WSJ: Mack-Cali to Join Reckson Bid - News

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WSJ: Mack-Cali to Join Reckson Bid

By: The Associated Press | 29 Nov 2006 | 05:54 AM ET

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NEW YORK - Mack-Cali Realty is joining billionaire financier Carl Icahn and real-estate developer Harry Macklowe's bid for Reckson Associates Realty, according to a published report.

Edison, N.J.-based Mack-Cali, which like Reckson owns office buildings in the New York area, on Tuesday told The Wall Street Journal it expected to be admitted as a partner to Icahn and Macklowe's $4.6 billion bid.

Uniondale, N.Y.-based Reckson agreed in August to be bought by SL Green Realty Corp. for cash and stock now worth about $4.1 billion, according to the Journal.

Reckson had criticism over the SL Green proposal, which included the simultaneous sale of $2.1 billion worth of properties to certain senior managers of Reckson and Marathon Asset Management.

Icahn and Macklowe put in its bid two weeks ago.

According to the newspaper, Mack-Cali wasn't invited to bid when Reckson put itself up for sale, in part due to fallout from two failed merger negotiations.

Macklowe owns the GM building and other Midtown Manhattan towers.

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