Mack-Cali Completes Redemption of Its Interests in the Entertainment/Retail Component of the Meadowlands Xanadu Project

11/22/2006 Category: Dispositions

Edison, New Jersey—-November 22, 2006—-Mack-Cali Realty Corporation (NYSE: CLI) today announced that it had completed the redemption of its entire interest in the entertainment/retail component of the Meadowlands Xanadu development project in East Rutherford, New Jersey. The Company has retained its options to develop the office and hotel components of the project.

Mack-Cali agreed to relinquish its interest in the entertainment/retail component for $25 million. The Company received $22.5 million at closing, with the remaining $2.5 million due when Mack-Cali exercises any of its options to develop the office or hotel components of the project. Upon the exercise of any such development option, and the receipt of the additional $2.5 million, Mack-Cali's interests in the office and hotel components will be reduced from 80 percent to 75 percent.

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 currently owns or has interests in 301 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 34.3 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,500 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such 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, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's 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, new information or otherwise.