EXHIBIT 12.1




                          MACK-CALI REALTY CORPORATION
               Computation of Ratios of Earnings to Fixed Charges
                          (Dollar amounts in thousands)

<TABLE> 
<CAPTION> 
                                                                Mack-Cali Realty Corporation
                                                              ----------------------------------
                                                            For the Nine     For the       For the         
                                                             Mos. Ended     Yr. Ended    Yr. Ended         
                                                              9/30/97        12/31/96     12/31/95         
                                                              -------        --------     --------          
<S>                                                           <C>            <C>           <C> 
Income (Loss) before gain on sale of                                                                       
property,  minority interest and                                                                           
extraordinary item (A)                                        $58,105        $31,521       $17,146         
                                                                                                           
Add:                                                                                                       
   Interest expense                                            28,398         13,758        10,117         
                                                                                                           
Interest portion (33 percent) of ground rents                                                              
   on land leases                                                 -              -             -         
                                                              -------        --------     --------          
Income before gain on sale of property,                                                                    
   minority interest, and extraordinary item,                                                              
   as adjusted (B)                                            $86,503        $45,279       $27,263         
                                                              =======        ========    =========  
                                                                                                           
Fixed Charges:                                                                                             
Interest expense                                               28,398         13,758        10,117         
                                                                                                           
Interest portion (33 percent) of ground rents                                                              
   on land leases                                                 -              -             -            
Capitalized interest costs                                        378            118            27
                                                              -------        --------     --------          
Total fixed charges                                           $28,776        $13,876       $10,144         
                                                              =======        ========    =========  
                                                                                                           
Ratio of earnings to fixed charges                              3.01            3.26(E)       2.69         
                                                               =====           =====         =====  

Deficiency of earnings to fixed charges(D)                                                                                      
</TABLE> 





<TABLE> 
<CAPTION> 

                                                      
                                                          Mack-Cali
                                                      Realty Corporation        Cali Group Combined     
                                                      -----------------     ---------------------------------------------------
                                                        For the Period        For the Period            Year Ended December 31,
                                                      August 31, 1994 to      January 1, 1994           -----------------------  
                                                      December 31, 1994      to August 30, 1994           1993           1992   
                                                      -----------------     ----------------------        ----           ----
<S>                                                   <C>                    <C>                         <C>          <C> 
Income (Loss) before gain on sale of                                                                                            
property,  minority interest and                                                                                                
extraordinary item (A)                                       $4,990                    $  (110)          $(1,064)      $(2,172) 
                                                                                                                                
Add:                                                                                                                            
   Interest expense                                           2,342                     13,829            21,950        22,126  
                                                                                                                                
Interest portion (33 percent) of ground rents                                                                                   
   on land leases                                               -                          194               326           385  
                                                             ------                    -------           -------       ------- 
Income before gain on sale of property,                                                                                         
   minority interest, and extraordinary item,                                                                                   
   as adjusted (B)                                           $7,332                    $13,913           $21,212       $20,339  
                                                             ======                    =======           =======       =======   
                                                                                                                                
Fixed Charges:                                                                                                                  
Interest expense                                              2,342                     13,829            21,950        22,126  
                                                                                                                                
Interest portion (33 percent) of ground rents                                                                                   
   on land leases                                               -                          194               326           385    
Capitalized interest costs                                      -                          -                 -             -
                                                             ------                    -------           -------       -------  
Total fixed charges                                          $2,342                    $14,023           $22,276       $22,511  
                                                             ======                    =======           =======       =======   
                                                                                                                                
Ratio of earnings to fixed charges                             3.13                         (C)               (C)           (C)
                                                              =====         
                                                                                                               
Deficiency of earnings to fixed charges(D)                                             $  (110)          $(1,064)      $(2,172)  
                                                                                       ========          =======      ========   
</TABLE> 
- ---------------    
(A)   Represents pre-tax income (loss) before gain on sale of property, minority
      interest and extraordinary item. 
(B)   Represents earnings before fixed charges.
(C)   The ratio of earnings to fixed charges was less than 1.00 reflecting the
      fact that earnings for the period were not adequate to cover fixed
      charges. 
(D)   Represents the amounts by which earnings for the period were not adequate
      to cover fixed charges.
(E)   Represents the ratio of earnings to fixed charges, excluding gain on sale
      of rental property of $5,658. The ratio of earnings to fixed charges,
      including gain on sale of rental property, was 3.67.