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 Corporation 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.
Cali Realty Corporation's position as industry leader was recognized in 1990, and again 1996, with the prestigious Impact Award from the New Jersey Chapter of the National Association of Industrial and Office Properties (NAIOP), an award presented to the company with the greatest influence on the New Jersey real estate industry. The following year, International Financial Tower in Jersey City was awarded the 1997 Office Building of the Year Award by the New Jersey Chapter of the Building Owners and Managers Association (BOMA).
Cali Realty Corporation became one of the most well known and respected REITs in the nation. In 1997, the company acquired Westchester-based Robert Martin Company, expanding its Northeast presence. Later that year, Cali made history by announcing its $1.2 billion merger with The Mack Company, creating a REIT powerhouse with over 22 million square feet of office space throughout the country - which grew to 28 million square feet by 2000.
Two years since its IPO, Cali Realty Corporation surpasses all expectations. - Tenants, brokers, investors and analysts are all finding that Cali Realty Corporation is the company to watch in tri-state real estate. From Cali's hands-on property management to its multitude of acquisitions to its impressive stock return, Cali Realty constantly surpasses all expectations. In just two years since its initial public offering, Cali has expanded across the tri-state area, completing more than $250 million in acquisitions. Caliís original portfolio of 12 office properties, totaling 2.2 million square feet with 230 tenants, has more than doubled to 45 properties totaling 4.6 million square feet with over 430 tenants. Read more ...
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 ...