Cali Realty Corporation Announces Completion of $43 Million Suburban Philadelphia Acquisition
CRANFORD, NJ--December 18, 1996--Cali Realty Corporation (NYSE:CLI) today announced the acquisition of Airport Business Center, a three-building office complex in suburban Philadelphia, for $43 million in cash. The property, which totals 370,000 square feet, is 99% leased. The buildings are located in Lester, Pennsylvania on Interstate 95, immediately east of Route 476, and adjacent to the Philadelphia International Airport. The purchase of Airport Business Center represents the Company's third acquisition along the Interstate 476 corridor, which is considered to be the premier office environment for suburban Philadelphia.
Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer said, "The acquisition of Airport Business Center increases Cali's market position in one of the best performing markets in the Northeast to seven buildings totaling 760,000 square feet."
Cali Realty Corporation is a self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 58 properties, primarily office and office/flex buildings, totaling approximately 7.4 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.