Cali Realty Corporation Announces Acquisition

07/21/1995 Category: Acquisitions

CRANFORD, NJ--July 21, 1995--Cali Realty Corporation (NYSE:CLI), has acquired an office building known as Princeton Metro Center in Princeton, New Jersey. The announcement was made today by Thomas A. Rizk, president and chief financial officer.

Princeton Metro Center, located at 5 Vaughn Drive, is a 98,500 square foot office building in the Route 1 corridor between New York City and Philadelphia. The 3-story building was constructed in 1987 and is 97 percent occupied. Princeton Metro Center is a short walk from the Princeton Junction train station which is served by Amtrak and New Jersey Transit.

"The location of this first class building offers a park-like setting with easy access to the major metropolitan areas of New York City and Philadelphia", said Rizk. "The Princeton location complements our portfolio of Northern and Central New Jersey properties," he noted.

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 16 Class A office buildings totaling approximately 2.75 million square feet and one residential property consisting of 327 units located in Burlington County, New Jersey.