CALI REALTY CORP /NEW/
4, 1997-11-07
REAL ESTATE INVESTMENT TRUSTS
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<PAGE>
 
                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

FORM 4                                             
                                                   
[_] Check this box if no longer                    
    subject to Section 16. Form 4                  
    or Form 5 obligations may                      
    continue. SEE Instruction 1(b).                
                                                   


                 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP



  Filed pursuant to Section 16(a) of the Securities and Exchange Act of 1934,
      Section 17(a) of the Public Utility Holding Company Act of 1935 or
              Section 30(f) of the Investment Company Act of 1940




1. Name and Address of Reporting Person*

Cali                                  Angelo                            R.
- --------------------------------------------------------------------------------
  (Last)                             (First)                         (Middle)

c/o Cali Realty Corporation         11 Commerce Drive
- --------------------------------------------------------------------------------
                                    (Street)

Cranford,                            NJ                               07016
- --------------------------------------------------------------------------------
  (City)                             (State)                          (Zip)


- --------------------------------------------------------------------------------
2. Issuer Name and Ticker or Trading Symbol

Cali Realty Corporation (CLI)
- --------------------------------------------------------------------------------
3. IRS Number of Reporting Person (Voluntary)


- --------------------------------------------------------------------------------
4. Statement for Month/Year

October 1997
- --------------------------------------------------------------------------------
5. If Amendment, Date of Original   (Month/Year)


- --------------------------------------------------------------------------------
6. Relationship of Reporting Person to Issuer
       (Check all applicable)


             X    Director                         10% Owner
           -----                           ------ 

                  Officer (give                    Other (Specify
           -----           title below)    ------         below)

               
                   ---------------------------------- 

- --------------------------------------------------------------------------------
7. Individual or Joint/Group Filing (Check Applicable Line)
   [X] Form filed by One Reporting Person
   [_] Form filed by More than One Reporting Person
- --------------------------------------------------------------------------------
<TABLE> 
<CAPTION> 
                         Table 1 -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security          2. Trans-   3. Trans-      4. Securities Acquired (A)    5. Amount of    6. Ownership  7. Nature
   (Instr. 3)                    action      action         or Disposed of (D)            Securities      Form:         of Indirect 
                                 Date        Code                                         Beneficially    Direct        Beneficial
                                            (Instr. 8)      (Instr. 3,4 and 5)            Owned at       (D) or         Ownership
                                (Month/   ------------   --------------------------       End of Month    Indirect     (Instr. 4)
                                 Day/      Code    V      Amount   (A) or    Price       (Instr. 3       (I)      
                                 Year)                             (D)                     and 4)        (Instr. 4)
- --------------------------    ----------  ------  ----   --------  ------    ------     -------------- ------------  ------------- 
<S>                           <C>         <C>     <C>    <C>       <C>       <C>        <C>            <C>           <C> 


- --------------------------    ----------  ------  ----   --------  ------    ------     -------------- ------------  ------------- 

- --------------------------    ----------  ------  ----   --------  ------    ------     -------------- ------------  ------------- 

- --------------------------    ----------  ------  ----   --------  ------    ------     -------------- ------------  ------------- 

- --------------------------    ----------  ------  ----   --------  ------    ------     -------------- ------------  ------------- 

- --------------------------    ----------  ------  ----   --------  ------    ------     -------------- ------------  ------------- 

- --------------------------    ----------  ------  ----   --------  ------    ------     -------------- ------------  ------------- 
</TABLE> 

*If the form is filed by more than one reporting person, see Instruction 
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially 
          owned directly or indirectly.

                  (Print or Type Responses)                      
                                                                 

                                                                         (Over)
<PAGE>
 
FORM 4 (continued)   

<TABLE> 
<CAPTION> 

                          Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned 
                                  (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security  2. Conversion    3. Transaction  4. Transaction    5. Number of Derivative      6. Date Exercisable
  (Instr. 3)                        or Exercise      Date            Code              Securities Acquired (A)      and Expiration 
                                    Price of        (Month/Day/      (Instr. 8)        or Disposed of (D)           Date
                                    Derivative       Year)                            (Instr. 3, 4, and 5)         (Month/Day/
                                    Security                                                                        Year)
                                                                  ---------------   --------------------------   -------------------
                                                                    Code      V         (A)        (D)            Date    Expiration
                                                                                                                  Exer-   Date 
                                                                                                                  cisable  
- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------
<S>                              <C>              <C>             <C>       <C>     <C>             <C>          <C>      <C> 
Call Options
(right to buy)                   $30                  8/14/97        P                    100                     Immed.    1/16/98
- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------
Call Options
(right to buy)                   $30                  10/1/97        S                                   50       Immed.    1/16/98
- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------
Call Options
(right to buy)                   $30                  10/1/97        S                                   50       Immed.    1/16/98
- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------

- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------

- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------

- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------

- -------------------------------  --------------   --------------  --------  -----   --------------- ----------   -------- ----------

<CAPTION> 

7. Title and Amount of    8. Price of Derivative  9. Number of Derivative     10. Ownership Form           11. Nature of Indirect 
   Underlying Securities     Security (Instr. 5)     Securities Beneficially      of Derivative Security:      Beneficial Ownership 
  (Instr. 3 and 4)                                   Owned at End of Month        Direct (D) or                (Instr. 4) 
                                                     Instr. 4)                    Indirect (I) (Instr. 4)      
- ------------------------  
  Title      Amount or  
             Number of
             Shares
- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 
<S>                       <C>                     <C>                         <C>                          <C> 
Common Stock $10,000      $  850                                                       D
- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 
Common Stock $ 5,000      $1,200                                                       D
- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 
Common Stock $ 5,000      $1,225                              0                        D
- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 

- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 

- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 

- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 

- ------------------------  ----------------------  --------------------------  ---------------------------  ------------------------ 
</TABLE> 
Explanation of Responses:

**Intentional misstatements or omissions of facts constitute Federal Criminal 
  Violations.
  
  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).



                               /s/ Angelo R. Cali                   11/5/97
                              -------------------------------    --------------
                              **Signature of Reporting Person         Date


Note: File three copies of this Form, one of which must be manually signed. If 
      space provided is insufficient, see Instruction 6 for procedure.


                                                                          Page 2


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