Cali Realty Corporation Announces $28 Million Acquisition
05/06/1996 Category: Acquisitions
CRANFORD, NJ--May 6, 1996--Cali Realty Corporation (NYSE:CLI), today announced the acquisition of Rose Tree Corporate Center, a two-building suburban office complex located in Media, Pennsylvania. The buildings, which total approximately 260,000 square feet, are 97% leased to over 50 tenants.
Rose Tree Corporate Center, acquired on May 2 for approximately $28 million, is located in Delaware County along the "Blue Route" (I-476), a major artery which connects suburban Philadelphia with Interstate 95 and the Pennsylvania Turnpike. The I-476 corridor is considered to be the premier office environment for suburban Philadelphia, due to its proximity to center-city Philadelphia and the Philadelphia International Airport. In addition, the "Blue Route" is surrounded by some of the more affluent residential communities in the metropolitan area.
Commenting on the acquisition, Thomas A. Rizk, the Company's President and Chief Executive Officer said, "This acquisition is consistent with our strategy to acquire high-quality assets located in superior markets which add long term value to the Company's 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 43 properties, primarily office and office/flex buildings, totaling approximately 4.5 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.