For Immediate Release
 

Atlanta Georgia (May 5, 2000) -- Germania of America, Inc. today announced it has completed the acquisition from Mack-Cali Realty Corporation of International Financial Tower, located at 95 Christopher Columbus Drive in Jersey City, New Jersey, for $152.5 million.

The property was purchased by a joint partnership of CommerzLeasing und Immobilien GmbH (CLI), Duesseldorf, Germany and Germania of America, Inc. (GOA), Atlanta, Georgia.  The long term financing has been provided by the Bayerische Landesbank, Munich, Germany.

International Financial Tower, a 622,000 square-foot class A office property, 100 % leased.  The building was developed in 1989 and was part of the early revitalization of the Jersey City sub-market.  Mack-Cali will continue to manage and lease the property for CLI and GOA.

Helmut K. Werner, President of GOA, commented that “This is the third project in our joint venture which is part of a long term relationship between CLI and GOA.  We are pleased with this transaction and are fortunate from a timing standpoint to add this property to our portfolio.”

Germania of America, Inc., a privately owned real estate investment company based in Atlanta, Georgia, was founded in 1983.  GOA provides real estate acquisition and investment advisory services.  GOA’s investments are located primarily in the Southeast region of the United States  and include multi- and single-tenant office buildings, office warehouse facilities and retail shopping centers.

Each individual investment property is purchased by a single purpose Limited Partnership or as a private placement.  GOA underwrites the investment and sells Limited Partnership shares in each of the investment properties to individuals by their sister company Germania Vermoegensanlagen AG., Munich, Germany, or by European Banks.  GOA, or one of its affiliates, acts as the General Partner in these Limited Partnerships and is responsible for the day-to-day asset management.