Jones Lang LaSalle


Mack-Cali Comments on CarrAmerica Investment

CRANFORD, N.J.--(BUSINESS WIRE)--Feb. 23, 2006--Mack-Cali Realty Corporation (NYSE: CLI) today commented on its stock investment in CarrAmerica Realty Corporation (NYSE:CRE). As indicated in its 10-K filing, Mack-Cali currently holds 1,804,800 shares of common stock in CarrAmerica that it recently acquired.

Mitchell Hersh, president and chief executive officer of Mack-Cali said, "We made an investment in CarrAmerica at a time when we thought that company's stock was significantly undervalued. We believed that it was a strong company with a strong portfolio and underappreciated by the investment community. Our investment has paid off subsequently.

"We were also aware of reports that CarrAmerica might begin to look at its strategic alternatives - just as a number of other public REITs have been looking and some of them have been acquired and/or taken private. Given that some of our geographic interests overlap - particularly in the Washington, DC market - we would be interested in talking to the company about some of its assets should they become available.

"Our investment in CarrAmerica should not be construed as any first step toward a plan to become a national player. There is no such plan at this time."

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 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30 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 Web site at www.mack-cali.com.