"The refinancing of our credit facility provides Mack-Cali with continued financial flexibility and demonstrates the financial community's continued confidence in our company," according to Barry Lefkowitz, executive vice president and chief financial officer.

The $600 million unsecured facility, expandable to $800 million, carries an interest rate equal to LIBOR plus 70 basis points, a reduction of 10 basis points from the previous facility, according to Lefkowitz. The interest rate is subject to adjustment on a sliding scale based on a change in the partnership's unsecured debt ratings. The refinancing also carries a facility fee of 20 basis points and has a three-year term with a one-year extension option.

The lending group includes JPMorgan Chase Bank as administrative agent and Fleet National Bank and Commerzbank AG as syndication agents. Others in the group include Bank of America NA, Wells Fargo Bank NA, Bank of Nova Scotia, Bank One NA, Citicorp North America, Wachovia Bank NA, PNC Bank NA, SunTrust Bank, Bayerische Landesbank Girozentrale, Deutsche Bank Americas and the Chevy Chase Bank FSB.

Mack-Cali's owns or has in interests in some 260 properties, mostly office and office/flex buildings in the Northeast. The properties total about 27.4 million sf and have a base of approximately 2,000 tenants.