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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Nussbaum Paul A.
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C/O Mack-Cali Realty Corporation
11 Commerce Drive
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(Street)
Cranford, New Jersey 07016
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Mack-Cali Realty Corporation (CLI)
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3. IRS or Identification Number of Reporting Person if an entity
(Voluntary)
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4. Statement for Month/Year 02/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
X
____ Form filed by One Reporting Person
____ Form filed by More than One Reporting Person
TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If this form is filed by more than one reporting person, see Instruction
4(b)(v).
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FORM 4 (continued)
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
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Units of Limited Partnership 1/23/98(1) J(1) (1)
Interest (1)
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Series B Preferred Units 2/1/98(2) J(2) (2)
of Limited Partnership Interest (2)
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</TABLE>
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)--CONTINUED
<TABLE>
<CAPTION>
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6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Secu- ficial
(Instr. ficially rity: Owner-
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Date Expira- Amount or at End (D) or (Instr.
Exer- tion Title Number of of Indi- 4)
cisable Date Shares Month rect (1)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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(1) Common (1) 18,071(1) D
Stock
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(2) Common (2) 957(2) D
Stock
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</TABLE>
Explanation of Responses:
(1) The Units of Limited Partnership Interest ("Units") represent interests in
Mack-Cali Realty, L.P., a Delaware limited partnership, through which Mack-
Cali Realty Corporation conducts its real estate activities. Beginning on
December 11, 1998, the Units were redeemable for cash, based upon the fair
market value of an equivalent number of shares of Common Stock at the time
of such redemption, or, at the election of the Company, shares of Common
Stock on a one-for-one basis. Prior to February 1, 1998, all of the
reporting person's 18,071 Units were contingent and convertible, in whole or
in part, into ordinary Units upon the satisfaction by December 11, 1999 of
certain conditions relating to certain properties owned by Mack-Cali Realty
Corporation. Until such conversion, the contingent Units shall not be
entitled to any rights associated with the ordinary Units. As of February
1, 1998, the conditions had been satisfied for the conversion of 241 of
the reporting person's contingent Units into ordinary Units, and,
accordingly, 17,830 of the reporting person's Units remained contingent.
(2) The Series B Preferred Units of Limited Partnership Interest (the "Series
B Preferred Units") are immediately convertible into Units. Prior to
February 1, 1998, 419 of the reporting person's 957 Series B Preferred
Units were contingent and convertible, in whole or in part, into ordinary
Series B Preferred Units upon the satisfaction by December 11, 1999 of
certain conditions relating to certain properties owned by Mack-Cali
Realty Corporation. Until such conversion, the contingent Series B
Preferred Units shall not be entitled to any rights associated with the
ordinary Series B Preferred Units. As of February 1, 1998, the conditions
had been satisfied for the conversion of 39 of the reporting person's
contingent Series B Preferred Units into ordinary Series B Preferred Units
and, accordingly, 380 of the reporting person's Series B Preferred Units
remained contingent. Currently, the reporting person's 577 ordinary Series
B Preferred Units are convertible into 16,653 Units. Any Units received
upon conversion of Series B Preferred Units shall be redeemable into an
equal number of Shares of Common Stock beginning on December 11, 2000.
/s/ Paul A. Nussbaum 5/11/98
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**Signature of Reporting Person Date
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
