There are significant opportunities for growth within

Cali's current markets and the Company will continue to make

selective acquisitions in neighboring markets.


During 1996, Cali purchased 15 office buildings totaling 3.3 million square feet of space, plus land for future development, for over $450 million.

Harborside Financial Center, a 1.9 million square-foot office complex on the Jersey City waterfront, stands out not only as Cali's largest acquisition through 1996, but also as one of the largest commercial real estate transactions in New Jersey history. The $292 million purchase of this nationally renowned property further established Cali's dominance in the Jersey City waterfront market, with Cali now owning 40% of the Class A office space in this top-performing market.

In connection with the Harborside purchase, Cali also acquired 17 acres of land approved for an additional 4.1 million square feet of development, plus water rights extending into the Hudson River. Harborside, located directly across the river and one train stop away from lower Manhattan, is now 99% leased to 45 tenants.