"Our ability to recognize and act upon positive trends in our market positioned Cali Realty as one of the leading office REITs in the country."
By aggressively embarking on a calculated strategy of acquiring and developing high-quality properties in promising markets, Cali Realty Corporation became the premier super-regional office REIT in the Northeast, with properties stretching across four states.
In 1996 alone, Cali Realty Corporation purchased 15 office properties totaling almost 3.3 million square feet, for over $450 million. The most notable of their acquisitions that year was Harborside Financial Center, a 1.9 million square-foot office complex in Jersey City, New Jersey. Heralded as one of the largest commercial real estate transactions in New Jersey history, this purchase solidified Cali as the dominant force in the Jersey City office market.
The Robert Martin transaction involved the acquisition of 4.1 million square feet of properties, including Westchester Financial Center, in White Plains, NY.
Cali Realty Corporation strengthened its position as the dominant office REIT in the northeast in January 1997, when it acquired 65 properties and their related operations from the Robert Martin Company, the largest commercial real estate development company in Westchester County, New York and Fairfield County, Connecticut.
This $450 million transaction accomplished several objectives for Cali. It added 4.1 million square feet of office, office/flex and industrial/warehouse space in Westchester and Fairfield counties to Caliís portfolio. The resulting portfolio totaled approximately 11.4 million square feet - almost triple the size of the portfolio at January 1996.
The Companyís reach extended across four states, stretching from suburban Philadelphia, through New Jersey, across lower New York State, and into Connecticut. Cali today has the strategic advantage of operating in markets that collectively contain over 250 million square feet of office space, and over one billion square feet of industrial space, providing Cali with abundant acquisition and growth opportunities for the future.
That major transaction positioned Cali as the largest and most dominant office REIT in the northeast and as one of the few super-regional REITs in the United States.
Cali's acquisition of Harborside was one of the largest commercial R E transactions in New Jersey's history.
Harborside Financial Center, a 1.9 million square-foot office complex on the Jersey City waterfront, stands out not only as Caliís largest acquisition through 1996, but also as one of the largest commercial real estate transactions in New Jersey history. The $292 million purchase of this nationally renowned property further established Caliís dominance in the Jersey City waterfront market, with Cali now owning 40% of the Class A office space in this top-performing market.
In connection with the Harborside purchase, Cali also acquired 17 acres of land approved for an additional 4.1 million square feet of development, plus water rights extending into the Hudson River. Harborside, located directly across the river and one train stop away from lower Manhattan, is now 99% leased to 45 tenants.
From August 1996 through January 1997, Cali reached several significant milestones. This six month period saw Cali complete $850 million in transactions, raise $545 million in equity capital and establish itself as one of the few super-regional REITs in the country.
Cali Realty - The Making of a Super-Regional REIT - By aggressively embarking on a calculated strategy of acquiring and developing high-quality properties in promising markets, Cali Realty Corporation has become the premier super-regional office REIT in the Northeast, with properties stretching across four states. The implementation of this strategy relies on Caliís ability to focus its expansion activities in markets where it is or can become a dominant player and its success in gaining access to the capital markets. Read more ...
The New York Times
February 2, 1997
Robert Martin's sale to Cali part of trend to public ownership. - For 40 years, the company created by Robert Weinberg and Martin Berger was a major factor in the two counties immediately north of New York City, with their Robert Martin Company eventually owning 4.1 million square feet of office, mixed-use and industrial space in Westchester and in Fairfield County, Conn. The name will continue to exist, but Robert Martin is about to become part of a fast growing New Jersey-based real estate investment trust, Cali Realty Corporation. The $440 million transaction will mark the demise Read more ...