Mack-Cali Leases 55,000 Square Feet at Rockland County Property

03/30/2004 Category: Leasing and Development

Cranford, New Jersey—March 30, 2004—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has signed a new lease for 55,000 square feet at One Ramland Road in Orangeburg, New York. The lease, which carries a 66-month term, was signed with WMC Mortgage Corp.

WMC Mortgage Corp., headquartered in California, will locate its new Northeast area wholesale mortgage processing center at the facility.

A press conference was recently held at the building with government officials and business executives to discuss the transaction, which is expected to generate approximately 300 jobs in the local market. At the event were The Honorable Charles Gargano, Chairman of the Empire State Development Corporation, representing The Honorable George E. Pataki, New York Governor; The Honorable C. Scott Vanderhoef, Rockland County Executive; Michael Maloney, Senior Vice President of WMC Mortgage Corp.; and Mitchell E. Hersh, Chief Executive Officer of Mack-Cali Realty Corporation.

Mitchell E. Hersh commented, "We're very pleased to welcome WMC Mortgage as a Mack-Cali tenant." He added, "This transaction underscores our commitment to securing leases with high-quality companies."

One Ramland Road is a 232,000 square-foot office/flex building owned by a joint venture of Mack-Cali and a private developer. DaimlerChrysler also occupies a portion of the building.

WMC Mortgage Corp., headquartered in Woodland Hills, California, is one of the country's leading sub-prime wholesale lenders. WMC Mortgage Corp. is the provider of the first 100% business-to-business website—www.wmcdirect.com—for mortgage originators that need non-prime products. Formerly Weyerhaeuser Mortgage Company, WMC Mortgage Corp. was founded as Pacific Western Mortgage Company in 1955.

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.