EXHIBIT 99.5

                          MACK-CALI REALTY CORPORATION

                  DIRECT REGISTRATION TRANSFER INSTRUCTION FORM

                  DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN

      FOR USE BY "STREET NAME" SHAREHOLDERS OF MACK-CALI REALTY CORPORATION

Dear "Street Name" Shareholder:

Mack-Cali Realty Corporation's common stock is Direct Registration System
eligible. What this means is that you can now take advantage of the newest
form of book-entry share registration--Direct Registration. Direct
Registration allows you to register your shares on the books of Mack-Cali
Realty Corporation and keep your broker account information intact. This
provides you with total portability should you wish to sell your shares
either through your broker or through Mack-Cali Realty Corporation. In
addition, once your broker initiates your Direct Registration transfer, you
are eligible as a registered shareholder to participate in Mack-Cali Realty
Corporation's direct stock purchase plan.

If you want to transfer any of your "street name" shares to Direct Registration,
you can either:

1.    Call your broker and provide him or her with the following information and
      instructions or

2.    Fill out the form below with the information known to you and present it
      to your broker.

                        DIRECT REGISTRATION INSTRUCTIONS

Authorization and instructions to my broker to transfer ____________ of my
shares from "street name" to a registered position through the Direct
Registration System. This transfer should be processed by my broker via the
Night Auto Withdrawal-By-Transfer (NWTI) function through the Depository Trust
Company (DTC) coded as a "S" transaction.

NAME:
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ADDRESS:
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SOCIAL SECURITY OR TAX ID#:
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BROKER/DEALER ACCOUNT #:
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COMPANY:......................................  Mack-Cali Realty Corporation

CUSIP #:......................................  554489 10 4

ISSUE:........................................  Common Stock


BROKER/DEALER NAME:
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BROKER./DEALER ID #:
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<TABLE>
<S>                                            <C>
TRANSFER AGENT:...............................  EquiServe, L.P.

TRANSFER AGENT TELEPHONE #:...................  (800) 317-4445 (within the United States and Canada)
                                                (201) 324-0313 (outside the United States and Canada)
</TABLE>


SIGNATURE OF "STREET NAME" OWNER:
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DATE:
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