Cali Realty Corporation announces acquisition of One Bridge Plaza for $26.8 million.

CRANFORD, N.J.--(BUSINESS WIRE)--Dec. 17, 1996--Cali Realty Corporation (NYSE:CLI) today announced the acquisition of One Bridge Plaza located in Fort Lee, Bergen County, New Jersey for $26.8 million in cash. The 200,000 square-foot building is 92% leased to over 30 tenants.

The property is located at the intersection of Marginal Road and North Central Road and adjacent to the entrances of the George Washington Bridge, Routes 95, 46, and 4 and the Palisades Parkway. The building was completed in 1981 and underwent a significant renovation in 1992.

Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer said, "With the combined advantages of excellent location and the finest physical plant within the competitive marketplace, we are confident that the acquisition of One Bridge Plaza adds long-term value to our portfolio."

Cali Realty Corporation is a self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 55 properties, primarily Class A office and office/flex buildings, totaling over seven million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.

CONTACT: Cali Realty Corporation, Cranford

Thomas A. Rizk, [phone]