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Boom-Time Beneficiaries: Developers - Mack-Cali Realty Corp.(Brief Article)(Statistical Data Included)
Crain's New York Business, January, 2001 by Aron, Laurie Joan
the first time mack-cali realty corp. ventured into the New Jersey waterfront office market, back in 1989, it was hoping to take advantage of a trend that had seen rent-squeezed New York City financial services firms sending back-office operations across the river in search of cheaper space.
The Cranford, N.J.-based real estate investment trust-which until then had operated mainly in central and inland northern New Jersey-put up a Class A office building in Jersey City for around $90 million. (It sold the property last April for $152.5 million.) It wasn't until 1996, when New York City's economy was beginning to pick up steam, that Mack-Cali took another step into Jersey City. This time, the $3.5 billion REIT did it in a big way: For nearly $290 million, it...
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