Mack-Cali Announces Fourth Quarter and Year-end Leasing Results for Northern and Central New Jersey 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 327,641 square feet of leasing transactions during the fourth quarter of 2003 and over 1.5 million square feet for the year at its Northern and Central New Jersey 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:

  • Sprint, a global integrated communications provider, renewed its 19,517 square-foot lease at Mack-Cali Centre IV at 61 South Paramus Road in Paramus. The 269,191 square-foot class A office property is 99.7 percent leased. John D. Ryan and Cheryl L. Swiatkowski of Jones Lang LaSalle Americas, Inc. represented the tenant and Christopher DeLorenzo, in-house senior director of leasing, represented Mack-Cali.
  • Movado Group, Inc., a worldwide designer, manufacturer and distributor of watches, expanded its premises by 16,744 square feet at Mack-Cali Centre II at 650 From Road in Paramus. Movado now leases 80,417 square feet at the 98.3 percent leased, 348,510 square-foot class A office property. Dennis Gralla of CRESA Partners represented the tenant and Christopher DeLorenzo represented Mack-Cali.
  • The Medicines Company, a pharmaceutical firm, signed a 12,437 square-foot expansion lease at 8 Campus Drive in Parsippany. The Medicines Company now occupies 32,666 square feet at the 100 percent leased, 215,265 square-foot class A office building, which is located at Mack-Cali Business Campus. Matthew McDonough of Trammell Crow Company represented the tenant and Patrick Eichner, in-house director of leasing, represented Mack-Cali.
  • Alteon Inc., a pharmaceutical firm, signed a new lease for 10,830 square feet at 6 Campus Drive in Parsippany, a 148,291 square-foot class A office building at Mack-Cali Business Campus. Christopher Kinum, Andrew Tarvin, and Gil Medina of Cushman & Wakefield represented the tenant and Patrick Eichner represented Mack-Cali.

    Leases signed in the quarter and previously announced include a 75,174 square-foot renewal and expansion with Prudential Insurance Company at 8 Campus Drive in Parsippany and new leases at Harborside Financial Center Plaza 5 in Jersey City with the Office of Thrift Supervision for 20,644 square feet and Hay Acquisition Company 1, Inc. for 16,788 square feet.

    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

    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.