Mack-Cali Leases Over 547,800 Square Feet in Northern and Central New Jersey Portfolio in Fourth Quarter

02/27/2002 Category: Leasing and Development

—Highlights Include New Leases with BMW and Meridian Health—

Cranford, New Jersey—February 27, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 547,859 square feet of leasing transactions at its Northern and Central New Jersey properties during the fourth quarter of 2001.

Highlights of new leases signed include:

  • Meridian Benefit, Inc., a health insurance firm, signed new leases for its corporate headquarters totaling 40,000 square feet, with an average lease term of over seven years, at 201 Willowbrook Boulevard in Wayne, New Jersey, a 178,329 square-foot office property. Charles Laginestra, David Sherman and Richard Charles of Insignia/ESG represented Meridian Benefit, Inc. in its lease negotiations.

  • BMW of North America, LLC, the United States importer of BMW automobiles, signed a new lease for 34,539 square feet for five years at 300 Tice Boulevard in Woodcliff Lake, New Jersey. The 230,000 square-foot class A property is 99.3% leased. Jeffrey C. Babikian of Insignia/ESG represented BMW in its lease negotiations.

    Lease renewals include:
  • KPMG, LLP, a global accounting and consulting firm, renewed 70,000 square feet for 10 years at 150 JFK Parkway in Short Hills, New Jersey. The 247,476 square-foot class A office building is 88.5% leased. Jeffrey C. Babikian of Insignia/ESG represented KPMG in its lease negotiations.

  • URS Corporation, a global engineering and applied science organization, signed a renewal and expansion lease for 46,208 square feet for 10 years at 201 Willowbrook Boulevard in Wayne, New Jersey. Robert Bull, Laurent Myers, Adam Singer and Jack Feeney of Julien J. Studley represented the tenant in its lease negotiations.

  • Salomon Smith Barney, a worldwide financial firm, renewed leases totaling 45,678 square feet for five years at 140 East Ridgewood Avenue in Paramus, New Jersey. The 239,680 square-foot property is 100% leased. Edward J. DaCosta and John G. Nugent of CB Richard Ellis represented the tenant in its lease negotiations.

    Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "Despite an uncertain economy, we continue to see healthy demand from global corporations interested in 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 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

    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.