EDISON, N.J., Nov. 16, 2015 /PRNewswire/ -- Mack-Cali
Realty Corporation (NYSE: CLI) today announced the purchase of 333
Thornall Street in Edison, New
Jersey, a class A office building located in Metropark, a
major transit hub. The purchase price was approximately
$53.1 million.
Known as Metroview, the property is approximately 96 percent
leased and includes 196,000 square feet of office space. The
building is located adjacent to Mack-Cali's 343 Thornall Street.
"Metroview is a great complement to our existing
195,700-square-foot asset next door and is another in a series of
moves designed to refocus our holdings toward transit-based office
assets," said Mack-Cali president
Michael DeMarco. "This market is
known for its strong rental demands and high occupancies, owing in
part to its location just down the road from the nearby transit
hub, making it an ideal example of what we are striving to
accomplish with our new strategy."
333 Thornall Street is a LEED(R) Silver certified
building with easy access to routes 287, 1, and 27, as well as the
New Jersey Turnpike and Garden State Parkway. The nearby
transit hub offers both NJ TRANSIT and Amtrak service and is within
walking distance of the complex. Major hotels, dining, and retail
are also located in close proximity.
The company plans to integrate its existing building with the
new acquisition through the construction of an interconnected,
landscaped walkway providing access to the shared amenities, as
well as terraced, outdoor seating and various exercise components
creating an approximately 400,000-square-foot campus.
"While the buildings are already attractive because of their
outstanding location, we plan to add to the existing amenities to
make it an even more appealing option for central New Jersey businesses," said Ricardo Cardoso, executive vice president and
chief investment officer. "The addition of a new fitness center,
conference rooms, Wi-Fi, and multiple dining options will transform
the space into an outstanding class A office campus."
The acquisition of 333 Thornall Street is part of
Mack-Cali's strategy to focus
resources on transit-based real estate, as well as waterfront
properties. The purchase of 333 Thornall Street is one of the new
leadership team's high profile moves in that direction.
About Mack-Cali Realty Corporation
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 two-platform operations of
waterfront and transit-based office and luxury multi-family.
Mack-Cali owns or has interests in
275 properties, consisting of 147 office and 109 flex properties
totaling approximately 29.9 million square feet and 19 multi-family
rental properties containing approximately 5,700 residential units
and a pipeline of 10,000 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 and the
commercial real estate properties and multi-family residential
communities available for lease can be found 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:
|
Ilene
Jablonski
Mack-Cali Realty
Corporation
Vice President of
Marketing
(732)
590-1528
ijablonski@mack-cali.com
|
Darryl
Isherwood
Mercury Public
Affairs
908-789-1380
disherwood@mercuryllc.com
|
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SOURCE Mack-Cali Realty Corporation