Mack-Cali Realty Corporation Completes Acquisition of AT&T Office Property in San Francisco
06/02/1999 Category: Acquisitions
CRANFORD, NJ--June 2, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced it has completed the acquisition from AT&T Corporation of 795 Folsom Street, a 184,000 square-foot class A office property in San Francisco, for $34 million.
AT&T Corporation has leased back two floors totaling 63,278 square feet of the six-story property, which will be converted from single-tenant use to multi-tenant use by Mack-Cali. The property is situated across from the Moscone Convention Center at the corner of Fourth and Folsom Streets in the Yerba Buena submarket.
With the completion of the Folsom Street acquisition, Mack-Cali's holdings in the San Francisco central business district (CBD) area consist of three properties totaling 756,400 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 254 properties, primarily office and office/flex buildings, totaling approximately 28.1 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.
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.