Cali Realty Corporation Announces Acquisition of Basking Ridge Properties

07/24/1996 Category: Acquisitions

CRANFORD, NJ--July 24, 1996--Cali Realty Corporation (NYSE:CLI) today announced the acquisition of 222 and 233 Mount Airy Road, two suburban office buildings in Basking Ridge, Somerset County, New Jersey. The purchase price was approximately $10.5 million.

The buildings, located at the four-way interchange of Interstate 287 and Mt. Airy Road, total approximately 115,000 square feet and are 100% leased by AT&T Corporation and Lucent Technologies. The buildings were purchased on July 23 from Metfer Partnership I and II.

Commenting on the acquisition, Thomas A. Rizk, the Company's President and Chief Executive Officer said, "These buildings complement our portfolio of properties in central New Jersey and give us a presence in this popular sub-market."

Cali Realty Corporation is a self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 45 properties, primarily office and office/flex buildings, totaling approximately 4.6 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.