Mack-Cali Announces Leasing Results in Northern and Central New Jersey Portfolio

03/25/2003 Category: Leasing and Development

Cranford, New Jersey—March 25, 2003—Mack-Cali Realty Corporation (NYSE: CLI) today announced recent leasing transactions totaling over 550,000 square feet at its Northern and Central New Jersey office properties. Highlights of fourth quarter transactions, which totaled 162,116 square feet, include:

  • PAR Pharmaceutical, Inc., a manufacturer and distributor of generic drugs, signed lease expansions of its headquarters location totaling 30,389 square feet for eight years at 300 Tice Boulevard in Woodcliff Lake. Moving into its initial space of 10,420 square feet less than a year ago, rapidly-expanding PAR also extended the term of its current lease. The 230,000 square-foot class A office property is 100% leased. Christopher B. Marx of Strategic Alliance Partners, LLC represented the tenant and Christopher DeLorenzo, senior in-house leasing director, represented Mack-Cali in the transaction.
  • Palisade Capital Securities, an investment management services firm, renewed its lease for 11,222 square feet at One Bridge Plaza in Fort Lee. The 200,000 square-foot class A office building is 97.7% leased. Christopher DeLorenzo represented Mack-Cali.
  • Northeast Consulting Group, Inc., an actuarial consulting firm that handles record keeping, administration and compliance for retirement programs, renewed its lease for 9,170 square feet at 11 Commerce Drive in Cranford. The 90,000 square-foot class A office building is 100% leased. Toni Casiano, in-house leasing director, represented Mack-Cali.

    Since the beginning of the first quarter of 2003, Mack-Cali has completed over 390,000 square feet of leasing transactions including two recently-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 265 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 29.3 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.