Commercial Real Estate
As the suburban population grew and businesses began considering a suburban - rather than a city - location, the Calis focus in the 1960s turned to developing office space in New Jersey. Cali Associates went on to develop over 4 million square feet of commercial properties, including 18 class A office buildings totaling 3 million square feet which includes landmark properties such as 20 Commerce Drive (also known as the "clock tower building") in Cranford, 50 Tice Boulevard in Woodcliff Lake, Liberty Hall Corporate Center in Union and International Financial Tower at 95 Christopher Columbus Drive in Jersey City. See project list...
The trademark of Cali office buildings was the incorporation of the dramatic atrium space - which the Calis introduced to suburban New Jersey when it developed 101 Eisenhower Parkway in Roseland in 1980. The company insisted on such spectacular design elements long before they became fashionable and continually insisted on quality delivery.
Impressive atria have been a trademark of Calis developments long before such interior features became fashionable. Here, lush greenery appoints the lobby atrium of Caliís 235,000-sq-ft. Cali Corporate Center building in Woodcliff Lake, N.J.
Seven Cali buildings have won the prestigious New Jersey Good Neighbor Award for outstanding contributions to their communities. In 1990, and again in 1996, Cali received the highest accolade from its peers, winning the National Association of Industrial and Office Parks New Jersey Developer of the Year Award. Read more...
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. Read more...
Cali Realty IPO
In 1994, Cali Associates was one of the few private real estate companies to recognize the need to grow through access to the capital markets. The company went public as Cali Realty Corporation, transforming itself from a family-owned development and management company to the first office real estate investment trust (REIT) in New Jersey. After its initial public offering, Cali Realty aggressively grew its portfolio through several significant acquisitions. In 1996, the Company expanded into Pennsylvania and at the same time acquired the 1.9 million square-foot Harborside Financial Center on the Jersey City waterfront including developable land for 6 million square feet of space - the largest single commercial real estate transaction in New Jersey's history at the time. Read more...
In August 1997, Cali Realty Corporation announced its plans to merge with two private real estate concerns, New Jersey-based Mack Company and Dallas-based Patriot American Office Group.
The transaction added 54 office properties totaling approximately 9.2 million square feet to Calis portfolio, for a combined portfolio of 186 properties totaling 21.5 million square feet of office, office/flex and industrial/warehouse space, located in 10 states. The $1.2 billion transaction closed in December 1997, and operates under the new name Mack-Cali Realty Corporation. Read more...