Mack-Cali Completes Sale of San Francisco Properties
12/21/2006 Category: Dispositions
Exit of Western Markets Complete
Edison, New Jersey—December 21, 2006—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has completed the sale of its remaining two properties in San Francisco. The sales mark the Company's exit of its western markets, in accordance with its capital recycling program and portfolio strategy.
Mack-Cali completed the previously announced sale of 760 Market Street and 795 Folsom Street to a partnership of Westcore Properties, LLC; Angelo, Gordon & Co.; and City Center Retail, LLC for an aggregate price of $126 million. 760 Market Street is an 11-story, 267,446 square-foot class A office building that is 78.0 percent leased; and 795 Folsom Street is a six-story, 183,445 square-foot class A office building that is 78.8 percent leased.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "This sale represents a significant milestone for our Company. It not only marks our exit of the San Francisco market, but it's also the final step in our strategic plan of exiting the western, non-core markets to focus on growth opportunities in our core Northeast region." He continued, "In addition, this transition allows us to capitalize on the robust investment sales market in San Francisco and create value for our shareholders."
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 299 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.9 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,200 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.