Mack-Cali Leases Over 38,800 Square Feet at Westlakes Office Park

05/11/2004 Category: Leasing and Development

--Transactions Include Leases with PNC Bank and John Hancock--

Cranford, New Jersey—May 11, 2004—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has signed six leases totaling 38,835 square feet at Westlakes Office Park in Berwyn, Pennsylvania.

The leases include:

  • PNC Bank, N.A., a subsidiary of PNC Financial Services Group, Inc., renewed its 23,337 square- foot lease at 1000 Westlakes Drive, a 60,696 square-foot class A office building.
  • John Hancock Advisers, Inc., an insurance and investment advisory firm, renewed its lease for 4,755 square feet at 1000 Westlakes Drive.
  • Sonitrol, Inc., a security solutions firm, signed a new lease for 3,450 square feet at 1000 Westlakes Drive. John Morrissey of Jackson Cross Partners represented the tenant.
  • The Justi Group, Inc., a parent company of several manufacturing firms, signed a new 3,425 square-foot lease for its corporate headquarters at 1235 Westlakes Drive, a 134,902 square-foot class A office building. Scott Gabrielsen of Binswanger/CBB represented the tenant.
  • Gould Investment Partners, LLC, an investment fund management firm, signed a new lease for 2,956 square feet at 1235 Westlakes Drive. Beth Maggitti of GVA Smith Mack represented the tenant.
  • Primo Café, Inc., a full-service deli operator, signed a 912 square-foot lease at 1205 Westlakes Drive, a 130,265 square-foot class A office building. The café, which recently opened, provides catering services to tenants in Westlakes Office Park.

    Robert Leu, in-house leasing director, represented Mack-Cali in each transaction.

    John M. Adderly, regional director, commented, "These leases underscore Mack-Cali's commitment to building long-term relationships with our tenants, and are indicative of our ability to serve the office space needs of businesses both large and small."

    Westlakes Office Park, a four-building office park totaling 444,000 square feet, was selected as "Best of the Best" business park setting in 2002 by the Philadelphia Chapter of the Building Owners and Managers Association. The park is situated on a 44-acre site and features an on-site café, fitness center, jogging trails, banking and conference facilities. Space is available at the park to accommodate approximately 30,000 square feet of contiguous space.

    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

    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.