Mack-Cali to Voluntarily Withdraw Listing from NYSE Arca Equities, Inc. (Formerly the Pacific Exchange); Retains New York Stock Exchange Listing.

EDISON, N.J. -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that it intends to voluntarily withdraw the secondary listing of its common stock from NYSE Arca Equities, Inc. ("NYSE Arca"), formerly the Pacific Exchange (the "PCX"). The Company's common stock will continue to be listed on the New York Stock Exchange (the "NYSE"), the Company's principal listing exchange.

Following NYSE Group, Inc.'s recent acquisition of the PCX, Mack-Cali's Board of Directors determined that it was no longer necessary or desirable to maintain common stock listings on two affiliated domestic exchanges. The Board therefore voted unanimously to withdraw from NYSE Arca in order to reduce duplicative administrative expenses and costs.

The Company has notified NYSE Arca of its intent. On or about December 28, 2006, the Company intends to file a Form 25 with the U.S. Securities & Exchange Commission to complete the voluntary delisting of the Company's common stock from NYSE Arca, which then will become effective 10 days after the filing date. The primary listing of the Company's common stock on the NYSE will not be affected by the Form 25 filing or the delisting from NYSE Arca.

Mack-Cali does not believe that withdrawing its listing from NYSE Arca will have any impact on the liquidity of its stock.

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 299 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.9 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.

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.