Mack-Cali Announces Fourth Quarter and Year-end Leasing Results for New York and Connecticut 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 260,674 square feet of leasing transactions during the fourth quarter of 2003 and almost 1.2 million square feet for the year at its New York and Connecticut 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 the fourth quarter transactions include:

  • Fremont Investment & Loan, a financial services company, signed a 30,000 square-foot expansion at 555 Taxter Road in Elmsford, New York. The 170,554 square-foot class A office building is located at Taxter Corporate Park. Bill Cuddy and Budd Wiesenberg of CB Richard Ellis, Inc. represented the tenant and Carol McGuire, in-house director of leasing, represented Mack-Cali.
  • Conway Central Express, a freight transportation company, renewed its lease for the entire 22,100 square-foot building at 6 Warehouse Lane at the Elmsford Distribution Center in Elmsford.
  • Prints Plus, Inc., a provider of printing and copying services, renewed its lease for 20,717 square feet at 250 Clearbrook Road at Cross Westchester Executive Park in Elmsford. The 155,000 square-foot office/flex building is 94.5 percent leased. Lou Amalfitano, in-house director of leasing, and Jeff Warner, in-house senior director of leasing, represented Mack-Cali.
  • JPMorgan Chase Bank, a subsidiary of global financial services firm J.P. Morgan Chase & Co., renewed its 15,880 square-foot lease at 11 Martine Avenue in White Plains, New York. The 180,000 square-foot class A building, located at Westchester Financial Center, is 92.9 percent leased. Bill Cuddy of CB Richard Ellis, Inc. represented the tenant and Carol McGuire represented Mack-Cali.
  • Bill Levkoff, Inc., a dress manufacturer, signed a new lease for 11,498 square feet at 8 Westchester Plaza in Elmsford. The 67,200 square-foot office/flex building, located at Cross Westchester Executive Park, is 96.7 percent leased. Chris O'Callaghan of McCarthy O'Callaghan represented the tenant and Carol McGuire represented Mack-Cali.

    Also during the quarter, as previously announced, Montefiore Medical Center signed an expansion lease of 26,475 square feet at 3 Odell Plaza in Yonkers. Montefiore now leases the entire 71,065 square-foot office/flex building, which is located at South Westchester Executive Park.

    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.