Mack-Cali Sells Building in Fishkill, New York
06/30/2006 Category: Dispositions
Sole Dutchess County Asset Sold for $15.1 Million
Cranford, New Jersey—June 30, 2006—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold 300 Westage Business Center Drive, a 118,727 square-foot class A office building in Fishkill, New York, for $15.1 million.
The 85.3 percent leased building, which was sold to a private investor, was Mack-Cali's only asset in Dutchess County.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "The sale of this building allows us to capitalize on the favorable investment sales market while continuing to reduce our holdings in non-core markets."
Eastdil Realty Company, L.L.C. represented Mack-Cali in the transaction.
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 303 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 34.2 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,400 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.