Mack-Cali Announces Lease Renewals at Westchester Properties

02/01/2008 Category: Leasing and Development

Edison, New Jersey—February 1, 2008—Mack-Cali Realty Corporation (NYSE: CLI) today announced 55,245 square feet of lease renewals at its Westchester properties:

  • Montefiore Medical Center renewed its 26,742 square-foot lease for 10 years at Three Executive Boulevard at South Westchester Executive Park in Yonkers. Three Executive Boulevard, a 58,000 square-foot office building, is 100% leased. Montefiore Medical Center, the University Hospital and Academic Medical Center for the Albert Einstein College of Medicine, leases a total of 170,064 square feet at the Park. Carol McGuire, in house senior director of leasing, represented Mack-Cali in the transaction.
  • Citigroup Global Markets, Inc., a division of global financial services company Citigroup, renewed its 17,103 square-foot lease for eight years and five months at 11 Martine Avenue in White Plains. The 180,000 square-foot class A office building, located at Westchester Financial Center, is 85.6% leased. Al Gutierrez at CB Richard Ellis represented the tenant and Ivan Abry, in-house senior director of leasing, represented Mack-Cali.
  • Cablevision Lightpath Inc., a division of telecommunications and entertainment company Cablevision Systems Corporation, renewed its lease of 11,400 square feet for five years and three months at 565 Taxter Road in Elmsford. The 170,554 square-foot class A office building, located at Taxter Corporate Park, is 98.8% leased. Maureen O'Boyle of Cushman & Wakefield represented the tenant and Ivan Abry represented Mack-Cali.

Jeffrey Warner, Mack-Cali vice president of leasing, commented, "These leases reflect the strength of the Westchester market and demonstrate the continued success of Mack-Cali's strategy of building successful, long-term tenant relationships through maintaining high standards of quality for both our properties and our services."

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 294 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.7 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,200 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.

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 heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.