Mack-Cali Completes Sale of San Francisco Property
11/14/2006 Category: Dispositions
Sells Ownership Interest in Joint Venture Office Building
Edison, New Jersey—-November 14, 2006—-Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has completed the sale of substantially all of its 50-percent ownership interest in Convention Plaza, a 12-story, 305,618 square-foot class A office building located at 201 Third Street in San Francisco.
The interest in the building was sold to an entity related to The ADCO Group based on a total building valuation of approximately $82 million. A different entity related to The ADCO Group was Mack-Cali's joint venture partner in the project. The building is 83.9 percent leased.
Mack-Cali is also under contract to sell its remaining two assets in San Francisco, 760 Market Street and 795 Folsom Street, to Westcore Properties, LLC, for an aggregate price of $126 million. That transaction, which is expected to close in the fourth quarter, will complete Mack-Cali's exit of the California 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.