Mack-Cali Leases Over 505,000 Square Feet in Northern and Central New Jersey Portfolio in Second Quarter

08/14/2002 Category: Leasing and Development

Cranford, New Jersey—August 14, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 505,250 square feet of leasing transactions at its Northern and Central New Jersey office properties during the second quarter of 2002.

Highlights include:

  • Cendant Operations, Inc. a subsidiary of Cendant Corporation, a provider of travel and residential real estate services, signed a six-year, 145,983 square-foot lease at 7 Sylvan Way in the Mack-Cali Business Campus in Parsippany, New Jersey. Cendant now leases 100% of the class A office building through 2011. Patrick Eichner, in-house leasing director, represented Mack-Cali in the transaction.

  • GAB Robins North America, Inc., a national insurance industry service provider, has renewed 75,049 square feet for five years at 9 Campus Drive in the Mack-Cali Business Campus. The 156,495 square-foot class A office property is 96.7% leased. Patrick Eichner represented Mack-Cali.

  • Meridian Health System, owner and operator of health care facilities, has leased a total of 42,616 square feet for 10 years at 1350 Campus Parkway at Monmouth Shores Corporate Park in Wall Township, New Jersey. The transaction represents a renewal of 17,766 square feet and expansion of 24,850 square feet. The 79,747 square-foot class A office building is 100% leased. Harvey Schultz of The Schultz Organization represented the tenant and Diane Chayes, in-house senior director of leasing, represented Mack-Cali.

  • Washington Mutual Bank, a subsidiary of Washington Mutual, Inc., a national financial services company, signed a new lease for 27,349 square feet for five years at 100 Walnut Avenue in Clark, New Jersey. The 182,555 square-foot office building is 100% leased. Philip Heilpern of Insignia/ESG, Inc. represented the tenant and Toni Casiano, in-house 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 259 properties, primarily office and office/flex buildings and one hotel property located in the Northeast totaling approximately 27.4 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,000 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company's website at http://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.