Mack-Cali Acquires Office Building in Parsippany, New Jersey
06/15/2000 Category: Acquisitions
--Gatehall IV Purchased for $42.2 Million--
Cranford, New Jersey—June 15, 2000--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has acquired Gatehall IV, a 254,800 square-foot class A office property located in Gatehall Corporate Center in Parsippany, New Jersey, for $42.2 million. The building was purchased from the State of California Employees Retirement System (CALPERS).
The four-story property is situated on a 13.8 acre site at the intersection of Routes 10 and 202, across from Mack-Cali Business Campus, and two miles west of the interchange of I-287 and Route 10. Gatehall IV is 98.5% leased to 13 tenants, including Nabisco Foods, Royal Insurance, B&G Foods, J.B. Hanauer, Toyota Motor Credit and UPS.
"Gatehall IV is one of the preeminent properties in the Parsippany area and now an integral part of Mack-Cali's growing portfolio in this outstanding submarket," commented Mitchell E. Hersh, chief executive officer. "We are also pleased to have acquired this asset at a price well below replacement cost and foresee significant upside rent potential."
The acquisition of Gatehall IV brings Mack-Cali's holdings in the Parsippany submarket to 12 properties totaling 1.7 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 266 properties, primarily office and office/flex buildings, totaling approximately 28.4 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 http://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.