Mack-Cali Sells New Jersey Property
EDISON, N.J., April 29, 2013
EDISON, N.J., April 29, 2013 /PRNewswire/ --Mack-Cali Realty Corporation
(NYSE: CLI) today announced that it has sold its 55 Corporate Drive office
building located in Bridgewater, New Jersey, for approximately $72.3million.
The four-story, 205,439-square-foot class A property was sold to a subsidiary
of Cole Corporate Income Trust, Inc., an entity managed by Cole Real Estate
The building, which was developed by Mack-Cali as a build-to-suit for
Sanofi-Aventis, was completed in early 2011. Adam Spies, Kevin Donner, and
Neill Wessell, all of Eastdil Secured, LLC of New York, represented Mack-Cali
in this transaction.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali,
commented, "The sale of this property continues our strategy of monetizing
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 owns or has interests in 278
properties, consisting of 269 office and office/flex properties totaling
approximately 31.1 million square feet and nine multi-family rental properties
containing over 3,300 residential units, all located in the Northeast. The
properties enable the Company to provide a full complement of real estate
opportunities to its diverse base of commercial and residential 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," "potential," "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 heading "Disclosure Regarding Forward-Looking Statements"
and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which
are incorporated herein by reference. The Company assumes no obligation to
update or supplement forward-looking statements that become untrue because of
subsequent events, new information or otherwise.
Contacts: Barry Lefkowitz Ilene Jablonski
Mack-Cali Realty Corporation Mack-Cali Realty Corporation
Executive Vice President Vice President of Marketing
and Chief Financial Officer (732) 590-1000
SOURCE Mack-Cali Realty Corporation
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