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Mack-Cali, Prentiss merger creates 4th largest office REIT

Published Saturday, July 01, 2000

CRANFORD, N.J. - Mack-Cali Realty Corp. and Dallas-based Prentiss Properties Trust have entered into a merger agreement that will create the fourth largest U.S. office REIT, with Prentiss merging into Mack-Cali. The $2.3 billion transaction is expected to close in the fourth quarter, pending shareholder approval. The acquisition of Prentiss will add more than 19 million sq. ft. of primarily suburban office properties to Mack-Cali's portfolio, increasing the portfolio size by 68% to 47.7 million sq. ft. Upon completion of the merger, the combined companies will have a market cap of $5.9 billion and a portfolio of 457 ...

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