Mack-Cali Realty Corporation Acquires Washington, D.C. Property
07/22/1999 Category: Acquisitions
1201 Connecticut Avenue, Northwest, Increases Company's Holdings in D.C. Area to 616,000 Square Feet
CRANFORD, NJ--July 22, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has acquired 1201 Connecticut Avenue, NW, Washington, D.C., a 12-story office property totaling 169,000 square feet, for $32.2 million.
The property, which is located at the corner of Connecticut Avenue and Rhode Island Avenue in Washington, D.C.'s Central Business District (CBD), was acquired from Value Enhancement Fund I, an equity real estate fund managed by Lend Lease Real Estate Investments, Inc. 1201 Connecticut Avenue, NW, is 86% leased to nine tenants, including Radio Free Europe/Radio Liberty, The Association of American Law Schools, the Police Foundation, Leo A. Daly Architects, and Brooks Brothers.
Mitchell E. Hersh, chief executive officer, commented, "As a natural extension of our core Northeast portfolio, we believe great opportunity exists for Mack-Cali to build a significant presence in Washington, D.C., one of the country's strongest real estate markets." Hersh added, "We view 1201 Connecticut Avenue--which we acquired well below replacement cost--to be an attractive asset to add to our growing Washington, D.C. portfolio."
Mack-Cali's holdings in the Washington, D.C. area now consist of four properties totaling 616,000 square feet, plus developable land. The Company's Northeast holdings, from Washington, D.C. northward through Fairfield County, Connecticut, total over 21.5 million square feet.
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 255 properties, primarily office and office/flex buildings, totaling approximately 28.3 million square feet located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.