Cali Realty Corp. Announces Acquisition of Westchester Office/Flex Property for $8 Million.CRANFORD N.J.--(BUSINESS WIRE)--Aug. 18, 1997--Cali Realty Corporation (NYSE NYSE See: New York Stock Exchange : CLI) announced today that it has acquired 200 Corporate Boulevard South, part of the South Westchester Executive Park complex in Yonkers, New York Yonkers is the fourth largest city in the State of New York (it falls behind New York City, Buffalo, and Rochester), and the largest city in Westchester County, with a population of 196,086 (according to the 2000 census). for $8 million. The building, which was acquired through the exercise of a purchase option obtained in the $440 million acquisition of the Robert Martin Company earlier this year, is an 84,000 square-foot office/flex building which is currently 98% leased to seven tenants. The acquisition, which was financed from the Company's cash reserves, increases Cali's holdings in Westchester County, New York '' Westchester County is a primarily suburban county located in the U.S. state of New York with about 950,000 residents. It is part of the New York Metropolitan Area. It was named after Chester, in England, and the county seat is White Plains. , to 63 properties aggregating four million square feet. Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer, said, "This acquisition complements our portfolio of both office and office/flex properties in the same region in which the Robert Martin transaction gave us a substantial presence. We are pleased to be able to further expand in this improving Westchester market, and plan to continue expanding as opportunities dictate." The South Westchester Executive Park, located in suburban Yonkers four miles from the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. line, is a 140-acre complex with 687,000 square feet of office and office/flex space. The park has direct access to the Saw Mill River Parkway The Saw Mill River Parkway is a 28.9 mile, north-south parkway running diagonally through Westchester County, New York. Named for the Saw Mill River, which the highway parallels, the Saw Mill Parkway begins at the Westchester-Bronx border, where it continues into New York City as , I-87, the Henry Hudson Parkway The Henry Hudson Parkway is an 11.05 mile (0 km) long parkway in New York City. The southern terminus is at West 72nd Street in Manhattan, where the parkway continues south as the West Side Highway. and the Major Deegan Expressway. Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 131 properties, primarily office and office/flex buildings, totaling approximately 12.1 million square feet. All of the properties are located in New Jersey, New York, Pennsylvania and Connecticut. Additional information on Cali Realty Corporation is available on the Company's Web site at http://www.calirealty.com. CONTACT: Cali Realty Corporation OR Edelman Financial Barry Lefkowitz Darren Brandt 908/272-8000 212/704-4449 |
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