Mack-Cali Joins Rome Partnership to Bid For Reckson
12/01/2006 Category: Miscellaneous
Edison, New Jersey'December 1, 2006'Mack-Cali Realty Corporation (NYSE: CLI) today announced that its operating partnership, Mack-Cali Realty, L.P., has become a limited partner of Rome Acquisition Limited Partnership. The Rome partnership was formed by affiliates of financier Carl Icahn and real estate investor Harry Macklowe, to pursue an acquisition of Reckson Associates Realty Corp. (NYSE: RA).
Pursuant to an amendment to the Rome partnership agreement, Mack-Cali has agreed to contribute at least $400 million to Rome, subject to certain conditions, including entry into a satisfactory amended and restated partnership agreement and Mack-Cali's satisfaction with its due diligence review of Reckson. Mack-Cali has entered into a six-month loan agreement with JPMorgan Chase Bank, N.A., for $350 million.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, 'We believe that due to our collective strengths this combined partnership will enhance any proposal that Rome determines to make to acquire Reckson. Mack-Cali brings particular experience in the Northeast suburban markets, where a significant part of Reckson's portfolio is located.'
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,' 'should,' 'expect,' 'plan,' '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.