Cali Realty Corporation Announces purchase of four office buildings from Beacon Properties.CRANFORD, N.J.--(BUSINESS WIRE)--May 12, 1997-- $72.5 Million Acquisition Increases Cali's Suburban Philadelphia Holdings by 58% Cali Realty Corporation (NYSE NYSE See: New York Stock Exchange :CLI (1) (Call Level Interface) A database programming interface from the SQL Access Group (SAG), an SQL membership organization. SAG's CLI is an attempt to standardize the SQL language for database access. ) today announced that it has acquired four class A office buildings in the Westlakes Office Park in suburban Philadelphia for $72.5 million. The purchase also includes a 3.2 acre land parcel zoned for an additional 24,000 square feet of development. The properties, which were purchased from Beacon Properties Corporation (NYSE:BCN BCN Beacon BCN Blue Care Network BCN Biblioteca del Congreso Nacional (Chile) BCN Backbone Concentrator Node (routers, Nortel) BCN Banco Central de Nicaragua BCN Broadband Convergence Network ), total approximately 444,000 square feet and are 97% leased. The purchase was financed primarily from funds made available through one of the Company's credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer said, "The purchase of Westlakes Office Park--one of the most prestigious office complexes in suburban Philadelphia--will increase Cali's holdings by 58% in one of the northeast's best performing markets." Cali, which first entered the suburban Philadelphia office market in May 1996 with its purchase of Rose Tree Corporate Center, now owns 11 class A office buildings totaling over 1.2 million square feet in the market. Westlakes is situated on a 44-acre site along the popular Route 202 corridor in Berwyn, Chester County. "This first-rate property is a natural addition to Cali's portfolio, and is consistent with our strategy of acquiring top-quality, class A office properties in promising markets," said John R. Cali, Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive and Head of Acquisitions. Cali Realty Corporation will take over management of the property from Beacon Management Company. 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. Cali owns 127 properties, primarily office and office/flex buildings, totaling 11.8 million square feet. All of the properties are located in New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania, and Connecticut. Further information on Cali Realty Corporation is available at the Company's Internet site at http://www.calirealty.com. CONTACT: Barry Lefkowitz -or- Darren Brandt Chief Financial Officer Edelman Financial Cali Realty Corporation (212) 704-4449 (908) 272-8000 |
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