Lease Follows Successful Repositioning of Stamford Property
MELVILLE, N.Y. - October 3, 2005 - Reckson Associates Realty Corp (NYSE:RA)
announced today that law firm Cummings & Lockwood LLC has signed a long-term,
55,643 square foot lease at Six Landmark Square in Stamford, Conn.
The location will serve as the firm's new headquarters. Cummings & Lockwood
LLC also maintains offices in Greenwich and West Hartford, Connecticut; and
in Naples and Bonita Springs, Florida.
Six Landmark Square is a nine-story, 140,000-square-foot office building located
within the prestigious Landmark Square complex. The comprehensive Six Landmark
repositioning was completed in Spring 2005 and features a newly designed and
landscaped plaza with a unique pedestrian pathway that joins Six Landmark Square
to the office complex's main entrance and the property's amenities. The redesign
is incorporated throughout the Six Landmark property with a sophisticated new
lobby, newly refurbished elevator cab finishes, restroom facilities and tenant
lobbies. With the completion of the repositioning efforts, Six Landmark Square
is now recognized as one of the highest quality, new generation office properties
in the Stamford market.
Salvatore Campofranco, Executive Vice President and Chief Operating Officer,
for Reckson, commented, "We are extremely pleased that we were able to
attract one of Connecticut's oldest and most prestigious law firms to Six Landmark
Square. Having Cummings & Lockwood join the Landmark Square distinguished
tenant roster is validation of the property's quality and continues to establish
Reckson as the 'Landlord of Choice' in the Stamford market."
Cummings & Lockwood was represented by Albert B. Ashforth, Inc.'s Ed Tonnessen,
Executive Vice President, Jeffrey H. Gage, Senior Vice President, and George
R. Walker, Senior Vice President.
Jonathan Mills, Chairman and Managing Director of Cummings & Lockwood, commented
on the transaction, "The firm is delighted to be relocating our headquarters
to Six Landmark Square. Reckson is one of the strongest owners of commercial
real estate in the region and demonstrated a keen commitment to meeting our
occupancy needs throughout negotiations. They have repositioned the building
with excellent systems, advanced technology and superior tenant services. And
Six Landmark's central location provides our employees with great access to
transportation and downtown amenities. We look forward to continuing our 95-year
record of service to the Stamford community, and to enjoying a long-term relationship
with Reckson."
Reckson acquired the six-building complex in 1996 and began a multi-stage repositioning
that included re-engineering and redesign of the vehicular access to feature
door-to-door service with valet parking on the plaza, a complete upgrade to
building systems with new cooling towers and life safety systems, new security
and electronic card access, new main entry lobby with concierge service, a gourmet
café, and slated to open this winter, a conference facility. Additional
improvements include a new façade and newly refurbished lobby at One
Landmark Square and extensive renovations to the exterior plaza and public areas
throughout the complex. As an added feature for tenants, Reckson also offers
a private tenant shuttle to the commuter rail.
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 Class A office 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 properties in the New York Tri-State area,
and wholly owns, has substantial interests in, or has under contract, a total
of 90 properties comprised of approximately 19.0 million square feet. For additional
information on Reckson Associates Realty Corp., 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.
Contacts:
Reckson:
Salvatore Campofranco
(631) 694-6900
Rubenstein Communications:
Rick Matthews
(212) 843-8267
