Mack-Cali Announces First Quarter Leasing Results for Northern and Central New Jersey Portfolio

05/13/2003 Category: Leasing and Development

Cranford, New Jersey — May 13, 2003 — Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 455,520 square feet of leasing transactions at its Northern and Central New Jersey properties during the first quarter of 2003. Highlights include:

  • American Business Financial Services, a diversified financial services holding company, signed a new lease for 31,160 square feet at 105 Eisenhower Parkway in Roseland, New Jersey. The 220,000 square-foot class A office building is located at Eisenhower/280 Corporate Center. Diane Chayes, senior in-house leasing director, and Daniel Ackerman, leasing associate, represented Mack-Cali in the transaction.

  • Toyota Motor Credit Corporation, the U.S. financing arm of Toyota Financial Services, a subsidiary of Toyota Motor, renewed leases totaling 22,396 square feet at 4 Gatehall Drive in Parsippany, New Jersey. The 248,240 square-foot, 86.2%-leased class A office property is part of the Mack-Cali Business Campus. David Warren of Resource Realty represented the tenant and Patrick Eichner, in-house leasing director, represented Mack-Cali in the transaction.

  • Kendle International, a global provider of clinical research and development services for the pharmaceutical and biotechnology industries, renewed its 21,243 square-foot lease at 6 Commerce Drive in Cranford, New Jersey. The 56,000 square-foot office building is 100% leased. Curtis Foster of Cushman & Wakefield of New Jersey, Inc. represented the tenant and Toni Casiano, in-house leasing director, represented Mack-Cali in the transaction.

  • Wells Fargo Financial, a division of financial services firm Wells Fargo & Company, signed a new lease for 9,000 square feet at Mack-Cali Centre I in Rochelle Park, New Jersey. The 212,578 square-foot class A office building, located at 365 West Passaic Street, is 96% leased. Christopher DeLorenzo, in-house senior leasing director, represented Mack-Cali.

    Also in the first quarter, Mack-Cali signed two previously-announced leases for entire buildings in New Jersey. Those include a 12-year, 89,510 square-foot lease with Barr Laboratories, Inc. at 400 Chestnut Ridge Road in Woodcliff Lake for the relocation of its executive offices; and a 10-year, 180,000 square-foot lease renewal at 3600 Route 66 in Jumping Brook Corporate Center in Neptune with the United States Life Insurance Company in the City of New York, a subsidiary of American International Group, Inc. (AIG).

    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 263 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.9 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 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.