Cali Realty Corporation Announces Acquisition of Westchester Office/Flex Property for $8 Million
08/18/1997 Category: Acquisitions
CRANFORD, NJ--August 18, 1997--Cali Realty Corporation (NYSE:CLI) announced today that it has acquired 200 Corporate Boulevard South, part of the South Westchester Executive Park complex in Yonkers, New York for $8 million.
The building, which was acquired through the exercise of a purchase option obtained in the $440 million acquisition of the Robert Martin Company earlier this year, is an 84,000 square-foot office/flex building which is currently 98% leased to seven tenants. The acquisition, which was financed from the Company's cash reserves, increases Cali's holdings in Westchester County, New York, to 63 properties aggregating four million square feet.
Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer, said, "This acquisition complements our portfolio of both office and office/flex properties in the same region in which the Robert Martin transaction gave us a substantial presence. We are pleased to be able to further expand in this improving Westchester market, and plan to continue expanding as opportunities dictate."
The South Westchester Executive Park, located in suburban Yonkers four miles from the New York City line, is a 140-acre complex with 687,000 square feet of office and office/flex space. The park has direct access to the Saw Mill River Parkway, I-87, the Henry Hudson Parkway and the Major Deegan Expressway.
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 131 properties, primarily office and office/flex buildings, totaling approximately 12.1 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.