Mack-Cali Acquires Office Complex in Westchester County
05/30/2000 Category: Acquisitions
Taxter Corporate Park Purchased for $42.7 Million
Cranford, New Jersey-May 30, 2000--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has acquired Taxter Corporate Park, a 341,000 square-foot, class A office complex in Elmsford, New York, for $42.7 million.
The complex, which is 90.2 % leased to 22 tenants, consists of 555 and 565 Taxter Road, each 170,500 square feet. Taxter Corporate Park is set on a 17-acre campus--across the street from another Mack-Cali office property, 570 Taxter Road--and is located near the intersection of 1-87 and I-287. Tenants in the complex include Fuji Photo Film USA, Nextel, KLM Royal Dutch Airlines, and Royal Indemnity Insurance.
"We continue to view Westchester as a strong real estate market and are excited to add to our significant presence there via the acquisition of one of the area's preeminent office complexes," commented Mitchell E. Hersh, chief executive officer. Hersh added, "Taxter Corporate Park's below-market rents also provide our Company with significant upside potential as leases roll over to reflect the strengthening Westchester market."
The acquisition of Taxter Corporate Park--which was funded by part of the proceeds of Mack-Cali's recent $152.5 million sale of 95 Christopher Columbus Drive in Jersey City, New Jersey--brings Mack-Cali's holdings in Westchester County to 67 properties totaling 4.5 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 266 properties, primarily office and office/flex buildings, totaling approximately 28.6 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.