Mack-Cali Announces Third Quarter Leasing Results for New York and Connecticut

11/13/2003 Category: Leasing and Development

Cranford, New Jersey—November 13, 2003—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 471,846 square feet of leasing transactions at its New York and Connecticut properties during the third quarter of 2003.

Highlights include:

  • San Mar Laboratories, Inc., a manufacturer of cosmetic products, signed a 12-year, 122,282 square-foot renewal at 4 Warehouse Lane in Elmsford, New York. The 195,500 square-foot industrial property, located in the Elmsford Distribution Center, is 100 percent leased. Jeffrey Warner, in-house senior leasing director, represented Mack-Cali.
  • The Artina Group, Inc., a distributor of software-compatible forms, renewed its lease for 22,141 square feet for five years at 250 Clearbrook Road in the Cross Westchester Executive Park in Elmsford. The 155,000 square-foot office/flex building is 95.1 percent leased.
  • Conway Central Express, a freight transportation company, renewed its lease for the entire building for three years at 6 Warehouse Lane, a 22,100 square-foot industrial building at the Elmsford Distribution Center.
  • HQ Global Workplaces, Inc., a provider of shared office space, renewed its 22,064 square-foot lease for five years at 50 Main Street, a 309,000 square-foot class A office property at Westchester Financial Center in White Plains, New York. A. Mitti Liebersohn of Cushman and Wakefield represented the tenant and Jeffrey Warner represented Mack-Cali.
  • Optical Distributor Group, LLC, a distributor of contact lenses, signed a new lease for 22,000 square feet for 10 years at 4 Skyline Drive in the Mid-Westchester Executive Park in Hawthorne, New York. The 80,600 square-foot office/flex property is 100 percent leased. Noel Flagg of Newmark and Company represented the tenant and Jeffrey Warner represented Mack-Cali.

    In other transactions, as previously announced, after acquiring 3 Odell Plaza at its South Westchester Executive Park in Yonkers, New York, Mack-Cali signed a new lease at the property with Montefiore Medical Center for 44,590 square feet for a term of 15 years. In addition, Mack-Cali signed a new lease with the Schott Corporation, the seller of 3 Odell Plaza, for 16,815 square feet for 10 years at 555 Taxter Road at Taxter Corporate Park in Elmsford.

    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 28.3 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.