceutical firm, leased 46,834 square feet, renewing leases for 39,834 square feet and expanding by 7,000 square feet at 61 South Paramus Road, in Paramus, New Jersey. The 269,191 square-foot class A office property is 99.3% leased. Graham C. Conklin and Daniel M. Foley of Strategic Alliance Partners, L.L.C. represented the tenant and Christopher DeLorenzo, in-house senior director of leasing, represented Mack-Cali.
  • Public Service Electric and Gas Company, a regional utility, renewed its lease of 46,191 square feet for five years at 20 Commerce Drive in Cranford, New Jersey. The 176,600 square-foot class A office property is 100% leased. Bryn Cinque of GVA Williams represented the tenant and Toni Casiano represented Mack-Cali.

First quarter transactions also included a previously-announced lease with McDonald's Corporation for 30,700 square feet at 105 Eisenhower Parkway in Roseland, New Jersey. Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "Despite an uncertain economy, we continue to see solid demand from leading corporations interested in Mack-Cali's prime suburban office space."

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 268 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.7 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,300 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 Private Securities Litigation Reform Act of 1995 and the federal securities laws. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, without limitation, the Company's future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue" or comparable terminology. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the risks, trends and uncertainties are changes in the general economic conditions, including those affecting industries in which the Company's principal tenants compete; any failure of the general economy to recover timely from the current economic downturn; the extent of any tenant bankruptcies; the Company's ability to lease or re-lease space at current or anticipated rents; changes in the supply of and demand for office, office/flex and industrial/warehouse properties; changes in interest rate levels; changes in operating costs; the Company's ability to obtain adequate insurance, including coverage for terrorist acts; 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. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.