Now Occupies 132,632 SF of Space at Center
WHITE PLAINS, NEW YORK (July 8, 2004) Reckson Associates Realty Corp. (NYSE: RA) has announced another significant lease agreement with Kraft Foods Inc. (NYSE: KFT), the second largest food and beverage company in the world. Kraft is leasing an additional 54,632 square feet of space at Reckson Corporate Center located at 120 White Plains Road in Tarrytown, New York. In March 2004, Kraft signed a lease for 78,000 square feet of space at the location, and is relocating more than 300 employees from Rye Brook, New York to the Center. The most recent lease brings the total amount of space occupied by Kraft at this location to 132,632 square feet comprising three floors at the Class A office facility.
We are extremely pleased that Kraft will be expanding its presence at Reckson Corporate Center, said Westchester Co-Directors Greg Caggainello and John Barnes. By providing our tenants with state-of-the-art office environment for their employees and the best location on the market, Reckson continues to meet the need of discerning tenants throughout the tri-state area.
According to Kraft, the site is advantageous because it is close to its existing Tarrytown property and it is also convenient to Routes 87 and 287. Many of the employees moving to the new facility work regularly with co-workers already located in Tarrytown.
Reckson Corporate Center is now 100 percent occupied. Countywide, Reckson's Westchester Class A market share is the largest in the County, with 23 buildings totaling 3.2 million square feet.
Maureen O'Boyle and Greg Frisoli of Cushman & Wakefield of Connecticut represented Kraft in this transaction. Doug Baddeloo, director, Kraft Corporate Real Estate, represented Kraft in house.
Kraft Foods markets many of the world's leading food brands, including Kraft cheese, Maxwell House and Jacobs coffees, Nabisco cookies and crackers, Oscar Mayer meats, Philadelphia cream cheese, Post cereals and Milka chocolates, in more than 150 countries. For more information, please visit Kraft's website at www.kraft.com.
Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management and development of Class A office properties.
Reckson's core growth strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners, managers and developers of Class A office properties in the New York Tri-State area, with 84 properties comprised of approximately 15.3 million square feet either owned or controlled, or under contract. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.
Certain matters discussed herein, including guidance concerning the Company's future performance, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of results and no assurance can be given that the expected results will be delivered. Such forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those expected. Among those risks, trends and uncertainties are the general economic climate, including the conditions affecting industries in which our principal tenants compete; financial condition of our tenants; changes in the supply of and demand for office properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; downturns in rental rate levels in our markets and our ability to lease or re-lease space in a timely manner at current or anticipated rental rate levels; the availability of financing to us or our tenants; changes in operating costs, including utility, real estate taxes, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; liability for uninsured losses or environmental matters; and other risks associated with the development and acquisition of properties, including risks that development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors that could impact Reckson, reference is made to Reckson's filings with the Securities and Exchange Commission. Reckson undertakes no responsibility to update or supplement information contained in this press release.
Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: Salvatore Campofranco, EVP, COO
(914) 872-4763
Beckerman Public Relations
Contact: Anna Ciringione (Media)
(908) 781-6420
anna@beckermanpr.com
