Cali Realty Corporation Announces Acquisitions

03/03/1995 Category: Acquisitions

CRANFORD, NJ--March 3, 1995--Cali Realty Corporation (NYSE:CLI) has acquired a Northern New Jersey office building known as 17-17 Route 208 in Fairlawn, New Jersey. The announcement was made today by Thomas A. Rizk, president and chief financial officer.

17-17 Route 208 is a 143,000-square foot office building located in Bergen County. The 3-story office building was constructed in 1987, and is currently 97% occupied. The building features a dramatic atrium and underground parking for 75 cars. Current tenants include Lonza Chemical Corporation, Metropolitan Insurance Companies and Chubb Insurance. Terms of the acquisition were not disclosed.

"This property offers a wonderful location in a thriving New Jersey corporate community. Cali already has a Bergen County presence, with office properties in Paramus and Woodcliff Lake. We are looking forward to adding 17-17 Route 208 to the Cali portfolio and working with the tenants of the building," 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. The Cali portfolio consists of 14 Class A office buildings totaling approximately 2.45 million square feet and one 327 unit residential property.