Cali Realty Corporation Acquires Valley Forge Office Property for $14 Million
11/20/1997 Category: Acquisitions
CRANFORD, NJ--November 20, 1997--Cali Realty Corporation (NYSE:CLI) today announced that it has acquired the Trooper Building, a 100,700 square-foot class A office property in Valley Forge Corporate Center, in suburban Philadelphia, for $14 million.
The three-story building, located at 1000 Madison Avenue in Lower Providence Township, in Montgomery County, is 96.5% leased to six tenants. The property was acquired from The Trooper Partnership, Ltd., and was financed by funds made available from the Company's cash reserves.
Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer, said, "This acquisition is the latest example of our ongoing program of strengthening our position in key northeastern markets. We have great confidence in the suburban Philadelphia market, where fundamentals continue to improve. Since entering this market last year, Cali has acquired 14 office properties totaling approximately 1.4 million square feet. As appropriate, Cali will continue to augment its market position in this area."
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 133 properties, primarily office and office/flex buildings, totaling approximately 12.3 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.