Mack-Cali Acquires and Leases Entire New Jersey Office Building
03/30/2005 Category: Acquisitions
350,000 Square-Foot Building Leased to Vonage
Cranford, New Jersey—March 30, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has acquired a 350,000 square-foot class A office building in New Jersey and simultaneously leased the entire building. The two-story building was acquired for $23.75 million from an undisclosed seller.
Mack-Cali leased the building, located at 23 Main Street in Holmdel, for 12 years and five months to Vonage, a New Jersey-based provider of broadband voice over Internet protocol (VOIP) services. Vonage will initially occupy approximately 262,000 square feet of the building, then occupy the balance approximately one year later, after the expiration of short-term leasebacks by the building's seller. Mack-Cali plans to make general upgrades to the building in connection with the Vonage lease.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "The acquisition and leasing of this property demonstrate Mack-Cali's ability to capitalize on opportunities in our core markets. In addition, they enable us to further increase our holdings in the attractive Monmouth County submarket." Mack-Cali now owns 13 buildings totaling almost 1.4 million square feet in Monmouth County.
The Garibaldi Group represented the seller 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 currently owns or has interests in 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.4 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.