Mack-Cali Announces Three-Building Lease Transaction for Over 138,000 Square Feet

06/10/2008 Category: Leasing and Development

Edison, New Jersey—June 10, 2008—Mack-Cali Realty Corporation (NYSE: CLI) today announced that a global engineering company has leased 138,095 square feet of space in three buildings in Hamilton Township and Moorestown, New Jersey.

The leasing transaction consists of:

  • A new lease for 74,565 square feet for the entire office building at 228 Strawbridge Drive at Moorestown Corporate Center in Moorestown. The lease carries a term of seven years.
  • A new lease for 24,470 square feet at 224 Strawbridge Drive, also located at Moorestown Corporate Center, for seven years and two months. The 74,000 square-foot office building is 98.4% leased.
  • A three-year renewal for 39,060 square feet at 200 Horizon Drive at Horizon Center Business Park in Hamilton Township. The 45,770 square-foot office/flex building is 100% leased.

Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "This transaction is a perfect demonstration of how Mack-Cali's deep market presence benefits our tenants as their office space needs evolve and grow. In this case, we were able to accommodate the tenant's needs to consolidate its space by shifting much of its workforce from two locations to our Moorestown Corporate Center. We're pleased to be able to offer our tenants the ability to take advantage of such flexibility and we look forward to building further on our long-term relationship with this tenant."

Mack-Cali was represented in-house by Tim O'Brien, leasing director; John Adderly, vice president of leasing; and Diane Chayes, vice president of leasing. The tenant was also represented in-house.

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.