Meanwhile, total revenues for Q3 '08 were $204.4 million as compared to $212.9 million for the same quarter in '07, while total revenues for the nine months ended Sept. 30, 2008 amounted to $591.9 million, compared to $606.7 million for the same period last year. "We are clearly in very challenging economic times," says Mack-Cali's president and CEO Mitchell Hersh. "However, I am pleased to report that Mack-Cali had another solid quarter with some significant leasing activity," including 118 executed leases which totaled more than 1.1 million sf and consisted of 898,037 sf of office space; 210,192 sf of office/flex space and 5,995 sf of industrial/warehouse space.

Despite tough times economically, Mack-Cali picked up $240 million in mortgage financing from the Northwestern Mutual Life Insurance Co. and New York Life Insurance Co. as co-lenders. The mortgage loan, which is collateralized by its Jersey City-based Harborside Plaza 5 office property, has a 6.8% annual interest rate and carries a 10-year term. Proceeds from the loan were used to bring down outstanding borrowings to $95 million under the company's $775-million unsecured revolving credit facility.

"Despite the general liquidity in the financial markets, we are extremely pleased that we have secured a $240 million mortgage on one of our trophy properties on the Jersey City waterfront, thereby enhancing our balance sheet liquidity," says Hersh. "In this environment, in particular, it is a testament to the strength and stability of our company. We're confident that Mack-Cali remains well-positioned to navigate through this period of economic uncertainty and to capitalize on opportunities going forward."