(WHITE PLAINS, NEW YORKAugust 22, 2001) Reckson Associates leasing momentum continues. Reckson has announced 41,616 square feet in new leases and expansions over the last three weeks throughout the Companys Westchester portfolio. Ten leases have been signed at seven of Reckson Associates Class A properties in the County. Focused on providing tenants with the facilities and amenities needed to meet their business goals, Reckson has forged long-term tenant/landlord partnerships, evidenced by the both the expansions and the Companys ability to attract dynamic, prestigious and cutting-edge new firms. Countywide, Recksons portfolio is over 95% occupied. Recksons Westchester Class A marketshare is the largest in the County, with 28 buildings totaling 3.6 million square feet.
At the six building, 908,035 square foot, Tarrytown Corporate Center, 6 leases totaling 18,874 square feet have been signed. Cybear, Inc., a medical services company, has leased 6,546 square feet on the 4th floor at 560 White Plains Road. Managedcomp, Inc. a medical compensation firm, has also joined the tenant roster at 560, leasing 3,524 square feet for its premises. Bud Weisenberg of Insignia/ESG, served as broker for this lease agreement. Also, Clarfeld Financial Advisors, Inc. is expanding its premises for a total of 9,452 square feet at the property.
At 555 White Plains Road and 660 White Plains Road, Corprette Foods Café, Inc. has leased a total of 6,714 square feet at for its premises. Also at 660, Comstar Interactive Corp., a telecommunications firm, has leased 1,170 square feet.
Recksons Tarrytown Corporate Center consists of six buildings totaling 908,035 square feet. The Corporate Center is located on the Route 119 corridor at the New York State Thruway interchange. The property offers tenants the ability to draw employees from New Jersey, Rockland and the Hudson Valley. The Corporate Center offers all the amenities demanded by todays growing companies. Shuttle service is also available; with a 450-room Marriot Hotel adjacent to the property.
In the largest of these recent lease transactions, the law firm of Kaufman, Borgeest & Ryan has signed a long-term lease for 13,959 square feet on the first floor at the 240,834 square foot 200 Summit Lake Drive in Valhalla. The firm is relocating its headquarters from New York City. Howard Greenberg of Howard Properties represented the tenant in this transaction.
The Reckson Summit office park, located on 102 wooded acres, features 3 architecturally distinct buildings with spectacular views, extensive landscaping and structured parking. The buildings offers such amenities as four-story atrium lobbies, dramatic waterfalls, 24-hour/7-day access, computerized HVAC systems, high-speed internet access, dining and catering facilities, fitness centers, shuttles to local train stations as well as quick access to 684 and the Sawmill River Parkway.
Additionally, The County of Westchester, Department of Public Works has signed for 2,791square feet at 140 Grand Street in White Plains. Also, at 115 Stevens Avenue, White Plains, Sweetheart Holdings, Inc., a paper goods manufacturer, has leased 4,252 square feet at that property. In Elmsford, at 80 Grasslands Road, Steinfink, Napoleon & Debenedetto, LLP, financial advisors, have leased and additional 1,740 square feet, for a total of 4,678 square feet for their premises.
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 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 186 properties comprised of approximately 21.1 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp., please visit the Companys web site at www.reckson.com.
This information contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties in the New York Tri-State area; interest rate levels; downturns in rental rate levels in the companys markets; the availability of financing; 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 Recksons filings with the Securities and Exchange Commission. Reckson is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update information contained in this press release.
