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Catellus Sells 935,000 S.F. of Commercial Entitlements at Mission
Bay
SAN FRANCISCO, Oct. 29 /PRNewswire-FirstCall/ -- Catellus Development
Corporation (NYSE:CDX) announced today the sale of land entitled for 935,000
square feet of commercial space at Mission Bay in San Francisco, California, to
Alexandria Real Estate Equities, Inc. (NYSE:ARE). The sale consists of Parcels
29-1 through 32, which are located near UCSF Mission Bay, the University of
California at San Francisco's new 43-acre biotechnology research and life
science campus.
"We are very pleased with Alexandria's continued interest in Mission Bay. As we
expressed in our recent news release following their first land acquisition at
Mission Bay, we believe Alexandria is uniquely suited to implement the vision
we both share-that of Mission Bay as a major location for biotechnology
research and development," commented Nelson C. Rising, chairman and CEO of
Catellus.
"UCSF's development progress has had an enormous impact and, we expect, should
enhance our efforts to transform Mission Bay into a first class life science
cluster destination," said Joel S. Marcus, Alexandria CEO. Reiterating comments
made in the announcement following ARE's first of two land acquisitions at
Mission Bay, Marcus added, "Now with a significant land position at Mission
Bay, we look forward to playing an immediate and positive role in creating an
environment that will foster innovation, leading to significant improvements in
human healthcare."
Catellus Development Corporation is a publicly traded real estate development
company that began operating as a real estate investment trust effective
January 1, 2004. The company owns and operates approximately 41.4 million
square feet of predominantly industrial property in many of the country's major
distribution centers and transportation corridors. Catellus' principal
objective is sustainable, long-term growth in earnings, which it seeks to
achieve by applying its strategic resources: a lower-risk/ higher-return rental
portfolio, a focus on expanding that portfolio through development, and the
deployment of its proven land development skills to select opportunities where
it can generate profits to recycle back into its business. More information on
the company is available at http://www.catellus.com/.
Except for historical matters, the matters discussed in this release are
forward-looking statements that involve risks and uncertainties.
Forward-looking statements include, but are not limited to, statements about
plans, opportunities, and development. We caution you not to place undue
reliance on these forward-looking statements, which reflect our current beliefs
and are based on information currently available to us. We do not undertake any
obligation to publicly revise these forward-looking statements to reflect
future events or changes in circumstances, except as may be required by law.
These forward-looking statements are subject to risks and uncertainties that
could cause our actual results, performance, or achievements to differ
materially from those expressed in or implied by these statements. In
particular, among the factors that could cause actual results to differ
materially are: changes in the real estate market or in general economic
conditions, including a worsening economic slowdown or recession; product and
geographical concentration; industry competition; availability of financing and
changes in interest rates and capital markets; changes in insurance markets;
discretionary government decisions affecting the use of land, and delays
resulting therefrom; changes in the management team; weather conditions and
other natural occurrences that may affect construction or cause damage to
assets; changes in income taxes or tax laws; liability for environmental
remediation and changes in environmental laws and regulations; failure or
inability of third parties to fulfill their commitments or to perform their
obligations under agreements; failure of parties to reach agreement on
definitive terms or to close transactions; increases in the cost of land and
construction materials and availability of properties for future development;
limitations on, or challenges to, title to our properties; risks related to the
financial strength of joint venture projects and co-owners; changes in policies
and practices of organized labor groups; shortages or increased costs of
electrical power; other risks inherent in the real estate business; and acts of
war, other geopolitical events and terrorists activities that could adversely
affect any of the above factors. For further information, including more
detailed risk factors, you should refer to Catellus Development Corporation's
annual report on Form 10-K for the fiscal year ended December 31, 2003, and its
report on Form 10-Q for the quarter ended June 30, 2004, filed with the
Securities and Exchange Commission.
DATASOURCE: Catellus Development Corporation
CONTACT: Margan Mitchell, Vice President, Corporate Communications of
Catellus Development Corporation, +1-415-974-4616; or Joel S. Marcus, Chief
Executive Officer for Alexandria Real Estate Equities, Inc., +1-626-578-0777
Web site: http://www.catellus.com/