Mack-Cali Completes Sale of Colorado Portfolio
11/13/2006 Category: Dispositions
Edison, New Jersey--November 13, 2006--Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has completed the sale of its property and land portfolio in suburban Denver and Colorado Springs.
The portfolio, which consists of 19 office buildings totaling approximately 1.4 million square feet, plus 7.1 acres of vacant land and 1.6 acres of land dedicated to a parking facility, was sold to Westcore Properties, LLC, for approximately $194.3 million. Westcore Properties, LLC, is a private commercial real estate firm based in San Diego.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "The sale of our Colorado portfolio represents a significant step in our strategic plan of exiting our non-core Western markets. With the sale of our remaining San Francisco properties expected to close later this quarter, our exit of the Western markets will be complete." He added, "We look forward to reinvesting the proceeds from this sale into more strategic opportunities in our core Northeast markets."
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 301 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 34.3 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,500 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," "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.