Mack-Cali Leases Over 160,000 Square Feet in Suburban Philadelphia and Southern New Jersey Portfolio in Fourth Quarter

02/27/2002 Category: Leasing and Development

Cranford, New Jersey—February 27, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it completed over 160,000 square feet of leasing transactions at its suburban Philadelphia and southern New Jersey properties during the fourth quarter of 2001.

Highlights of these transactions include:

  • Reality Online, an investing solutions provider founded in 1987, renewed its lease for 37,325 square feet at 1000 Madison Avenue in Lower Providence, Pennsylvania. The 100,700 square-foot class A office building is 89.4% leased. Joseph Simone and Jason Kong of Tishman Real Estate Services represented the tenant.

  • Tad's Delivery Service, Inc., a moving and storage company, renewed its lease for the entire 32,700 square-foot office/flex property at 1507 Lancer Drive at Moorestown West Corporate Center in Moorestown, New Jersey.

  • Millar Elevator Service Co., an elevator and escalator service provider, renewed its lease for 12,000 square feet at 840 North Lenola Drive in Moorestown, New Jersey. The 38,300 square-foot office/flex property, located at Moorestown West Corporate Center, is 100% leased.

    Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "These transactions demonstrate Mack-Cali's ability to service our very diverse tenant base throughout our core Northeast markets."

    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 266 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.4 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 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.