The Mack Company Merges With Cali Realty To Form Mack-Cali
From: Commercial Property/Mack-Cali Realty Corporation; From Two Family Firms, a ‘Super-Regional REIT’
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…”