Mack-Cali Completes Sale of International Financial Tower in Jersey City for $152.5 Million
04/18/2000 Category: Dispositions
Cranford, New Jersey--April 18, 2000--Mack-Cali Realty Corporation (NYSE:CLI) today announced it has completed the sale of International Financial Tower, located at 95 Christopher Columbus Drive in Jersey City, New Jersey, for $152.5 million.
The property was sold to a joint venture of CommerzLeasing und Immobilien GmbH Duesseldorf and GOA Germania of America, Inc., Atlanta, Georgia.
International Financial Tower, a 622,000 square-foot class A office property, is 99.9% leased. The building was developed by the Company in 1989, and was part of the early revitalization of the Jersey City sub-market. Mack-Cali will continue to manage and lease the property.
Mitchell E. Hersh, chief executive officer, stated, "We're pleased to be able to reap value from this asset and redeploy the proceeds into higher yielding growth opportunities."
Hersh continued, "Mack-Cali remains fully committed to the vibrant Jersey City sub-market. Today, we own nearly 2 million square feet of property on the waterfront, are rapidly progressing on office, residential and hotel developments, and have waterfront land available to develop approximately 6 million square feet of additional office space. We continue to view Jersey City as one of the country's strongest real estate sub-markets."
At Harborside Financial Center on the Jersey City waterfront, Mack-Cali is nearing completion on a 185,000 square-foot office building being developed for TD Waterhouse and a 440,000 square-foot, 1100-car parking garage being built beneath the office building.
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 259 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 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.