Leasing Momentum Continues at Repositioned Stamford Property
MELVILLE, N.Y. - October 20, 2005 - Reckson Associates Realty Corp (NYSE:RA)
announced today that Aladdin Capital Management has signed a 23,145-square-foot
long-term lease at Six Landmark Square in Stamford, Conn.
The announcement comes only two weeks after Reckson said that law firm Cummings
& Lockwood LLC would move its headquarters to the newly-repositioned property.
Founded in 1999, Aladdin Capital Management is a registered investment firm
that provides advisory and management services for several non-traditional fixed-income
funds on behalf of institutional investors.
Six Landmark Square is a nine-story, 140,000-square-foot Class A office building
located within the prestigious Landmark Square complex. The comprehensive Six
Landmark repositioning was completed in Spring 2005 and features a newly designed
and landscaped plaza, sophisticated new double-height lobby, newly refurbished
elevator cab finishes, restroom facilities and new tenant lobbies. With the
completion of the repositioning efforts, Six Landmark Square is now recognized
as one of the highest quality, new generation office properties in the Stamford
market.
Salvatore Campofranco, Executive Vice President and Chief Operating Officer,
for Reckson, commented, "We are pleased to welcome Aladdin Capital to Six
Landmark Square. We believe the firm's decision to relocate here is another
illustration of the successful repositioning of this property, and a growing
recognition of Reckson's commitment to being Stamford's "Landlord of Choice."
Aladdin Capital was represented by Colliers AR, Inc.'s Michael Norris, Managing
Director.
Reckson acquired the six-building complex in 1996 and began a multi-stage repositioning
that included re-engineering and redesign of the vehicular access to feature
door-to-door service with valet parking on the plaza, a complete upgrade to
building systems with new cooling towers and life safety systems, new security
and electronic card access, new main entry lobby with concierge service, a gourmet
café, and slated to open this winter, a conference facility. Additional
improvements include a new façade and newly refurbished lobby at One
Landmark Square and extensive renovations to the exterior plaza and public areas
throughout the complex. As an added feature for tenants, Reckson also offers
a private tenant shuttle to the commuter rail.
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,
and wholly owns, has substantial interests in, or has under contract, a total
of 90 properties comprised of approximately 19.0 million square feet. 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; 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
Salvatore Campofranco, COO
(631) 694-6900
Rubenstein Communications
Media Contact: Rick Matthews
(212) 843-8267
