Search
 

Mack-Cali Bonds are Downgraded

Factors relating to Prentiss merger cited.

By Eric Peterson | Updated on July 28, 2000

CRANFORD, NJ—Standard & Poor’s has changed its outlook on Mack-Cali Realty Corp. and its operating partnership Mack-Cali Realty LP. At the same time, outstanding ratings on both entities were affirmed.

The locally based REIT is in the process of acquiring Dallas-based Prentiss Properties Trust, and the rating affirmation acknowledges that the acquisition will improve the company’s geographic reach and market position, in effect creating a national operating platform. The post-merger organization will be capitalized to the tune of $5.8 million with a portfolio of 48 million sf of office and industrial properties in 18 markets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.