News of Mack-Cali

The Mack Company Merges with Cali Realty to Form Mack-Cali

EXCERPT

From: Commercial Property/Mack-Cali Realty Corporation; From Two Family Firms, a 'Super-Regional REIT'

RACHELLE GARBARIN

January 4, 1998

EXCERPT: "...NOT long ago they were family-run New Jersey real estate companies that competed head to head in the suburban office market in the northern part of the state.

Now, in a move that underscores the growing public ownership of real estate, the Cali Realty Corporation of Cranford, which became a real estate investment trust in 1994, has merged with the Mack Company of Rochelle Park.

The $1.2 billion transaction, announced in August and closed last month, involved the sale of 9.2 million square feet of offices. It elevates Mack-Cali Realty Corporation to one of the largest office real estate investment trusts in the country, with 22 million square feet in 187 buildings and assets of $3.5 billion. REIT's are entities that invest in real estate, paying most of their earnings as dividends to shareholders..."

Finish reading about The Mack Company's merger at the source of the article in the New York Times.