White Plains, NY - Sept. 21, 2006 - Reckson Associates Realty Corp. (NYSE: RA)
today announced 15 recent leases at the Company's Tarrytown, Valhalla and White
Plains Central Business District portfolio totaling 111,936 square feet. The leases
underscore the Company's commitment to its tenants by providing valued amenities
and services across its Westchester portfolio of aesthetically-superior, technologically-advanced
Class A office parks.
"When seeking Class A office space and a service-first philosophy, tenants
prefer Reckson as the Landlord of Choice," noted David Sims, SVP, Managing
Director, Westchester/Connecticut Division. "The brisk leasing activity evidenced
by these expansions, renewals and new tenancies is in part due to Reckson's reputation
as well as to the superior upgrades in evidence throughout the Company's portfolio."
Reckson Tarrytown Highlights include:
660 White Plains Road-
- The well-known investment firm of Janney Montgomery Scott has renewed
its premises at the property. Jim Wenk of the Staubach Company represented the
tenant in this transaction.
- Centennial Mortgage, Inc. has located its offices to 660 White Plains
Road, leasing premises. The broker for this lease agreement is Ann Silver of
Prudential Rand Commercial Real Estate.
580 White Plains Road-
- The March of Dimes Birth Defects Foundation, a New York Not for Profit
Corporation, has joined the tenant roster at 580 White Plains Road. Patti Valenti
of Newmark Knight Frank represented the tenant.
560 White Plains Road-
- The popular consumer electronics store, Best Buy Stores, has renewed
its lease for its administrative offices at Reckson Tarrytown.
555 White Plains Road-
- Bayer Healthcare has expanded its office space at the property. Brad
Armstrong of Equis represented the tenant.
- The law firm of Asher Fensterheim has opened its office at the park.
505 White Plains Road-
- Greylock Services has renewed its offices at the property.
120 White Plains Road-
- The executive search firm, IMC Group of Companies, Inc., has joined
the tenant roster, leasing space for its executive offices. Ellen Benedik of
Freidland Realty represented the tenant.
Reckson, Metro Center Highlights include:
- The esteemed law firm, Skadden, Arps, Slate, Meagher & Flom has
expanded its premises at Reckson Metro Center at 360 Hamilton Avenue, White
Plains. Lisa Keihl of Jones Lang La Salle Americas, Inc., brokered this transaction.
Reckson Summit, Valhalla, NY
100 Summit Lake Drive-
- The rapidly growing financial services firm, Ameriprise, Inc., has renewed
its offices at the property. Jim Silberfein of Trammel Crow Company served as
broker for the tenant.
- The Summit Café, a popular dining destination for tenants at
100 Summit Lake Drive, has renewed its lease and expanded its dining facility
at 200 Summit Lake Drive. The café has also renewed eatery at 115 Stevens,
also in Valhalla.
115 Stevens Avenue:
- Cappelli Enterprises, a long-time tenant at the property has both renewed
and expanded its premise.
- Normarv Realty Corp., a commercial real estate company, has renewed
its offices at 115 Stevens Avenue.
80 Grasslands Road-
- Liberty Mutual Insurance Company, the auto insurance firm, has renewed
its lease for its sales and administrative offices. Robert Schulman of Cresa
Partners brokered this transaction.
Reckson Office Park Highlights:
A highly regarded office park, Reckson Tarrytown is undergoing a multi-million
dollar repositioning at 520 White Plains Road to better represent Reckson's
core ideology in providing tenants with the best possible workplaces, services
and amenities. The property enhancements will serve to redefine the excellent
caliber of the properties, the services and the highly accessible, central location
on the I-287 and Route 119 corridors.
Reckson Tarrytown offers a full array of desirable amenities and services which
include a conference center with AV equipment, Internet connectivity, fully-equipped
fitness centers with state-of-the-art-machines, cafes for a quick meal and gourmet
dining within the enclave, workspace floorplate options and ample parking. The
office campus is next to a Marriott Hotel featuring a four-star restaurant,
with a Sheraton Hotel due to open next Spring. Reckson Tarrytown additionally
offers its tenants a superior location near the parkways and major transportation
arteries
Reckson Metro Center, 360 Hamilton Avenue, White Plains: Since Reckson Metro
Center's repositioning in 2000, the property has developed a successful track
record by building a roster of quality tenants from Fortune 500 companies including
Merrill Lynch, Pierce, Fenner & Smith, Inc., Prudential Insurance, and Heineken
USA, Inc. 360 Hamilton Avenue was repositioned into the Reckson Metro Center
after a $50 million dollar extensive value creation project. Some of the upgrades
to the Class A building's interior include a new lobby, incorporating incredible
finishes and sophisticated designs, as well as an interactive multi-media data
center for visitors. Reckson Metro Center also offers such amenities as meeting
rooms equipped with global video conferencing, high-speed Internet access, a
teleconferencing auditorium with seating for 140, plus a private VIP boardroom.
The building offers concierge services along with 24-hour access, a state-of-the-art
energy management system, full-service health club, café and executive
dining.
Reckson Summit: The 699,045 square foot Reckson Summit office park, located
on 102 wooded acres, features three architecturally distinct buildings with
spectacular views, extensive landscaping and structured parking. The buildings
offer such amenities as four-story atrium lobbies, dramatic waterfalls, 24-hour/7-day
access, computerized HVAC systems, high-speed internet access, dining and catering
facilities, fitness centers, shuttles to local train stations as well as quick
access to 684 and the Sawmill River Parkway.
115 & 117 Stevens Avenue: These two properties of superior quality construction
and finish totaling, 178,000 square feet, are situated on 5 beautifully landscaped
acres. The properties offer covered on-site parking, quality dining facility
and catering, a Fitness Center including sauna and steam, fiber optic communications,
24-hour/7-day security, Direct access to Sprain, Saw Mill and Bronx River Parkways
and I-287, Westchester County Airport nearby and provides shuttle service to
the Metro North White Plains train station.
********************************************************************
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 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,
or has substantial interests in, 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, 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;
risks that the Company's shareholders do not approve the transaction with SL
Green, that the other closing conditions to the transaction with SL Green are
not met and/or that the transaction with SL Green is delayed or not consummated,
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
Managing Director,
Westchester/Connecticut Division
(914) 872-4742
John Barnes, SVP
Director, Westchester/Connecticut Division
(914) 872-4750
