Cali Realty Corporation Acquires Office Property in Princeton Corporate Center for $13.1 Million

09/04/1997 Category: Acquisitions

CRANFORD, NJ--September 4, 1997--Cali Realty Corporation (NYSE:CLI) today announced that it has acquired Three Independence Way, a 111,000 square-foot class A office building in the Princeton Corporate Center, for $13.1 million. The four-story building, located on U.S. Route 1 in South Brunswick, New Jersey, is 100 percent leased to eight tenants. The property was acquired from New York Life Insurance Company and was financed from funds made available through one of the Company's credit facilities.

Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer, said, "This acquisition strengthens our holdings in the Princeton market, and is consistent with our strategy of purchasing first class properties in promising markets." The Company now owns four office buildings totaling approximately 376,000 square feet of space in the Princeton market.

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. The Company owns 132 properties, primarily office and office/flex buildings, totaling approximately 12.2 million square feet. All of the properties are located in New Jersey, New York, Pennsylvania and Connecticut. Additional information on Cali Realty Corporation is available on the Company's website at http://www.calirealty.com.