CRANFORD, N.J. - BUSINESS WIRE - September 29, 2003
Mack-Cali Realty Corporation (NYSE: CLI) today announced that through a joint venture partnership it has sold Harborside Financial Center Plaza 10, a 577,575 square-foot class A office property in Jersey City, New Jersey, for $194 million. The 19-story building, which is fully leased to Charles Schwab & Co., was sold to an institutional real estate buyer.
Mack-Cali will continue to manage the property, which is part of its Harborside Financial Center complex on the Jersey City waterfront. Mack-Cali received net proceeds of approximately $165 million from the sale, which it intends to use primarily to repay outstanding borrowings under its revolving credit facility. Harborside Plaza 10 was owned by a joint venture between Mack-Cali and Columbia Development.
Mack-Cali will remain a leading owner and operator of office properties on the Jersey City waterfront. After the sale, Mack-Cali continues to own a 100 percent interest in five office buildings totaling more than 3 million square feet of class A office space at Harborside Financial Center.
The joint venture continues to own a land site adjacent to Harborside Plaza 10 that can accommodate the development of over 1.2 million square feet of office space. In addition, Mack-Cali's wholly-owned land at Harborside can accommodate the development of 3.1 million square feet of office space.
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Tuesday, September 30, 2003
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