(SHORT HILLS, NJ, April 2, 2004) Reckson Associates Realty Corp. (NYSE: RA) has announced Investor Savings Bank has signed a 55,000-square-foot lease at the award-winning Reckson Office Center in Short Hills, New Jersey at 101 JFK Parkway. The investment bank will be relocating from Millburn to the newly repositioned Class A office building. In the short three months since the completion of the multi-million dollar repositioning project, the building has reached 75 percent occupancy.
At the end of 2003, 101 JFK Parkway was transformed into a dramatic, 195,000-square-foot Class A office building, the final component of this award-winning, three-building campus. Reckson Office Center, a 575,529-square-foot, three-building corporate campus, is recognized as the crown jewel for tenants in the prestigious Short Hills marketplace.
The campus has truly become the destination for tenants seeking a prestigious address and sophisticated image. We are pleased to welcome Investors Savings Bank to 101 JFK. Major tenants are recognizing the value and amenities available to their companies at this exceptional facility, commented Todd Rechler, corporate senior vice president and managing director of Reckson Associates' New Jersey division. Reckson Office Center is a world-class campus offering tenants a strategic location and sophisticated design and amenities.
Reckson Office Center is strategically located at the interchange of Route 24, and just minutes to the convergence of the Garden State Parkway, I-78 and I-287. Minutes away from Newark Liberty International Airport, as well as the Holland and Lincoln Tunnels and rail transportation, Reckson Office Center is complete with attractive amenities and an excellent location in proximity to the five-star Short Hills Hilton and the prestigious Mall at Short Hills. Existing tenants of Reckson Office Center include D&B, Citicorp Private Banking and Bollinger Insurance.
Founded in 1926, Investor Savings Bank prides itself on its personalized customer service, which it offers to eight New Jersey counties, including Essex, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Somerset and Union. Investor Savings Bank is a Member FDIC and Equal Housing Lender.
Doug Gaffney, managing director, The Schultz Organization/TCN Worldwide, represented Investor Savings Bank in this transaction. We are pleased to have represented such a first-class client in its search for office space and to have successfully met its requirements at an equally exceptional facility, said Gaffney. We are delighted to once again have worked with Reckson, a very responsive and accommodating landlord, to fulfill our client's needs.
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 86 properties comprised of approximately 15.5 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 (including FrontLine Capital Group); 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.
