SHORT HILLS, NJ, MARCH 14, 2003 Reckson Associates Realty Corp. has announced that PLIVA, Inc., formerly Sidmak Laboratories, Inc., a leading domestic independent drug manufacturer, has signed a long-term lease to occupy 59,418 square feet at the 140,000 square foot, Class A 72 Eagle Rock Avenue in East Hanover, New Jersey. This transaction represents Reckson Associates' core strategy of providing its clients with quality facilities and state-of-the-art amenities that meet their business goals.
Established in 1979, PLIVA, Inc. is emerging as a leading domestic independent generic drug manufacturer. The company offers a broad line of multi-source generic products covering more than 40 different pharmaceuticals in multiple dosage forms with a focus on the production of antibiotic products, both prescription and non-prescription. PLIVA, Inc. will utilize this space for its North American operations.
At Reckson Associates, we stringently adhere to a service first' approach to facility management, which has consistently resulted in meeting and exceeding our tenants' needs. By developing an understanding of what works in the marketplace, we have been able to provide those workplace solutions that drive success as evidenced by this new lease transaction, commented Todd Rechler, Senior Vice President and Managing Director of Reckson Associates' New Jersey division.
72 Eagle Rock Avenue features three floors of approximately 47,000 square feet each, an exquisite, two-story lobby with marble finishes and beautiful millwork, large glass storefront facade, building energy management system, high-speed broadband Internet connectivity, full sprinkler system, three passenger elevators and 24-hour/7-day access. Located near Interstates 80 and 280 and Route 46, 72 Eagle Rock has a prestigious tenant roster including Selective Insurance Company of America, Ford Motor Credit and Integrated Computer Management, Inc. Currently, the facility is 100% occupied.
We are proud to welcome PLIVA, Inc. to 72 Eagle Rock, the finest Class A office property in the East Hanover market, stated Joe Caridi, Senior Vice President of Leasing of Reckson Associates' New Jersey division.
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 office and industrial 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 and industrial properties in the New York Tri-State area, with 178 properties comprised of approximately 20.3 million square feet either owned or controlled. For additional information on Reckson Associates Realty Corp., 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; financial condition of our tenants; changes in the supply of and demand for office and industrial/R&D 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, 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.
