MELVILLE, NY - June 29, 2006 - Reckson Associates Realty Corp. (NYSE: RA) today
announced the continued expansion of its outstanding professional team at Reckson
Platinum Mile, Reckson's 14-building, Class A office portfolio located strategically
in the heart of the Westchester County office market. The two new hires are a
critical element of the Company's core strategy of ensuring Reckson's ability
to redefine the expectations of all its distinguished tenants, and provide them
with the same high quality of service for which Reckson is renowned throughout
its Tri-State portfolio of Class A office buildings. Joining the team at Reckson
Platinum Mile are Adam D. Weissleder as Vice President, Leasing and Susan Vinales
as Assistant Property Manager.
Reporting to Senior Vice President and Managing Director, David Sims, who joined
Reckson earlier this year to help spearhead the Company's significant expansion
into the Westchester/CT markets, Mr. Weissleder will work directly with existing
and prospective tenants to best serve their needs in defining their workspace
solutions, carefully evaluating their workplace requirements and managing their
needs. Mr. Weissleder will work closely with the real estate brokerage community
to orientate them with the major repositioning of the portfolio and upgraded
services provided.
Commenting on Mr. Weissleder's appointment, David Sims said, "Our first
100 days at Reckson Platinum Mile have already been extremely satisfying, getting
to know our new tenants and introducing them to the exciting changes we're implementing
as Reckson repositions the Platinum Mile portfolio to surpass all expectations
in its transformation to become one of the ultimate corporate environments in
Westchester County. Adam joins us as leasing activity at Reckson Platinum Mile
gains new momentum based on Reckson's promise to deliver the highest quality
service to tenants. We look forward to his contributions to these expanded leasing
and repositioning efforts and expect that his impressive leasing background
and experience will be a tremendous asset to Reckson and our highly regarded
Westchester/CT team as we work together to drive ever greater value in our portfolios
and maintain our reputation as Landlord of Choice."
Adam Weissleder comes to Reckson from Trizec Properties in New York City where
he was a Leasing Representative. During his four years at Trizec, Mr. Weissleder
was responsible for the leasing of two major Manhattan office properties, 1411
Broadway and One New York Plaza, respectively comprising 1.2 million and 2.5
million rentable square feet.
Mr. Weissleder earned his Bachelor of Business Administration from the University
of Massachusetts, Amherst and his Master of Business Administration from the
Olin School of Business at Washington University, St. Louis. He is a member
of the Young Men's/Women's Real Estate Association of New York and the Real
Estate Board of New York.
Reckson has also enhanced its property management team with the addition of
Susan Vinales, who will be reporting to seasoned veteran Reckson property manager,
John Lomurno. Susan will contribute to the oversight of Reckson Platinum Mile's
impressive staff of certified engineers, mechanics and porters, ensuring the
office park's mechanicals safety and other key systems work efficiently so that
tenants can enjoy the most productive work environment possible.
"We're very pleased to have Susan join our growing team at this exhilarating
period in Reckson history as we work to ensure that Reckson Platinum Mile lives
up to the superior quality and service with which Reckson is synonymous portfolio-wide.
Her experienced contributions to the management of Reckson Platinum Mile and
dedication to its tenants' needs will be welcomed by all as she helps maintain
the Reckson commitment to exceeding tenants' expectations," said John Barnes,
Senior Vice President and Director, Westchester/Connecticut.
Ms. Vinales joins Reckson from Wittek Development, LLC, where she oversaw tenant
relationships, and maintained 800,000 square feet of office and residential
properties. She has a degree in Business Management from the Bernard M. Baruch
College of the City University of New York.
Reckson 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 properties located in New York
City and the surrounding Tri-State area markets. 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, and wholly owns, has substantial interests in,
or has under contract, a total of 101 properties comprised of approximately
20.2 million square feet. For additional information on Reckson, please visit
the Company's web site at www.reckson.com.
Certain matters discussed herein 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; credit of our tenants; changes in the supply of and
demand for office and industrial properties in the New York Tri-State area;
changes in interest rate levels; 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 and insurance costs; repayment
of debt owed to the Company by third parties (including FrontLine Capital Group);
risks associated with joint ventures; 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.
Contact:
David Sims, SVP
(631) 694-6900
Rubenstein Communications
Margot Olcay
(212) 843 8284
