MACK-CALI COMMENCES MIXED-USE DEVELOPMENT PROJECT IN EAST BOSTON

(The following is a reformatted version of a press release
issued by Mack-Cali Realty and received via e-mail. The release
was confirmed by the sender.) 
MACK-CALI COMMENCES SIGNIFICANT MIXED-USE
DEVELOPMENT PROJECT IN EAST BOSTON 
Edison, New Jersey--January 24, 2013--Mack-Cali Realty
Corporation (NYSE: CLI) today announced its Roseland subsidiary
recently commenced construction on Portside at Pier One, part of
the planned mixed-use community on the East Boston waterfront.
This 176-unit luxury apartment project is in joint venture with
The Prudential Insurance Company and is supported by a
construction loan commitment led by Citizens Bank with
participation by Salem Five. Portside will include 150 market-rate apartments and a 26-apartment affordable component in a
five-story building adjacent to the pier. The Company
anticipates project costs of approximately $67 million, with a
projected initial stabilized unleveraged return on a pro forma
basis of approximately 7.11 percent. 
The December 2012 project start was a by-product of a 10-year
Roseland-led effort since being awarded its development
designation by the Massachusetts Port Authority (“Massport”).
The land, owned by Massport, is subject to a 95-year non-subordinated ground lease. The overall site encompasses 26 acres
of East Boston harbor frontage directly facing downtown Boston,
and represents the most significant piece of undeveloped East
Boston waterfront. The development was planned as a mixed-use
waterfront community with luxury rental homes, condominium
homes, retail and restaurant space, community/public space, a
recreational Marina, an operational shipyard, and public
landscaped green space, thus creating a productive use and
urbanization of the waterfront for the regentrifying East Boston
Community. 
The residential and commercial portions of the overall
development include approximately 566 luxury apartments and
approximately 70,000 ground-floor square feet for retail and
public uses. The site is a two-minute walk to the newly
renovated Maverick Blue Line T-station, which is a four-minute
train ride to Boston’s financial district. The site is also
situated adjacent to the award-winning Pier’s Park, a
beautifully designed and landscaped 6.5-acre, $17 million
municipally funded public park. Phase II of Pier’s Park
renovations will include an additional four acres. The site is
approximately 10 minutes from Boston’s Logan Airport. 
Community amenities are programmed to include a state-of-the-art
fitness center, business center, theater room, controlled access
garage parking, and 12-hour concierge services. Upon completion,
Roseland will oversee the leasing and management
responsibilities for the property. 
Mitchell E. Hersh, president and chief executive officer of
Mack-Cali, commented, “We are delighted to see this much
anticipated project get underway. The extraordinary public and
residential aspects of this community, including an expanded
marina and shipyard, world class waterfront park, and
magnificent views of the downtown Boston skyline, will all
combine to energize the East Boston Waterfront.” 
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 278 properties
consisting of 271 office and office/flex properties totaling
approximately 31.6 million square feet and seven multi-family
rental properties containing over 2,000 residential units, all
located in the Northeast. The properties enable the Company to
provide a full complement of real estate opportunities to its
diverse base of commercial and residential 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,”
“potential,” “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. 
(sgp) NY 
#<278855.14078.3.4.0.0.76>#
 
 
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