Mack-Cali Leases 626,340 Square Feet in Northern and Central New Jersey Portfolio in 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 626,340 square feet of leasing transactions at its Northern and Central New Jersey office properties during the third quarter of 2002.

Highlights include:

  • BT Harborside Urban Renewal Corporation, a division of Deutsche Bank, a global banking and securities firm, signed a lease renewal for 385,000 square feet at Harborside Financial Center Plaza One in Jersey City. The 400,000 square-foot class A office building is 100% leased. Jane Greenblatt, in-house development director, represented Mack-Cali.
  • Johnson & Johnson, a world-wide manufacturer of health care products, renewed leases for 28,232 square feet at 721 Route 202/206 in Bridgewater, New Jersey. The 192,741 square-foot office property is 100% leased. Toni Casiano, in-house leasing director, represented Mack-Cali.
  • Aeropostale, Inc., a retail apparel company, signed new leases for 20,000 square feet at 201 Willowbrook Boulevard in Wayne, New Jersey, a 178,329 square-foot office property. Marisa Manley and James D. Barras of Commercial Tenant Real Estate Representation, Limited represented the tenant and Christopher DeLorenzo, in-house senior leasing director, represented Mack-Cali.
  • The Medicines Company, a pharmaceutical firm, signed an expansion and relocation lease for 16,779 square feet at 8 Campus Drive in Parsippany, New Jersey. Located in Mack-Cali Business Campus, 8 Campus Drive is an 86.2%-leased, 215,265 square-foot class A property. Matthew McDonough of Trammell Crow represented the tenant and Patrick Eichner, in-house leasing director, represented Mack-Cali.
  • Medi-Hut Company, Inc., a manufacturer of medical products, signed a new lease for 11,718 square feet at 1345 Campus Parkway in Wall Township, New Jersey. Located in Monmouth Shores Corporate Park, 1345 Campus Parkway is a 96%-leased, 76,300 square-foot office/flex property. Jane Moni from Julien J. Studley represented the tenant and Diane Chayes, in-house senior leasing director, represented Mack-Cali.

    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 and one hotel property located in the Northeast 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

    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.