(WHITE PLAINS, NEW YORKMarch 10, 2003) Reckson Associates has announced three transactions totaling 28,932 square feet in new leases, expansions and renewals within the White Plains Central Business District. Located at the core of the business district, the 380,625 square foot Reckson Metro Center at 360 Hamilton Avenue reports the signing of two new tenants StanCorp Financial Corp, Inc., and Premier Home Health Care Services, Inc. Long recognized as the Company's flagship property in the County, the Reckson Metro Center has consistently been able to attract outstanding tenants. With industry markers revealing a steady demand for Class A, prime-location properties, new and long-term tenants value Reckson's high-caliber property facilities and complementary services.
The Reckson Metro Center offers an exciting and dynamic work community for a company's most important asset, their employees, comments Salvatore Campofranco, Managing Director of Reckson's Westchester Division. The Metro Center provides clients with a first-rate, technologically-advanced complex, helping employers maintain the workforce that best develops their company's potentials.
StanCorp Financial Group Inc. signed a long-term lease to occupy 13,075 square feet of the Metro Center for their expanding insurance operations. Since 2000, StanCorp has enjoyed a strengthened Eastern U.S. presence through their subsidiary, the Standard Life Insurance Company of New York. George Braun of George Braun Associates, LLC, represented StanCorp in this lease agreement.
Premier Home Health Care Services, Inc., a homecare provider, has leased 10,507 square feet at Reckson Metro Center. Ken Dardis of Reliance Property Group represented the tenant in this transaction.
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 building's interior include a new lobby, incorporating incredible finishes and sophisticated designs, and an interactive multi-media data center for visitors. The Center also offers high-speed Internet access, a teleconferencing auditorium with seating for 140, and a private VIP boardroom. Other building amenities include concierge services along with 24-hour access, a state-of-the-art energy management system, full-service health club, and a café and executive dining.
Reckson Associates has forged lasting partnerships by offering tenants the services they need to meet their business goals. As a result, long-term tenants like Luman Helfman & Fayer renew and extend existing lease agreements. The real estate mortgage firm renewed its lease at 140 Grand Street in White Plains, totaling 5,350 square foot.
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.
