Major Capital Improvement Project Underway at Office Park
White Plains, NY - Sept. 12, 2006 - Reckson Associates Realty Corp. (NYSE: RA)
today announced 12 recent leases at the Company's latest trophy acquisition totaling
91,918 square feet. The extensive, multi-million dollar capital improvement project
currently underway at the Park, the largest ever in Westchester County, is cited
as the driving force behind this leasing surge. Some of the comprehensive upgrades
include the repositioning of several of the properties, new signage and landscaping,
unique water features, dramatic new entry canopies, soaring and impressively designed
and decorated lobbies and public spaces as well as advanced building systems,
services and amenities. When complete, the Park will be well-positioned to attract
and to retain the region's most discriminating businesses.
Reckson Platinum Mile Highlights include:
- The Bank of New York, the oldest bank in the United States as well as
a global leader in the financial services industry, has leased 19,665 square
feet of workspace at 701 Westchester Avenue. Stephen Greenbush of CB Richard
Ellis served the client in this transaction.
- Known as the "voice of the people in New York", The New York
Times has renewed its 3,543 square foot offices at 701 Westchester Avenue recently.
- Eleventh Blue Hill, a law firm, has leased 1,314 square feet for its
executive and administrative offices at 701 Westchester Avenue.
- AXA Equitable Life Insurance Company has joined the tenant roster at
707 Westchester Avenue, leasing 2,338 square feet for its office workspace.
- The popular ride-sharing company, Metropool, Inc. has renewed its 396
square foot office space at 707 Westchester Avenue.
- Lenovo, Inc. is an innovative, international technology company formed
as a result of the acquisition by the Lenovo Group of the IBM Personal Computing
Division. An international leader in the PC market, Lenovo develops, manufactures
and markets PC products and professional services. Lenovo has joined the tenant
roster at 707 Westchester Avenue, leasing 5,214 square feet.
Kim Mowers of Grubb and Ellis brokered this transaction.
- The architectural and engineering firm, Henningson, Durham & Richardson,
has renewed its executive offices totaling 16,296 square feet at 711 Westchester
Avenue. Craig Coppola of Lee Associates assisted the tenant in this lease agreement.
- Austin Nichols & Company, Inc. USA, is a distilling company producing
several brands of beverages including the popular Wild Turkey whiskeys. The
company has renewed its sizable 31,443 square foot regional headquarters at
777 Westchester Avenue.
- The local construction company, Yonkers/Dragodos JV, Inc., has signed
a new lease for office space at 110 Corporate Drive. The company has taken 2,278
square feet for its executive offices. Carl Austin of Austin Corporate Enterprises
served as broker for this lease transaction.
- Maro, Inc. has renewed its lease for 2,395 square foot offices at 2500
Westchester Avenue.
- Financial Advisors, Albert Fried & Company, have renewed their executive
offices at 2700 Westchester Avenue.
- The investment specialists, Irwin Franchise Capital Corporation has
also renewed its lease for 4,787 square feet at 2700 Westchester Avenue.
"Reckson Platinum Mile is a premium quality office environment," noted
David Sims, SVP, Managing Director, Westchester/Connecticut Division, referring
to the 14-building, 1.6 million square foot office portfolio. "The robust
leasing activity we are witnessing is in part due to Reckson's reputation as
the landlord of choice as well as to the upgrades in evidence around the office
park." This accelerated leasing trend, Sims noted, dovetails with the comprehensive
capital improvement project underway at the park, the largest that largest Westchester
County has ever experienced.
Reckson Platinum Mile offers a superior location close to I-287 and I-684. The
park is situated 5 miles from Greenwich, CT, 13 miles to Stamford, 40 miles
to NYC, and 5 miles to Westchester County Airport. In addition to highly desirable
Interstate commuter access the Park offers excellent transportation venues via
three Metro-North commuter rail lines, the Westchester County Bee-Line and the
Company's own jitney to and from the White Plains Central Business District.
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, 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;
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
