Mack-Cali Acquires Bergen County Office Property From M. Alfieri Co.
08/07/2006 Category: Acquisitions
Cranford, New Jersey—August 7, 2006—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has acquired 395 West Passaic Street in Rochelle Park, New Jersey, for $21 million. The four-story, 100,589 square-foot class A office building was acquired from M. Alfieri Co., Inc.
395 West Passaic Street is 90.2 percent leased to five tenants, including Kajima Real Estate Development, Inc.; Lincoln National Life Insurance Company; and Daiichi Asubio Pharmaceuticals, Inc. The building, together with the adjacent Mack-Cali Centre IV property, provides a campus-like setting with County parklands and water features. Several other Mack-Cali properties are also located nearby.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "This asset fits very well strategically with our regional portfolio¯allowing us to further strengthen our concentration in Bergen County. We continue to increase our holdings throughout New Jersey, constantly striving to provide our customers with the right buildings in the right locations to best suit their needs."
Michael Alfieri, president of M. Alfieri Co., Inc., commented, "The sale of 395 West Passaic Street allows us to concentrate on our core markets in Morris and Middlesex Counties."
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 320 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 35.9 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,600 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
M. Alfieri Co., Inc. is a private, full-service, commercial real estate corporation headquartered in Metropark, New Jersey. Established in 1951, the firm is experienced in all areas related to commercial real estate, including development, finance, architecture, construction, leasing and property management. Over the course of its 55-year history, M. Alfieri Co., Inc. has developed more than 6 million square feet of class A office space. To learn more, visit M. Alfieri's website at www.malfieri.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," "plan," "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.