Mack-Cali's Second Quarter Leasing Results Include Over 850,000 Square Feet at Northern and Central New Jersey Properties

08/20/2004 Category: Leasing and Development

Cranford, New Jersey—August 20, 2004—Mack-Cali Realty Corporation's (NYSE: CLI) leasing results for the second quarter of 2004 included 852,093 square feet of transactions at its Northern and Central New Jersey properties. Company-wide, Mack-Cali completed over 1.5 million square feet of leasing transactions during the quarter. Highlights of the second quarter transactions included:

  • Jefferies & Company, Inc., an investment bank and operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), leased 48,060 square feet at Harborside Financial Center Plaza 3 in Jersey City. The lease consists of a 42,142 square-foot renewal and a 5,918 square-foot expansion. The 725,600 square-foot class A office building is 100 percent leased. J.C. Giordano of The Staubach Company and Dale Schlather of Cushman & Wakefield represented the tenant and Mark Ravesloot of CB Richard Ellis and Jane Greenblatt, in-house director of development, represented Mack-Cali.
  • The Sherwin-Williams Company, a manufacturer, distributor and seller of coatings and related products, renewed its lease for 37,055 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000 square-foot class A office building is 99.1 percent leased. Linda Dow, Mindy Lissner and Christopher Olsen of CB Richard Ellis represented the tenant and Christopher DeLorenzo, in-house managing director, represented Mack-Cali.
  • Long Beach Acceptance Corp., a provider of automotive financing, renewed a 34,759 square-foot lease for its headquarters at 650 From Road in Paramus. The 348,510 square-foot class A office building is 97.0 percent leased. Curtis Foster of Cushman & Wakefield of New Jersey, Inc. and John Gillespie of Newport Commercial Realty Advisors represented the tenant and Christopher DeLorenzo represented Mack-Cali.
  • Trusco Capital Management Inc., an investment advisory firm, signed a new lease for 27,000 square feet at 10 Mountainview Road. Christopher DeLorenzo represented Mack-Cali.

Additional leases signed during the quarter and previously announced include a 387,000 square-foot renewal with AT&T Corporation at Kemble Plaza I in Morris Township and a 90,000 square-foot extension with Deutsche Bank at Harborside Financial Center Plaza 1 in Jersey City.

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 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30 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 Web site 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.