Cali Realty Corporation Announces Acquisition of Whiteweld Centre for $35 Million

12/11/1996 Category: Acquisitions

CRANFORD, NJ--December 11, 1996--Cali Realty Corporation (NYSE:CLI) today announced the acquisition of Whiteweld Centre located in Woodcliff Lake, Bergen County, New Jersey for $35 million in cash. The 230,000 square-foot building is 98% leased.

The property is located in one of Northern New Jersey's best performing sub-markets, and adjacent to Cali's 50 Tice Boulevard property. Major tenants include Xerox, Medco Containment, Chase Manhattan Mortgage Corp. and NYCE Corporation.

Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer said, "With the purchase of Whiteweld Centre, Cali becomes the only owner of multi-tenanted class A buildings in the Woodcliff Lake 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 54 properties, primarily Class A office and office/flex buildings, totaling over 6.9 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.