MELVILLE, N.Y. August 16, 2005 Reckson Associates Realty Corp (NYSE:RA) said today that second quarter new and renewal leasing activity totaled approximately 374,000 square feet. The strong leasing activity was spread across the company's entire New York tri-state area portfolio, with 100,000 square feet signed in the Long Island market alone.
This was in addition to the entire 1.4 million square feet leased back to Citibank at Long Island City's One Court Square when the Company acquired the property from Citibank in May.
Draft Worldwide Inc. signed a 17,252-square-foot lease at 919 Third Avenue in midtown Manhattan through the end of 2013.
Salvatore Campofranco, Executive Vice President and Chief Operating Officer for Reckson, commented, Leasing activity during the second quarter was healthy throughout all of the Tri-State area markets. In addition, we have a relatively full pipeline that we believe will keep our portfolio-wide occupancy considerably above the regional and national industry averages. We continue to strive to be the region's Landlord of Choice' and our leasing results show that we are succeeding.
Reckson's current office portfolio occupancy is 93.1 percent.
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 90 properties comprised of approximately 18.9 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; 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.
Contact: Scott Rechler, CEO
Michael Maturo, CFO
Media Contact: Rick Matthews
(212) 843-8267
Rubenstein Communications
Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, NY 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
