Mack-Cali Leases 87,271 Square Feet in Suburban Philadelphia and Southern New Jersey Portfolio in Fourth Quarter

03/25/2003 Category: Leasing and Development

Cranford, New Jersey—March 25, 2003—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 87,271 square feet of leasing transactions at its suburban Philadelphia and southern New Jersey properties during the fourth quarter of 2002.

Highlights of these transactions include three leases signed in Moorestown West Corporate Center in Moorestown, New Jersey:

  • Tropicana Products, Inc., a division of PepsiCo, Inc., signed a new lease for an expansion and relocation to 19,525 square feet at 915 North Lenola Road. The 52,488 square-foot office/flex property is 100% leased.
  • Sunday O'Brien & Syscom Electronics signed a new lease for 13,360 square feet at 102 Executive Drive. Sunday O'Brien provides sales and marketing services for Syscom Electronics, a manufacturer of custom cable and electro-mechanical assemblies. The 64,000 square-foot office/flex building is 100% leased.
  • Ketec, a designer and manufacturer of electronic article surveillance systems, renewed its 12,670 square-foot lease at 1256 North Church Street. The 63,495 square-foot office/flex building is 100% leased.

    Donna Bleiler, in-house leasing director, represented Mack-Cali in each of the above transactions.

    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 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.