Mack-Cali Sells Remaining Multi-Family Residential Complex for $18.1 Million

02/01/2002 Category: Dispositions

Cranford, New Jersey—February 1, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has sold its last remaining multi-family residential property, 25 Martine Avenue in White Plains, New York. The 124-unit high-rise property, located at Mack-Cali's Westchester Financial Center, was sold to Archstone-Smith (NYSE: ASN) for $18.1 million.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "With this transaction, we were able to capitalize on the current favorable climate for residential properties and sell an asset that did not fit our strategic profile. We look forward to redeploying the proceeds into class A office properties in the Northeast and Mid-Atlantic regions, where we will continue to build on our dominant presence in the office sector."

Jeff Dunne, leader of CB Richard Ellis's tri-state investment team, represented Mack-Cali in the transaction.

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.