Exhibit 5.1
[LETTERHEAD OF BALLARD SPAHR ANDREWS
& INGERSOLL, LLP]
February 7, 2007
Mack-Cali Realty
Corporation
343 Thornall
Street
Edison, New Jersey 08837
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Re:
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Mack-Cali Realty Corporation, a Maryland corporation
(the Company) - issuance and sale of up to Four Million Six Hundred Fifty
Thousand (4,650,000) shares (the Shares) of Common Stock, par value one
cent ($0.01) per share (the Common Stock), of the Company pursuant to a
Registration Statement on Form S-3 (File No. 333-44433), as amended and
supplemented (the Registration Statement)
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Ladies and
Gentlemen:
We have acted as Maryland
corporate counsel to the Company in connection with the registration of the
Shares under the Securities Act of 1933, as amended (the Act), by the Company
pursuant to the Registration Statement.
You have requested our opinion with respect to the matters set forth
below.
In our capacity as
Maryland corporate counsel to the Company and for the purposes of this opinion,
we have examined originals, or copies certified or otherwise identified to our
satisfaction, of the following documents (collectively, the Documents):
(i) the
charter of the Company (the Charter) represented by Articles of Incorporation
filed with the State Department of Assessments and Taxation of Maryland (the Department)
on May 24, 1994, Articles of Amendment and Restatement filed with the
Department on July 28, 1994, Articles of Amendment and Restatement filed with
the Department on August 9, 1994, Articles of Amendment filed with the
Department on May 31, 1996, Articles of Amendment filed with the Department on
June 13, 1997, Articles of Amendment filed with the Department on December 11,
1997, Articles of Amendment filed with the Department on May 22, 1998, Certificate
of Correction filed with the Department on June 3, 1999, Articles of
Restatement filed with the Department on June 11, 1999,
Articles
Supplementary filed with the Department on June 11, 1999, Articles
Supplementary filed with the Department on July 2, 1999, Articles of Amendment
filed with the Department on May 15, 2001, Articles of Restatement filed with
the Department on June 13, 2001 and Articles Supplementary filed with the
Department on March 13, 2003;
(ii) the
Amended and Restated Bylaws of the Company, which were adopted on June 10, 1999
(the Amended and Restated Bylaws), and Amendment No. 1 to the Amended and
Restated Bylaws of the Company, as adopted on March 4, 2003 (Amendment No. 1),
as amended by Amendment No. 2 to the Amended and Restated Bylaws of the
Company, as adopted on May 24, 2006 (Amendment No. 2 and together with
Amendment No. 1 and the Amended and Restated Bylaws, the Bylaws);
(iii) the
Minutes of the Organizational Meeting of the Board of Directors of the Company,
dated May 25, 1994 (the Organizational Minutes);
(iv) resolutions
adopted by the Board of Directors of the Company, or a committee thereof, on
June 10, 1999, January 30, 2007 and February 1, 2007 (collectively, the Resolutions);
(v) (A)
the Registration Statement, and the related final prospectus supplement dated
February 1, 2007 (the Prospectus Supplement) and the final base prospectus
dated July 12, 2004 (the Basic Prospectus and together with the Prospectus
Supplement, the Prospectus) in substantially the form filed or to be filed
with the Securities and Exchange Commission (the Commission), and (B) the free writing prospectus filed with the
Commission pursuant to Rule 433, on February 1, 2007 (the Free Writing
Prospectus);
(vi) a
status certificate of the Department, dated as of a recent date, to the effect
that the Company is duly incorporated and existing under the laws of the State
of Maryland;
(vii) a
certificate of Mitchell E. Hersh, President and Chief Executive Officer of the
Company, dated as of a recent date (the Officers Certificate), to the effect
that, among other things, the Charter, the Bylaws, the Organizational Minutes
and the Resolutions are true, correct and complete, have not been rescinded or
modified and are in full force and effect on the date of the Officers
Certificate; and
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(viii) such other
documents and matters as we have deemed necessary and appropriate to render the
opinions set forth in this letter, subject to the limitations, assumptions, and
qualifications noted below.
In reaching the opinions
set forth below, we have assumed the following:
(a) each
person executing any of the Documents on behalf of any party (other than the
Company) is duly authorized to do so;
(b) each
natural person executing any of the Documents is legally competent to do so;
(c) any
of the Documents submitted to us as originals are authentic; the form and
content of any Documents submitted to us as unexecuted drafts do not differ in
any respect relevant to this opinion from the form and content of such
documents as executed and delivered; any of the Documents submitted to us as
certified, facsimile or photostatic copies conform to the original document;
all signatures on all of the Documents are genuine; all public records reviewed
or relied upon by us or on our behalf are true and complete; all statements and
information contained in the Documents are true and complete; there has been no
modification of, or amendment to, any of the Documents, and there has been no
waiver of any provision of any of the Documents by action or omission of the
parties or otherwise;
(d) none
of the Shares will be issued or transferred in violation of the provisions of
Article VI of the Charter, relating to restrictions on ownership and transfer
of capital stock; and
(e) none
of the Shares will be issued and sold to an Interested Stockholder of the
Company or an Affiliate thereof, all as defined in Subtitle 6 of Title 3 of the
Maryland General Corporation Law (MGCL), in violation of Section 3-602 of
MGCL.
Based on our review of
the foregoing and subject to the assumptions and qualifications set forth
herein, it is our opinion that, as of the date of this letter:
(1) The
Company is a corporation duly incorporated and validly existing as a
corporation in good standing under the laws of the State of Maryland.
(2) The
issuance of the Shares has been duly authorized by all necessary corporate
action on the part of the Company and when such Shares are
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issued and
delivered by the Company in exchange for the consideration therefor as provided
in the Resolutions, such Shares will be validly issued, fully paid and
non-assessable.
The foregoing opinion is limited to the
substantive laws of the State of Maryland, and we do not express any opinion
herein concerning any other law. We
express no opinion as to the applicability or effect of any federal or state
securities laws, including the securities laws of the State of Maryland, or as
to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our
opinion is expressed herein would be governed by any jurisdiction other than
the State of Maryland, we do not express any opinion on such matter.
This opinion letter is
issued as of the date hereof and is necessarily limited to laws now in effect
and facts and circumstances presently existing and brought to our
attention. We assume no obligation to
supplement this opinion letter if any applicable laws change after the date
hereof, or if we become aware of any facts or circumstances that now exist or
that occur or arise in the future and may change the opinions expressed herein
after the date hereof.
We consent to the
incorporation by reference of this opinion in the Registration Statement and
further consent to the filing of this opinion as an exhibit to the applications
to securities commissioners for the various states of the United States for
registration of the Shares. We also
consent to the identification of our firm as Maryland counsel to the Company in
the section of the Registration Statement entitled Legal Matters. In giving this consent, we do not admit that
we are within the category of persons whose consent is required by Section 7 of
the Act.
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Very truly yours,
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/s/ Ballard
Spahr Andrews & Ingersoll, LLP
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