Mack-Cali Leases Over 395,000 Square Feet in its New York and Connecticut Portfolio in the First Quarter

05/09/2002 Category: Leasing and Development

Cranford, New Jersey—May 9, 2002 —Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 395,184 square feet of lease transactions at its New York and Connecticut properties during the first quarter of 2002.

Highlights include:

  • Fuji Medical Systems USA, Inc., a medical imaging product and systems provider and a wholly owned subsidiary of Fuji Photo Film Co., Ltd., signed a six-year 78,690 square-foot renewal and a 9,310 square-foot expansion for its headquarters at 419 West Avenue in Stamford, Connecticut. Upon occupancy of the expansion premises, Fuji will lease the entire 88,000 square-foot office/flex building. Joseph DiScala of Alliance Partners, Inc. represented the tenant and Jeffrey M. Warner, in-house senior leasing director, represented Mack-Cali.
  • EM Industries, Inc., an affiliate of Merck KG&A, a pharmaceutical and chemicals manufacturer and distributor based in Germany, renewed its lease of 33,325 square feet at 7 Skyline Drive in Hawthorne, New York. The 109,000 square-foot class A office building, located at Mid-Westchester Executive Park, is 92.5% leased. Jeffrey M. Warner represented Mack-Cali.
  • Ferring Pharmaceuticals, Inc., a biopharmaceutical company, signed a new 10-year lease for 19,032 square feet at 400 Rella Boulevard in Suffern, New York. The 180,000 square-foot class A office property is 100% leased. Jack Feeney and James Schroeder of Julien J. Studley, Inc. represented the tenant and Jeffrey M. Warner represented Mack-Cali.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "Despite an uncertain economy, we continue to see solid demand from high-quality businesses interested in leasing 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.