720 kW Power Plant Offers Tenants Valuable Extra Energy Capacity
(MELVILLE, NEW YORK, August 1, 2006) - Reckson Associates Realty Corp. (NYSE:
RA) today announced that a 720 kW distributed generation plant, the first of
its kind in Manhattan, is online and fully operational at Reckson's 35-story,
547,000 square foot, Class A, premier office tower, 1350 Avenue of the Americas.
The state-of-the-art, environmentally friendly micro-turbine and cogeneration
equipment will provide tenants with a substantial portion of their power needs
and can be tapped for extra power capacity as required -- a substantial benefit
to the many financial services firms operating high energy-consuming trading
floors at 1350 Avenue of the Americas. The power plant is designed to operate
together with Con Edison's power grid or independently during an outage, offering
tenants an uninterrupted and assured energy flow. Commissioned by Reckson, the
power plant was designed and installed by OfficePower, L.L.C of Norwalk CT,
which also owns and operates the facility.
By providing 25 to 40 percent of the property's peak load, the system reduces
the impact on the City's electrical distribution network, meeting Mayor Michael
Bloomberg's calls for reliable and less polluting landlord energy solutions
that also take pressure off the power grid.
"A reliable and steady source of power generation, while important to
all businesses, is critical to the financial services sector. The global, around-the-clock
nature of the financial services industry requires that businesses' infrastructure
is secure and online at all times," said William Elder, Senior Vice President
and Director of Reckson's New York City Division. "Given recent outages,
continued forecasts for record usage and subsequent grid strain in the years
to come, 1350 Avenue of the Americas is a trailblazer in providing tenants with
energy assurance and peace of mind so their priorities can remain their continued
success and profitability. With the introduction of this new building-specific
power plant, leading funds like Highbridge Capital Management and Peter Schoenfeld
Asset Management are among the many prestigious tenants at 1350 Avenue of the
Americas to recognize the Reckson advantage and the value of our reputation
as "Landlord of Choice."
At the corner of 55th street, 1350 Avenue of the Americas is at the heart of
mid-town Manhattan's iconic 'Corporate Row,' surrounded by many of the world's
most powerful companies. The tony location and features such as the building's
720 kW distributed generation plant make this an ideal home for financial services
institutions. In addition to panoramic views of Central Park, the Hudson and
East Rivers, the building offers tenants a wide range of floor plates as well
as amenities suited for New York's corporate elite.
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's core growth strategy is focused on properties located in New York
City and the surrounding Tri-State area markets. 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 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 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.
Reckson Associates Realty Corp.
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: William Elder,
Senior Vice President and Director
New York City Division
Rubenstein Communications
Media Contact: Dan Brady
(212) 843-8292 (Phone)
