Mack-Cali Realty Corporation Completes Acquisition in Suburban Maryland
07/17/1998 Category: Acquisitions
CRANFORD, NJ--July 17, 1998--Mack-Cali Realty Corporation (NYSE:CLI) today announced the completion of its previously announced acquisition of East Point located at 4200 Parliament Drive, Lanham, Prince George's County, Maryland for $15.5 million.
East Point is a six-story, 122,000 square foot, class A office building. The acquisition also includes nine acres of developable land that has been zoned and improved for the construction of a 123,000 square-foot twin building. The office property is currently 100% leased to nine tenants, including State Farm Life Insurance, Bell Atlantic/Chesapeake Directory Sales and Comnet Corporation.
This acquisition represents the Company's completion of a transaction previously-announced in June in which the Company also acquired two office properties in Washington D.C.
Mitchell E. Hersh, president and chief operating officer, stated, "These transactions mark Mack-Cali's entrance into the Mid-Atlantic region and a contiguous expansion of our core markets from Connecticut to Pennsylvania. In addition, the developable land provides Mack-Cali with additional growth opportunities. Our presence in Metropolitan Washington D.C. is consistent with our strategy of building on the Company's existing platforms in the Northeast, Southwest and West."
Mack-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. With the completion of pending transactions, Mack-Cali will own or have interests in 250 properties, primarily office and office/flex buildings, totaling approximately 27.5 million square feet, serving over 2,300 tenants in 12 states and the District of Columbia.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.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.