Cali Realty Corporation Announces Purchase of Four Office Buildings From Beacon Properties
05/12/1997 Category: Acquisitions
CRANFORD, NJ--May 12, 1997--Cali Realty Corporation (NYSE:CLI) today announced that it has acquired four class A office buildings in the Westlakes Office Park in suburban Philadelphia for $72.5 million. The purchase also includes a 3.2 acre land parcel zoned for an additional 24,000 square feet of development.
The properties, which were purchased from Beacon Properties Corporation (NYSE:BCN), total approximately 444,000 square feet and are 97% leased. The purchase was financed primarily 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, "The purchase of Westlakes Office Park--one of the most prestigious office complexes in suburban Philadelphia--will increase Cali's holdings by 58% in one of the northeast's best performing markets." Cali, which first entered the suburban Philadelphia office market in May 1996 with its purchase of Rose Tree Corporate Center, now owns 11 class A office buildings totaling over 1.2 million square feet in the market.
Westlakes is situated on a 44-acre site along the popular Route 202 corridor in Berwyn, Chester County. "This first-rate property is a natural addition to Cali's portfolio, and is consistent with our strategy of acquiring top-quality, class A office properties in promising markets," said John R. Cali, Chief Administrative Officer and Head of Acquisitions. Cali Realty Corporation will take over management of the property from Beacon Management Company.
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. Cali owns 127 properties, primarily office and office/flex buildings, totaling 11.8 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 at the Company's Internet site at http://www.calirealty.com.