SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
March 31, 1998 (Date of earliest event reported)
CORNERSTONE PROPERTIES INC.
(Exact name of registrant as specified in its charter)
Nevada 0-10421 74-2170858
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
Cornerstone Properties Inc.
126 East 56th Street
New York, NY 10022
(Address of principal executive offices)
(212) 605-7100
(Registrant's telephone number,
including area code)
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Item 5. Other Events
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The press release issued by the Registrant, dated March 31, 1998, a
copy of which is included with this Form 8-K as Exhibit 99, is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Exhibit 99 - Press release, dated March 31, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CORNERSTONE PROPERTIES INC.
(Registrant)
By:/s/ John S. Moody.
John S. Moody, Chairman and Chief
Executive Officer
Date: April 2, 1998
By:/s/ Kevin P. Mahoney.
Kevin P. Mahoney, Chief Financial Officer
Date: April 2, 1998
<PAGE>
EXHIBIT 99
CORNERSTONE PROPERTIES INC. CLOSES CHICAGO LAND SALE
New York, NEW YORK (March 31, 1998) -- Cornerstone Properties Inc. (NYSE:CPP)
announced today that it has sold a parcel of land in downtown Chicago to a group
controlled by the J. Paul Beitler Development Company. Located at the corner of
State and Adams Streets, the now-vacant site was formerly the location of
Montgomery Ward's flagship store.
Terms of the deal were not disclosed, however, the Company noted that the sale
of the land will not have any material effect on future financial results. The
land was acquired as part of a larger transaction last October, when Cornerstone
purchased a portfolio of nine properties from the Dutch Institutional Holding
Company, Inc. (DIHC).
Commenting on the Chicago transaction, Scott Dalrymple, Cornerstone's Vice
President of Asset Management, said, "We had no immediate plans for the
development of the site and, in fact, it has always been our intention to sell
the land, which we feel is consistent with Cornerstone's strategy of selling
non-core assets." The Company was assisted in the sale by Charles Nash of
Concord Realty Advisors, Inc.
Cornerstone Properties Inc. is a self-administered equity real estate investment
trust (REIT) investing exclusively in Class A quality office properties in prime
locations in major metropolitan areas and central business districts. The
Company, through its subsidiaries, currently owns 19 Class A quality office
properties throughout the United States totaling 10.9 million rentable square
feet. Headquartered in New York City, the Company's stock is traded on the New
York Stock Exchange under the ticker symbol CPP.
The matters described herein contain forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve a number of risks,
uncertainties or other factors beyond the Company's control which may cause
material differences in actual results, performance or other expectations. These
factors include, but are not limited to, economic and real estate industry
conditions, leasing risk, rollover risk, tenant credit risk, interest rate risk,
and other factors detailed in the Company's registration statement and periodic
reports filed with the Securities & Exchange Commission.
