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                                                                    EXHIBIT 99.1

             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
Contacts:  Barry Lefkowitz                         Virginia Sobol
Executive Vice President                           Vice President, Marketing and
  and Chief Financial Officer                      Public Relations
(908) 272-8000                                     (908) 272-8000

Scott Tagliarino
Executive Vice President
Rubenstein Associates
(212) 843-8057

MACK-CALI REFINANCES UNSECURED REVOLVING CREDIT FACILITY
Cranford, New Jersey-September 30, 2002-- Mack-Cali Realty Corporation (NYSE:
CLI) today announced that its operating partnership, Mack-Cali Realty, L.P., has
refinanced its unsecured revolving credit facility with a group of 14 lender
banks, arranged by J. P. Morgan Securities Inc. and Fleet Securities, Inc.

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

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

The lending group for the credit line consists of: JPMorgan Chase Bank, as
administrative agent; Fleet National Bank, as syndication agent; Commerzbank AG,
as syndication agent; Bank of America, N.A., as documentation agent; Wells Fargo
Bank, National Association, as documentation agent; Bank of Nova Scotia; Bank
One, NA; Citicorp North America, Inc.; Wachovia Bank, National

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Association; PNC Bank, National Association; SunTrust Bank; Bayerische
Landesbank Girozentrale; Deutsche Bank Trust Company Americas; and Chevy Chase
Bank, FSB.

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 owns or has interests in 260 properties, primarily
office and office/flex buildings located in the Northeast, totaling
approximately 27.4 million square feet. The properties enable the Company to
provide a full complement of real estate opportunities to its diverse base of
approximately 2,000 tenants.

Additional information on Mack-Cali Realty Corporation is available on the
Company's Web site at www.mack-cali.com - http://www.mack-cali.com.

Certain information discussed in this press release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the federal securities laws, including
Section 21E of the Securities Exchange Act of 1934. The Company intends such
forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements relate to, without limitation, the Company's future
economic performance, plans and objectives for future operations and projections
of revenue and other financial items. Forward-looking statements can be
identified by the use of words such as "may," "will," "should," "expect,"
"anticipate," "estimate," "continue" or comparable terminology. Although the
Company believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions at the time made, it can give
no assurance that its expectations will be achieved. 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. Future events and actual results, financial and otherwise, may
differ materially from the results discussed in the forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking
statements. Among the risks, trends and uncertainties are changes in the general
economic conditions, including those affecting industries in which the Company's
principal tenants compete; any failure of the general economy to recover timely
from the current economic downturn; the extent of any tenant bankruptcies; the
Company's ability to lease or re-lease space at current or anticipated rents;
changes in the supply of and demand for office, office/flex and
industrial/warehouse properties; changes in interest rate levels; changes in
operating costs; the Company's ability to obtain adequate insurance, including
coverage for terrorist acts; the availability of financing; and other risks
associated with the development and acquisition of properties, including 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, Current Reports on Form 8-K and 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.
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