Mack-Cali Sells D.C. Office Property for $67 Million
09/26/2001 Category: Dispositions
--1709 New York Avenue, NW, Purchased by Tenant Federal Reserve--
Cranford, New Jersey—September 26, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has sold 1709 New York Avenue, NW, in Washington, D.C., for $67 million. The property, consisting of 166,000 net rentable square feet of office space* and a three-story, 76,980 square-foot underground parking garage, was purchased by the Federal Reserve.
The Federal Reserve currently occupies 71% of the building, which is located one block from the White House.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "While the D.C. market continues to be an area in which we plan to grow, we're pleased to be able to accommodate the long-term needs of the Federal Reserve, one of our leading tenants."
The late Edward I. Geisinger, Arthur G. Greenberg and Vernon E. Knarr of Julien J. Studley, Inc. represented the Federal Reserve in the transaction.
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 268 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.4 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 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.
* Washington DC Association of Realtors method of measurement.