(MELVILLE, NEW YORKAugust 8, 2003) Reckson Associates Realty Corp. has announced the completion of six leasing transactions in the commercial industrial sector within the Western and Central Suffolk County markets. Leasing agreements total 88,841 square feet with properties in Hauppauge dominating the majority of transactions. This continued leasing momentum is indicative of steady economic activity within the industrial core markets and underscores Reckson's ability to attract new long-term tenants to its industrial portfolio.
Multiple Leasing Transactions over 20,000 SF
Multax Corporation, a machine shop and metal fabricator, has leased 24,000 square feet at 933 Motor Parkway. Richard Cohen of Ashlind Properties represented Multax Corporation during negotiations.
Audiovox Corporation has exclusively leased 23,000 square feet at 65 Engineers Road. Audiovox is an international leader in the marketing of cellular telephones, mobile security, entertainment systems, and consumer electronics products. Ted Trias of Sutton & Edwards and Jack O'Connor of Grubb & Ellis co-represented Audiovox in negotiations.
The Joint Apprenticeship & Training Committee, an electrical union, has leased 20,400 square feet of space at 85 Engineers Road. Tony Gerrato of Newmark of Long Island negotiated this transaction.
Other Third Quarter Transactions
Sensory Lighting and Sound, Inc. renewed its 7,500 square foot lease at 651 Old Willets Path. The Long Island based company provides lighting and sound equipment and a full line of rental, sales, production, and installation services for a wide variety of events.
In Western Suffolk County, within the Melville corridor, AKR Corporation will occupy 11,900 square feet at 10 Hub Drive. The company will use the combined office and warehouse space for the storage and distribution of health and beauty products. Larry Schusheim of Nassau Suffolk Realty represented AKR in negotiations.
In Farmingdale, Starbucks Food Corp. has renewed its lease at 110 Bi-County Boulevard for 2,041 square feet.
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 office and industrial 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 and industrial properties in the New York Tri-State area, with 178 properties comprised of approximately 20.4 million square feet either owned or controlled. For additional information on Reckson Associates Realty Corp., 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:
Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900
