Mack-Cali Withdraws From Rome Partnership in Bid For Reckson
12/04/2006 Category: Miscellaneous
Edison, New Jersey'-December 4, 2006'-Mack-Cali Realty Corporation (NYSE: CLI) today announced that its operating partnership, Mack-Cali Realty, L.P., has withdrawn as a limited partner of Rome Acquisition Limited Partnership.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 the partnership agreement, Mack-Cali was permitted to withdraw from the agreement subject to certain conditions and due diligence review.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, 'We believe that when invited into this deal, we owed it to our shareholders to consider the acquisition of Reckson due to synergies with Reckson's suburban markets. However, after careful analysis, we determined that this transaction would not be in the best interests of our shareholders. We wish all the parties well in their efforts at pursuing the acquisition of Reckson.'
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.