Cali Realty Corporation Announces Acquisition In New York State

04/11/1995 Category: Acquisitions

CRANFORD, NJ--April 11, 1995--Cali Realty Corporation (NYSE:CLI), has acquired an office building known as 400 Rella Boulevard in Montebello, New York. The announcement was made today by Thomas A. Rizk, president and chief financial officer.

400 Rella Boulevard, also known as The Office Center at Montebello, is a 188,000 square foot office building located along the I-287/New York Thruway corridor in Rockland County, New York. The 3-story glass and polished granite building was constructed in 1988 and is 93% occupied. Terms of the acquisition were not disclosed.

"This property ties into our strategy of providing premier office facilities in the suburban marketplace," noted Rizk. It offers an excellent location along the I-287 corridor into lower New York State, and direct access to New York City via the Thruway, and to New Jersey's corporate areas via I-287. We believe this property is a sound acquisition, and the Rockland County location complements our Bergen County portfolio," Rizk said.

Cali Realty Corporation is a self-administered, self-managed real estate investment trust (REIT) with corporate headquarters in Cranford, New Jersey. The company is a leading property owner specializing in leasing, management, acquisition, construction and development of office buildings in Northern and Central New Jersey and in Southern New York State. The Cali portfolio consists of 15 Class A office buildings totaling approximately 2.64 million square feet and one residential property consisting of 327 units in Burlington County, New Jersey.