Cali Realty Corporation, the Mack Company and Patriot American Office Group Conclude Definitive Agreement
09/22/1997 Category: Acquisitions
REIT to be Renamed Mack-Cali Realty Corporation
CRANFORD, NJ--September 22, 1997--Cali Realty Corporation (NYSE:CLI) today announced that the Company has concluded a definitive agreement to merge the office assets of the Mack Company and Patriot American Office Group, both private real estate concerns, into Cali. This announcement follows an announcement by Cali on August 14, 1997 of a letter of intent for this three-way transaction.
The $1.2 billion transaction will make Cali one of the country's largest REITs with a total market capitalization of approximately $3.5 billion. The transaction is expected to be completed on or around the end of 1997, subject to shareholder and regulatory approval, after which the Company will operate under the new name Mack-Cali Realty Corporation. Upon completion of this transaction, Mack-Cali Realty Corporation will own 187 properties totaling approximately 21.6 million square feet in 10 states, serving approximately 2,200 tenants. The combined portfolio will consist of approximately 18.2 million square feet office space, 3 million square feet of office/flex space, 400,000 square feet of industrial/warehouse space, and 453 multi-family residential units.
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 currently owns 132 properties, primarily office and office/flex buildings, totaling approximately 12.2 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.