Mack-Cali Redeploys Sales Proceeds to Acquire Interests in Parsippany Investment
06/30/2000 Category: Acquisitions
Cranford, New Jersey—June 30, 2000—Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has redeployed proceeds of recent asset sales to acquire, in two separate transactions, a 100% interest in Parsippany Office Associates, LLC, and its 100% interests in Mack-Cali Business Campus and a portion of Morris County Financial Center, for $153.7 million.
In one transaction, Mack-Cali used the entire proceeds of $82.1 million from its sale of Kemble Plaza, a 475,100 square-foot property in Morris County sold in June, and $2.9 million in cash to purchase 5 Sylvan Way, 2 Dryden Way, 7 Campus Drive and 2 Hilton Court, which are part of Mack-Cali Business Campus and Morris County Financial Center in Parsippany, New Jersey. In the second transaction, the Company used the remaining $65.6 million in proceeds from its sale of 95 Christopher Columbus Drive in Jersey City, a 622,000 square-foot property sold in April, and $3.2 million in cash to purchase 8 Campus Drive and 7 Sylvan Way, which are also part of Mack-Cali Business Campus in Parsippany, New Jersey.
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 by calling its investor relations department at 908.272.8000, extension 2484.
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 differ 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 operating costs may be greater than anticipated. For further 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, current reports on Form 8-K, and annual reports on Form 10-K.