Mack-Cali Announces Election and Appointment of Directors

Business Wire, May 21, 1999

CRANFORD, N.J.--(BUSINESS WIRE)--May 21, 1999--

Mack-Cali Realty Corporation (NYSE:CLI) today announced the election and appointment of directors to its board.

At Mack-Cali's annual meeting on May 19, shareholders approved the election of Nathan Gantcher, age 58, to the board of directors. Mr Gantcher, who is vice-chairman of the CIBC Oppenheimer Corp., will replace Paul Nussbaum, chairman/emeritus of Patriot American Hospitality Inc., who chose not to stand for re-election. Prior to his current position, Mr. Gantcher served as co-chief executive officer of Oppenheimer and Co., Inc.

Shareholders also approved the re-election of existing board members William L. Mack, senior managing partner of The Mack Company, managing partner of Apollo Real Estate Advisors and chairman of the executive committee of Mack-Cali's board of directors; Earle I. Mack, senior partner and chief financial officer of The Mack Company; and Alan G. Philibosian, attorney at law and a commissioner on the Port Authority of New York and New Jersey.

Separately, Roy J. Zuckerberg, age 62, an advisory director of Goldman, Sachs and Co., was appointed to the board to fill the vacancy created by the resignation of Jeffrey B. Lane, who recently accepted the position of principal and chief administrative officer of Neuberger Berman. Mr. Lane resigned, effective as of May 19, 1999, due to Neuberger Berman's policy prohibiting membership on outside boards. In addition to his capacity as a limited partner, Mr. Zuckerberg serves as chairman of the executive committee of the Goldman Sachs Bank in Zurich and as chairman of the Securities Industry Association. Previously, he served as vice-chairman of Goldman, Sachs and Co., as a member of the firm's executive committee and as head of its equities division.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We are pleased to welcome Roy and Nathan to the board. We are confident that their collective years of experience as leaders in the financial services sector will prove to be a great resource to Mack-Cali as we continue our goal of driving profitable growth." Hersh added, "We are thankful to Jeffrey Lane and Paul Nussbaum for their valuable contributions to the success of Mack-Cali."

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 253 properties, primarily office and office/flex buildings, totaling approximately 28 million square feet, located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company's Web site at http://www.mack-cali.com.

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; 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, reports on Form 8-K, and annual reports on Form 10-K.