Mack-Cali Announces Fourth Quarter and Year-end Leasing Results for Suburban Philadelphia and Southern 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 203,740 square feet of leasing transactions during the fourth quarter of 2003 and 533,412 square feet for the year at its Suburban Philadelphia and Southern 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:

  • Unitrin Direct Insurance Company, a subsidiary of financial services provider Unitrin, Inc., signed a new lease for 21,814 square feet at One Plymouth Meeting in Plymouth Meeting, Pennsylvania. The 167,748 square-foot office building is 94.7 percent leased. Mark Gola of Gola Corporate Real Estate represented the tenant and Jake Fruncillo, in-house director of leasing, represented Mack-Cali.
  • United Rentals, Inc., an equipment rental company, renewed its lease for 16,215 square feet at 5 Terri Lane at Bromley Commons in Burlington Township, New Jersey. The 74,555 square-foot office/flex property is 100 percent leased. Donna Bleiler, in-house director of leasing, represented Mack-Cali.
  • Schlumberger E. City, Inc., a provider of multi-space parking meters, signed a new 14,865 square-foot lease at 40 Twosome Drive in Moorestown, New Jersey. The 40,265 square-foot office/flex property, located at Moorestown West Corporate Center, is 100 percent leased. Brian Knowles of CB Richard Ellis represented the tenant and Donna Bleiler represented Mack-Cali.
  • CVC Specialty Chemicals Inc., a chemical manufacturer, signed a new lease for 11,870 square feet at 844 North Lenola Road at Moorestown West Corporate Center. The 28,670 square-foot office/flex building is 100 percent leased. Ed O'Brien of McConnell Johnson Real Estate represented the tenant and Donna Bleiler represented Mack-Cali.
  • The U.S. General Services Administration, a federal agency, signed a new lease for 9,397 square feet at Rose Tree Corporate Center I at 1400 North Providence Road in Media, Pennsylvania. The 100,000 square-foot office property is 94.0 percent leased. Jake Fruncillo represented Mack-Cali.

    In addition, as previously announced, Jack & Jill Ice Cream Co. signed a new lease for the entire 64,700 square-foot office/flex building at 101 Commerce Drive at Moorestown West Corporate Center.

    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.