Mack-Cali Announces New Leases at Harborside Building

05/06/2004 Category: Leasing and Development

Cranford, New Jersey-May 6, 2004-Mack-Cali Realty Corporation (NYSE: CLI) today announced it has signed five new leases totaling 25,942 square feet at Harborside Financial Center Plaza 5 on the Jersey City waterfront.

The leases include:

  • White Mountains Insurance Group, Ltd., an insurance holding company, signed a new 10-year lease for 8,542 square feet of office space. Adam Foster of CB Richard Ellis represented the tenant.
  • New Vernon Capital LLC, an investment partnership, signed a new lease for 7,260 square feet of office space. The lease carries a term of four years and nine months. Edmund Solarsh of CBRE represented the tenant.
  • Abner, Herrman & Brock, Inc., an asset management firm, signed a new seven-year lease for 4,420 square feet of office space. Jennifer Paton and David DeMatteis of Cushman & Wakefield represented the tenant.
  • Circle Line-Statue of Liberty Ferry, Inc., a passenger transportation service, signed a new five-year lease for 3,269 square feet of office space. Phillip Proetto of Colliers ABR represented the tenant.
  • Experior Holdings, Inc., a hedge fund, signed a new five-year lease for 2,451 square feet of office space. Charles Laginestra of CBRE represented the tenant.

    Mack-Cali was represented in the transactions by Mark Ravesloot of CBRE and Jane Greenblatt, in-house director of development.

    Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We're pleased to see continued positive momentum at Harborside Plaza 5. Harborside appeals to tenants both large and small due to its wealth of on-site amenities, excellent transportation access, and attractive financial incentives."

    Harborside Plaza 5, a 34-story, 980,000 square-foot class A office tower, is 64.1% leased. The building is located at Harborside Financial Center, a mixed-use complex consisting of 3.6 million square feet of class A office space with hotel, retail and residential components.

    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 264 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.6 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.