Cali Realty Corporation Announces Acquisition of Fairfield County Property for $15.5 Million

08/04/1997 Category: Acquisitions

CRANFORD, NJ--August 4, 1997--Cali Realty Corporation (NYSE:CLI) today announced the acquisition of Shelton Place, a 133,000 square-foot office building in Shelton, Connecticut, for $15.5 million. The property is 97% leased to 11 tenants.

Commenting on the acquisition, Timothy Jones, Executive Vice President, said, "Shelton Place not only adds to Cali's significant presence in the attractive Fairfield County market, but it further enhances our status as the Northeast's premier office REIT." The acquisition increases Cali's holdings in Fairfield County to four properties totaling 300,000 square feet.

The acquisition was financed from funds made available through one of the Company's credit facilities. The seller was an affiliate of The Davis Companies.

Shelton Place is located at 1000 Bridgeport Avenue, at Route 8 and the Merrit Parkway, and is accessible to I-95 and I-84.

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 130 properties, primarily office and office/flex buildings, totaling approximately 12 million square feet. All of the properties are located in New Jersey, New York, Pennsylvania and Connecticut. Further information on Cali Realty Corporation is available on the Company's website at http://www.calirealty.com.