Mack-Cali Announces Fourth Quarter and Year-end Leasing Results for Colorado Portfolio

03/15/2004 Category: Leasing and Development

Cranford, New Jersey—March 15, 2004—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 91,520 square feet of leasing transactions during the fourth quarter of 2003 and 531,476 square feet for the year at its Colorado office properties. Company-wide, Mack-Cali completed 940,716 square feet of leasing transactions in the quarter and almost 4.2 million square feet for the year.

Highlights of fourth quarter transactions include:

  • Medivance, Inc., a medical device company, signed a new lease for 15,024 square feet at 1172 Century Drive in Louisville, located at the 88,832 square-foot Centennial Valley I office complex. Brit Banks of Dean Callan & Company represented the tenant and Chris Phenecie of Trammell Crow Company represented Mack-Cali.
  • Compuware, a provider of software and technology services, leased 13,120 square feet at 400 Inverness Parkway in Englewood, a 111,608 square-foot office building. The lease included a renewal of 10,395 square feet and an expansion of 2,725 square feet. Geoff Euston of U.S. Equities Realty represented the tenant and John Fefley, in-house director of leasing, represented Mack-Cali.
  • Technology Services Corporation, an engineering consulting firm, signed a new lease for 10,164 square feet at 1975 Research Parkway in Colorado Springs, a 115,250 square-foot office building. Michael Palmer of NAI Highland Commercial Group, LLC, represented the tenant and Kent Mau and Greg Phaneuf of Sierra Commercial Real Estate represented Mack-Cali.
  • All-Stars, Inc., a Re/Max real estate office, signed a new lease for 10,522 square feet at 1975 Research Parkway. Randal Miller of Trammell Crow Company represented the tenant and Greg Phaneuf and Kent Mau represented Mack-Cali.
  • Ace Mortgage Funding, Inc., a mortgage provider, signed a new lease for 10,107 square feet at 9777 Mt. Pyramid Court in Englewood, a 120,281 square-foot office building. Josh Scism of Gryphon Real Estate Services, Ltd. represented the tenant and Keith Krombach and Nathan Johnson of Frederick Ross Company represented Mack-Cali.

    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 28.3 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.