"With Mack-Cali's strong market position and franchise value inParsippany, we are confident in our ability to capitalize on ournetwork of tenant relationships to stabilize these assets," saysMitchell E. Hersh, president and chief executive officer ofMack-Cali. He tells GlobeSt.com that he's optimistic that as the"economy takes hold has traction," the site will lease up quickly."Demand has been improving. The asset offers an attractive pricepoint." He anticipates growing companies desiring to be in aquality asset will be interested in the complex.

The acquisition increases the company's holdings at Mack-CaliBusiness Campus to 15 buildings totaling approximately two millionsf, and 17 buildings totaling approximately 2.5 million sf inParsippany. In total, the REIT owns or has interests in 272properties, primarily office and office/flex buildings located inthe Northeast, totaling approximately 29.5 million sf.

Earlier this month, the board of directors declared a cashdividend of 63 cents per common share, indicating an annual rate of$2.52 per share, for the period of Oct. 1 through Dec. 31. Theboard also declared a cash dividend on its 8% Series C cumulativeredeemable perpetual preferred stock ($25 liquidation value perdepositary share, each representing 1/100th of a share of preferredstock), equal to 50 cents per depositary share for the period ofOct. 15 through Jan. 14, 2005.