Cali Realty Corporation Completes Robert Martin Transaction

01/31/1997 Category: Acquisitions

CRANFORD, NJ--January 31, 1997--Cali Realty Corporation announced that the Company completed the previously announced $440 million merger transaction with Robert Martin Company LLC today.

Commenting on the transaction, Thomas A. Rizk, President and Chief Executive Officer of Cali Realty Corporation, said, "This merger furthers Cali's strategic goal of expanding our presence in the northeast region and becoming a super-regional REIT."

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 123 properties, primarily office and office/flex buildings, totaling approximately 11.4 million square feet. All of the properties are located in Pennsylvania, New Jersey, New York and Connecticut.

Additional information on Cali Realty Corporation is available on Cali’s website at http://www.calirealty.com.

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to different materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q on Form 8-K, and annual reports on Form 10-L.