(MELVILLE, NEW YORK, October 17, 2006) - Reckson Associates Realty Corp (NYSE:RA)
announced today that the National Hockey League (NHL) has signed a long-term,
133,727 square foot lease at its prestigious midtown office tower, 1185 Avenue
of the Americas. The lease includes office space on 5 contiguous floors for
the League's headquarters.
Located in the center of Midtown Manhattan's corporate corridor, between 46th
and 47th streets, 1185 Avenue of the Americas is one of New York City's premier
office towers. The 42-story, 1.1 million square foot, Class A office building,
acquired by Reckson in 2004, is undergoing a comprehensive $15 million Capital
Improvement Program. Reckson's repositioning enhancements of the property include
a major renovation of the entrance, lobby and rear plaza by noted architectural
design firm Gensler, a refurbishment of the marble and glass façade,
new electronic security systems, updated elevator cabs and mechanical systems,
and other modernizations that provide added convenience as well as increased
energy and cost efficiency. In addition to the NHL, prominent tenants include
King & Spalding, Bank of America, Amerada Hess and RSM McGladrey.
William Elder, Senior Vice President of Reckson's New York City Division commented,
"We are extremely pleased to have attracted one of North America's most
recognized sporting institutions to this prestigious building. Having the NHL
join the property's distinguished tenant roster brings renewed excitement to
the area."
"The completion of the NHL transaction finalizes the initial value-creation
phase of this investment. Between the capital improvements, renegotiation of
the ground lease, and lease-up of the building, tremendous value has been realized
for our shareholders," added Philip Waterman III, Executive Vice President
and Managing Director of Reckson's New York City Division.
The NHL was represented by Michael Laginestra, Michael Geoghegan and Kevin
Powderly of CB Richard Ellis and Peter Hennessey and Lindsay Ornstein of Staubach
Co.
"1185 Avenue of the Americas is indicative of Reckson's high-quality portfolio
of properties, and this location is perfectly suited to the needs of the NHL,"
said Laginestra, Vice Chairman of CB Richard Ellis.
Craig Harnett, Senior Executive Vice President and CFO of the National Hockey
League, said, "The League is pleased to have worked with Reckson in securing
a prominent location for our new headquarters at 1185 Avenue of the Americas.
Reckson demonstrated a commitment to meeting our needs and handled the complexities
of the transaction seamlessly with our team."
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.
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)
