Cali Realty Corporation Announces 73,200 Square Foot Lease at International Financial Tower in Jersey City.
04/09/1996 Category: Leasing and Development
CRANFORD, NJ--April 9, 1996--Cali Realty Corporation (NYSE:CLI) today announced the signing of a 13 year lease with Donaldson, Lufkin & Jenrette Securities Corporation ("DLJ") for 73,200 square feet at the International Financial Tower in Jersey City, New Jersey. The lease, which commences on June 1, 1996 and expires on July 13, 2009, brings the occupancy rate at the building to 98.7%.
The lease represents an expansion of the headquarters for the Pershing Division of DLJ, a leading provider of correspondent brokerage services to independent financial institutions around the world. The long-term lease, which is valued at over $17 million, was negotiated directly by representatives of Cali and DLJ.
"The execution of this lease will increase the Company's Funds From Operations (FFO) by approximately 7 cents per share on an annualized basis," noted Thomas A. Rizk, President and Chief Executive Officer.
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 properties. Cali Realty owns 40 office and office/flex buildings totaling approximately 3.9 million square feet and a 327 unit residential complex.