Mack-Cali Sells Houston Office Property
06/25/2001 Category: Dispositions
--Company's Disposition Program Progresses--
Cranford, New Jersey—June 25, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has sold the Cornerstone Regency, a 71,000 square-foot office property located at 14511 Falling Creek in Houston, Texas. The property was sold for $3.15 million to Cornerstone Northchase Venture L.P., an investment venture of Caldwell Watson Real Estate Group.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We're pleased to continue to make progress in executing our disposition program of selling assets in non-strategic markets. The proceeds of this sale, as well as other planned asset sales, will be redeployed into strategic opportunities to build our presence in our core Northeast and Mid-Atlantic regions."
Mack-Cali plans to sell an additional 4.8 million square feet of office assets in markets such as Dallas, Houston, San Antonio, Denver and Phoenix within the next two years.
The Dallas office of Eastdil Realty Company, LLC represented Mack-Cali in the transaction.
Caldwell Watson Real Estate Group, based in Houston, owns approximately 740,000 square feet of office space in the Northwest Houston submarket.
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 271 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.8 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.