Cali Acquires Office/Flex Building in Wall Township, NJ

01/29/1997 Category: Acquisitions

CRANFORD, NJ--January 29, 1997--Cali Realty Corporation (NYSE:CLI) today announced the acquisition of 1345 Campus Parkway, a 76,000 square-foot office flex building in Wall Township, New Jersey.

Cali purchased the building for $6.8 million from Commercial Realty Resources Corp., a wholly owned subsidiary of New Jersey Resources Corporation. The building adds to Cali's holdings in its Monmouth Shores Corporate Park, which now consists of two office and seven office/flex buildings totaling over 300,000 square feet. Constructed in 1996, 1345 Campus Parkway is 100% occupied by seven tenants.

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. Upon completion of the company's recently announced transaction with Westchester-based Robert Martin Company, Cali will own 113 properties, primarily office and office/flex buildings, totaling approximately 11.4 million square feet. All the properties are located in Pennsylvania, New Jersey, New York and Connecticut.

Additional information on Cali Realty Corporation is available on Cali's website at http://www.calirealty.com.