Anchor Tenant MCIWORLD COM to Occupy 68% of Reckson Property in
Creative Deal
(MELVILLE,
NEW YORK August 9, 2000) Reckson Associates Realty
Corp. announced it has completed a long-term lease with MCI WORLDCOM
for over 127,000 sq. ft. in its Class A property at 60 Charles Lindbergh
Boulevard in the 613,315 square foot Nassau West Corporate Center
office park in Mitchel Field. Reckson and MCI have a long-standing
relationship during which MCI has been a tenant in several Reckson
buildings throughout the Company's Tri-State Class A portfolio,
leasing in excess of 500,000 square feet. The MCI negotiation again
demonstrates the innovative approach and creative thinking Reckson
applies to leasing transactions and the responsiveness to tenant
needs that is a Reckson trademark.
Initially,
MCI approached Reckson with a 35,000 to 50,000 square feet requirement
for additional space in the Central Nassau sub-market. The 60 Charles
Lindbergh facility, including its infrastructure, telecommunications
systems and state of the art amenity package, prompted MCI to move
beyond their original expectations and to shift their entire wireless
division to the building. MCI plans to occupy approximately two
and a half floors within the property, with offices slated for the
first and the entire second floor, and a training center designated
for the concourse level. Moreover, the move to 60 Charles Lindbergh
meets the criteria for present needs with future expansion capability
within the building. Carlton G. Wenz of Cushman and Wakefield represented
the tenant in the transaction.
The transaction
required foresight and complex negotiation with the previous tenant
of almost 20 years, BankOne, who was seeking to end its lease prematurely.
BankOne, formerly First Card, had been the original primary tenant
at Reckson's 60 Charles Lindbergh property.
"We are
pleased to take this opportunity to help MCI meet their present
and future space needs on Long Island," said Mitchell Rechler,
Reckson's Co-Chief Operating Officer. "This transaction
both strengthens an existing relationship - moving them to an anchor
tenancy within a Class A building- and yields a "win-win"
situation for both parties."
60 Charles
Lindbergh Boulevard amenities include a building energy management
system, tenant controlled HVAC, high-speed broadband internet connectivity,
elevators, 24 hour access, cafeteria and health club. The site offers
easy access to parkways and the LIE. Hotels, restaurants, major
retail centers and entertainment are all within easy reach. The
Class A property is part of Reckson's Nassau West Corporate
Center office park in the Mitchel Field sub-market where Reckson's
market share totals over 51%.
Reckson Associates
Realty Corp. is a self-administered and self-managed real estate
investment trust (REIT) specializing in acquisition, leasing, financing,
management and development of office and industrial properties.
Reckson's
core growth strategy is focused on the suburban markets surrounding
and including New York City. Since the completion of its initial
public offering in May 1995, Reckson has acquired or contracted
to acquire or developed approximately $2.1 billion of properties
comprising approximately 16.1 million square feet of space.
Reckson Associates
is one of the largest publicly-traded owners and managers of Class
A suburban office and industrial properties in the New York City
"Tri-State" area, with 185 properties comprised of approximately
20.6 million square feet either owned and controlled, directly or
indirectly, or under contract. For additional information on Reckson
Associates Realty Corp. please visit the Company's Web site
at www.reckson.com.
Contact:
Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900
