Joint Venture of Mack-Cali and Highridge Partners Sells Office Property in California
07/10/2001 Category: Acquisitions
El Segundo Development Sold for $67.2 Million
Cranford, New Jersey—July 10, 2001—Mack-Cali Realty Corporation (NYSE: CLI) and Highridge Partners today announced that their joint venture has sold Continental Grand Plaza II, a 239,086 square-foot office property located in El Segundo, California, for $67.2 million.
The property, which was developed in 1999 by the joint venture, was sold to MetLife. The 100%-leased building was Mack-Cali's only holding in the Los Angeles market.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "This transaction allows us to generate significant value for our Company while exiting a non-core market. We look forward to reinvesting the proceeds from this sale to continue to build our presence in our core markets in the Northeast and Mid-Atlantic regions."
The development of Continental Grand Plaza II was managed by Summit Commercial Properties, Inc., an affiliate of Highridge Partners. Headquartered in Los Angeles, Highridge Partners has acquired, developed and managed a real estate portfolio in the past decade valued at more than $3 billion.
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 269 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.5 million square feet. The properties 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 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.