Cali Realty Corporation Announces $12 Million Suburban Philadelphia Acquisition
CRANFORD, NJ--November 7, 1996--Cali Realty Corporation (NYSE:CLI), today announced the acquisition of Five Sentry Parkway, a two-building suburban office complex located in Plymouth Meeting, Pennsylvania. The buildings, which total approximately 131,000 square feet, are 99% leased. The properties, which were acquired for $12.4 million, are located in Montgomery County at the intersection of the Pennsylvania Turnpike and Interstate 476 (the "Blue Route"). The Interstate 476 corridor is considered to be the premier office environment for suburban Philadelphia, due to its proximity to center-city Philadelphia and the airport as well as its access to suburban Philadelphia's residential communities.
Commenting on the acquisition, Barry Lefkowitz, the Company's Chief Financial Officer said, "As the Plymouth Meeting/Blue Bell sub-market is one of the best performing markets in suburban Philadelphia, we are confident that this acquisition will add long-term value to our portfolio."
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. Cali Realty owns 50 properties, primarily Class A office and office/flex buildings, totaling approximately 6.5 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.