Mack-Cali Acquires Yonkers Property

08/21/2003 Category: Acquisitions

—Leases Portion of Space to Montefiore Medical Center—

Cranford, New Jersey—August 21, 2003—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has acquired Three Odell Plaza, a 71,065 square-foot office/flex building in Yonkers, New York. The building, located at Mack-Cali's South Westchester Executive Park, was purchased from the Schott Corporation for $6 million.

Simultaneously, the Company announced that Montefiore Medical Center has leased 44,590 square feet at the property for 15 years. Montefiore Medical Center now leases over 120,000 square feet in South Westchester Executive Park.

In addition, the Schott Corporation signed a 10-year lease for 16,815 square feet for its U.S. corporate headquarters at Mack-Cali's 555 Taxter Road in Taxter Corporate Park in Elmsford, New York.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "These transactions are clear demonstrations of Mack-Cali's ability to accommodate the evolving space needs of our tenants." He added, "We're especially pleased to build on our long-term relationship with Montefiore Medical Center, which has been a Mack-Cali tenant for nearly 10 years."

The acquisition of Three Odell Plaza, which is 62.7% leased, brings Mack-Cali's holdings in South Westchester Executive Park to 11 buildings totaling over 750,000 square feet. The Park is 94% leased.

The Schott Corporation was represented by Patrick Colwell and George Lambros of Cushman & Wakefield of Connecticut Inc. on the building sale and by Maureen O'Boyle of Cushman & Wakefield of Connecticut Inc. on the Taxter Road lease.

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 264 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 29 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 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 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.