After its 1994 initial public offering, Cali Realty Corporation (NYSE:CLI) aggressively grew its portfolio and expanded its Northeast presence through several significant, accretive acquisitions.
In 1996, the Company expanded into suburban Philadelphia and acquired the 1.9 million-square foot Harborside Financial Center on the Jersey City Waterfront. In 1997, Cali acquired the Westchester-based Robert Martin Company, solidifying its position as the Northeast's super-regional REIT. The $450 million transaction added 65 office, office/flex and industrial properties --totaling 4.1 million square feet-- to Cali's portfolio and provided the Company with an immediate dominant position in Westchester County and a presence in Connecticut.
 |
|
Cali's acquisition of the Robert Martin Company expanded the Company's Northeast presence.
|
In December 1997, Cali made REIT history by announcing its $1.2 billion merger with The Mack Company and Patriot American Office Group, and was renamed Mack-Cali Realty Corporation.
