Cali Realty Acquires 70,500 Square Foot Office Building and Signs Long-Term Lease with Berlitz International Inc.
CRANFORD,NJ,-December 4, 1995--Cali Realty Corporation (NYSE:CLI), announced that on December 1, 1995 it acquired 400 Alexander Park, Princeton, New Jersey, a 70,500 square foot office building, for $4.2 million dollars. Concurrently, the company signed a 15-year lease with Berlitz International Inc. for sole use of the entire building. The terms of the lease were not disclosed.
Thomas A. Rizk, president and chief financial officer of Cali Realty Corporation reported on the deal, saying, "In the acquisition and leasing of this building, we have demonstrated our ability to react quickly to valuable market opportunities. There is no question that this will prove to be a very profitable acquisition for the company."
The four-story building, constructed in 1986, was purchased from MIF Realty, L.P., a division of GE Capital. The property was substantially vacant prior to purchase and will be renovated according to the needs of the sole tenant, Berlitz International Inc. The property is situated east of Route 1 in the Princeton market. Cali management believes the purchase price to be substantially below the original development costs and the estimated replacement costs of the building.
Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant related services for its portfolio. Upon completion of the Harborside purchase, the Company will own 48 properties, primarily Class A office and office/flex buildings, totaling approximately 6.4 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.