UPDATE: Mack-Cali Liquidates Carr Investments; Analysts Laud Merger

WASHINGTON, DC-Industry analysts offered positive views of yesterday’s news that CarrAmerica Realty Corp. has agreed to be acquired by an affiliate of the Blackstone Group in a deal valued at an estimated $5.6 billion. But the position of one interested observer, Mack Cali, is clear on the morning after the deal was announced.

In a statement made today, Mitchell E. Hersh, president and CEO of the Cranford, NJ-based REIT, notes that the firm has liquidated its stake in CarrAmerica, realizing a $15.06-million gain and a $902,400 dividend payment during the first quarter of 2006.

“As we previously stated,” says Hersh, “we made an investment in CarrAmerica at a time when we thought the company’s stock was significantly undervalued. We are pleased that our investment on behalf of our shareholders has paid off substantially.”