Cali Realty announces closing of three portfolio acquisitions.

CRANFORD, N.J.--(BUSINESS WIRE)--Nov. 8, 1995--Cali Realty Corporation (NYSE:CLI) has closed on the purchase of three real estate portfolios for an aggregate purchase price of $97.3 million. The portfolios total 1.14 million square feet and consist of 23 office and office/flex buildings in New Jersey. The purchase was financed in part by a public equity offering of four million common shares. Thomas A. Rizk, President and Chief Financial Officer, made the announcement today.

Ten buildings, totaling 582,000 square feet, were purchased for $52.6 million. This portfolio consists of five office buildings ranging from two to four stories and five single story office/flex buildings. Eight of the properties are located in Monmouth County and two are located in Atlantic County. All of the buildings are along major roads in the New York City - Philadelphia corridor. The portfolio, which is 96% leased, was purchased from Commercial Realty & Resources Corp., a wholly owned subsidiary of New Jersey Resources Corporation, a public utility holding company. The company has certain options to acquired approximately 144 acres of land for future development.

Nine buildings, totaling 400,000 square feet, were purchased for $31.2 million. The portfolio consists of one three story office building and eight single story office/flex buildings in Totowa, Passaic County. The buildings, which are 96% leased, were purchased from George Kessel Associates, a northern New Jersey development company. They are along major highways with easy access to the New York City metropolitan area. The company has certain rights to acquire approximately 16 acres of adjacent land for development.

Four buildings, totaling 170,000 square feet, were purchased for $13.5 million. The portfolio consists of one two story office building and three single story office buildings located in Hamilton Township, Mercer County, mid-way between New York City and Philadelphia, one mile from Exit 7A of the New Jersey Turnpike. The buildings, which are 95% leased, were purchased from a subsidiary of Trafalgar House, Plc., a multi-national conglomerate. The company has an option to acquire the adjacent 128 acres of land for development.

"The acquisitions are consistent with our strategy of strengthening our position in particular suburban submarkets. Each of these high quality portfolios complements our existing properties and we are pleased to add them to Cali Realty," stated Rizk. Since becoming a real estate investment trust (REIT) in August of 1994, Cali Realty Corporation has acquired 27 properties, increasing the square feet in its portfolio by 75%.

Cali Realty Corporation is a self-administered, self-managed real estate investment trust (REIT) with corporate headquarters in Cranford, New Jersey. The company is a leading property owner specializing in leasing, management, acquisition, construction and development of office buildings in New Jersey and in Southern New York State. The Cali portfolio consists of 39 Class A buildings totaling approximately 3.9 million square feet and one residential property consisting of 327 units located in Burlington County, New Jersey.

CONTACT: Thomas A. Rizk

President and Chief Financial Officer

(908r 272-8000