Mack-Cali Leases 416,712 Square Feet in its New York and Connecticut Portfolio in the Third Quarter

11/11/2002 Category: Leasing and Development

Cranford, New Jersey—November 11, 2002 —Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 416,712 square feet of leasing transactions at its New York and Connecticut properties during the third quarter of 2002.

Highlights include:

  • Nestlé Waters North America, Inc., a division of the Nestlé Group, leased 55,236 square feet at 5 Warehouse Lane in Elmsford. The lease represents an 18,946 square-foot expansion. The 75,100 square-foot industrial property, located at Elmsford Distribution Center, is 89.3% leased. William Anson of Anson & Berger and Robert Connors of Trammel Crow represented the tenant.
  • Xand Corporation, a provider of managed services and infrastructures, renewed its lease for 46,078 square feet at 11 Skyline Drive in Hawthorne, New York. Xand occupies the entire office/flex property, which is located in Mid-Westchester Executive Park.
  • Bunge Management Service, Inc., an international agribusiness and food company, signed an expansion lease that brought its total space to 29,165 square feet at 50 Main Street in White Plains. The lease represents an expansion of 7,000 square feet. Located at Westchester Financial Center, 50 Main Street is a 100%-leased, 309,000 square-foot class A office property. Philip Luria of Austin Corporate Properties represented the tenant in the lease expansion.
  • Fabrication Enterprises, Inc., a supplier of physical and occupational therapy products, signed a new lease for 20,500 square feet at 3 Westchester Plaza in Elmsford, New York. The 93,500 square-foot office/flex property, located in Cross Westchester Executive Park, is 94.6% leased. Howard Berger of Anson & Berger represented the tenant.
  • McCarthy Fingar Donovan et al., a law firm, signed a renewal lease for 20,000 square feet at 11 Martine Avenue in White Plains. Located at Westchester Financial Center, the 180,000 square-foot class A office property is 100% leased.
  • Aramark Uniform and Career Apparel, a supplier of uniforms and career apparel and a division of Aramark Corporation, signed a new lease for 16,300 square feet at 3 Westchester Plaza. Richard Leroy of Delphi Properties represented the tenant.

    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 261 properties, primarily office and office/flex buildings located in the Northeast and one hotel property totaling approximately 28.8 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,000 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, including Section 21E of the Securities Exchange Act of 1934. 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 and Section 21E of the Securities Exchange Act of 1934. 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.