Cali Realty Corporation Announces Contracts to Purchase Two Office Complexes for $78 Million
10/24/1996 Category: Acquisitions
Acquisitions Will Strengthen Cali's Position In Bergen County, New Jersey and Suburban Philadelphia
CRANFORD, NJ--October 24, 1996--Cali Realty Corporation (NYSE:CLI) today announced that it has entered into contracts to purchase two class A office complexes comprising appoximately 600,000 square feet for a total of $78 million in cash. The properties, which average a 99% occupancy rate, are located in Bergen County, New Jersey and suburban Philadelphia.
The Company has entered into a contract to purchase the 230,000 square-foot Whiteweld Centre for $35 million. The building is located at 300 Tice Boulevard in Woodcliff Lake, Bergen County, New Jersey. With the purchase of this property, in addition to its 50 Tice Boulevard building, Cali will become the only owner of multi-tenanted class A buildings in the Woodcliff Lake submarket.
Cali has also entered into a contract to purchase Airport Business Center, a three-building office complex located in Lester, Pennsylvania on Interstate 95 and adjacent to the Philadelphia International Airport. The Company intends to purchase the 371,000 square- foot complex for $43 million.
Commenting on the pending acquisitions, Thomas A. Rizk, President and Chief Executive Officer said, "These acquisitions support Cali's strategy of purchasing high quality assets in superior submarkets where we are or can become the dominant player." Rizk added, "The purchase of Airport Business Center will increase our market share in one of the best performing markets in the Northeast, while the purchase of Whiteweld Centre makes Cali the dominant player in yet another top submarket in New Jersey."
Both aquisitions are expected to close, subject to the completion of due-diligence, within 45 days.
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. Upon completion of the Company's pending acquisitions, including Harborside Financial Center in Jersey City, Cali will own 51 properties, primarily office and office/flex buildings, totaling approximately 7 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.