Mack Cali Realty LP – ‘8-K’ for 4/19/99 – EX-20.1

As of:  Tuesday, 4/20/99   ·   For:  4/19/99   ·   Accession #:  1047469-99-15481   ·   File #:  333-57103-01

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     13K 
 2: EX-10.1     Material Contract                                     13     36K 
 3: EX-20.1     Other Document or Statement to Security Holders        2     11K 

EX-20.1   —   Other Document or Statement to Security Holders

EX-20.1
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                                                                Exhibit 20.1

M A C K-C A L I  R E A L T Y  C O R P O R A T I O N   

NEWS RELEASE                                                                    

For Immediate Release                                                           

Contact: Barry Lefkowitz                            Darren Brandt               
Executive Vice President                   Sloane & Co.       
and Chief Financial Officer              (212) 486-9096   
Mack-Cali Realty Corporation                                  
(908) 272-8000                                                

HERSH SUCCEEDS RIZK AS MACK-CALI CEO  

Cranford, NJ, April 19, 1999 - John J. Cali, chairman of the board of           
directors of Mack-Cali Realty Corporation (NYSE-CLI), today announced that      
effective immediately, Mitchell E. Hersh, formerly president and chief          
operating officer, has become chief executive officer of the Company. Thomas    
A. Rizk has left his positions as chief executive officer and member of the     
board of directors to pursue other interests. The Board has unanimously         
endorsed Mr. Hersh's appointment as chief executive officer.                    

William L. Mack, chairman of the executive committee of the board of            
directors, said, "On behalf of the Mack family, we remain fully committed to    
Mack-Cali and its growth strategy. Having worked with Mitchell for over 25      
years, we are convinced he is the right individual to lead this experienced     
management team into the future."                                               

Mitchell E. Hersh, chief executive officer, commented, "Tom and I have worked   
together as partners in running the Company over the last two years. I am       
pleased that the board has given me and our management team their full          
support to move the Company forward at a time when the Company is in its best   
financial and operational position ever. We anticipate a seamless transition    
and look forward to making this a stronger company for our tenants, employees   
and shareholders."                                                              

Thomas A. Rizk commented, "We decided that it was best for the Company to       
have one leader. I have greatly enjoyed my time at Mack-Cali and am pleased     
that I leave the Company as one of the preeminent, well-positioned companies    
in the real estate industry. Further, I am confident that the team in place     
today, under the leadership of Mitchell Hersh, will prosper and build           
long-term shareholder value."                                                   

John J. Cali commented, "We are grateful to Tom for his                         

EX-20.1
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contributions to the Company's many successes. Tom played a large part in       
Cali Associates' decision to go public back in 1994 and along with our senior   
management team has grown Mack-Cali into an industry leader. We wish Tom well   
in his future endeavors."                                                       

In other senior management changes, Timothy Jones, formerly executive vice      
president and chief investment officer, will assume the position of             
president. Brant Cali, executive vice president, will also assume the           
position of chief operating officer. All other Mack-Cali senior managers will   
remain in their current positions.                                              

Pursuant to the terms of Mr. Rizk's 1997 employment agreement, he will          
receive $14.5 million immediately and $500,000 annually over the next three     
years.                                                                          

Mack-Cali Realty Corporation is a fully-integrated, self-administered,          
self-managed real estate investment trust (REIT) providing leasing,             
management, acquisition, development, construction and tenant-related services  
for its 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 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 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.                                                                      

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		4/20/99							None on these Dates
For Period End:		4/19/99		1
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