Mack-Cali Sells Two Long Island Properties
06/06/2005 Category: Dispositions
Nassau County Properties Sold for $72.5 Million
Cranford, New Jersey—June 6, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold two office properties totaling 292,849 square feet in Long Island, New York, for $72.5 million. The buildings, which were Mack-Cali's only assets on Long Island, were sold to private investors.
Both located in Nassau County, the buildings are:
- 600 Community Drive in North Hills, a six-story, 237,274 square-foot class A office building leased to CMP Media; and
- 111 East Shore Road in Manhasset, a four-story, 55,575 square-foot class A office building leased to Administrators for the Professions, Inc.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "This transaction allows us to exit a non-core market while capitalizing on the favorable investment sales market."
Eastdil Realty Company, L.L.C. represented Mack-Cali 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 267 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 29.9 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.