(MELVILLE, NEW YORKJuly 24, 2002) Reckson Associates Realty Corp. has announced the completion of 22 lease transactions, totaling 87,355 square feet over the last 90 days. The leases comprise a combination of new leases, expansion and renewal agreements at 12 Class A properties in the Company's Long Island portfolio. These transactions represent a continuing trend among Reckson's Tri-State properties, and are indicative of sustained business growth across diverse business sectors on the Island, a long-standing center of office concentrated lease activity for Reckson.
In Nassau County, 8 transactions total 55,434 square feet at 6 Reckson buildings. In the largest of these, CMS Wellness Management has signed a new lease to open an extensive, full-service health and fitness club at The Omni at 333 Earle Ovington Boulevard in Uniondale. At the same address, Travel Hut, Inc. has renewed its lease. Also within the five-building Nassau West Office Complex, at 50 Charles Lindbergh Boulevard, the law firm of Wexler Burkhart has extended its premises.
In Garden City, another law firm, Moritt, Hock, Hamroff & Horowitz, has expanded its premises leasing a total of 15,699 square feet at 400 Garden City Plaza. At the same address Rentar Development Corp., a real estate development firm, has renewed its lease for workspace. Policy Studies in Education, has renewed its lease for office space at 310 East Shore Road in Great Neck. Lincoln Life Insurance Company, the fastest growing top ten insurer in the country, has expanded its offices at 6900 Jericho Turnpike in Syosset. At 6800 Jericho Turnpike, the government agency, General Services Administration, has renewed its sizable offices.
Fourteen companies have signed leases recently at 6 of Reckson's Suffolk County properties. In Melville, 10 leases total 21,347 square feet at five properties. At 35 Pinelawn Road, the accounting firm of Meyer-Rizzo Company has signed for new office space. Michael Ventre of Newmark of Long Island served as broker for this lease agreement. Another new tenant, Aegis Mortgage Corporation, has leased new premises at the building. Eric Launer of Sutton & Edwards, represented the tenant in this transaction. Another new tenant at 35 Pinelawn Road is HMS21-Corp., a mortgage broker. HMS21-Corp. was represented by Danny Capozello of Aireco Real Estate Corp. in this lease agreement.
Two additional companies are expanding at 35 Pinelawn. They are the financial planning group, Waterfield Financial Corp, which now leases a total of 4,267 square feet, and Access Information Technologies, a communications company which now leases 5,591 square foot offices. Rob Reinhardt of Reinhardt, Beckker, Ford & Assoc. LLC represented Waterfield, and Jeff Nemshin of Alliance Partners, LLC represented Access in their respective transactions. Additionally, the Law Offices of Marc H. Wasserman, PC have renewed their lease for offices at the property.
The Production Experience, an audio/visual production company, has leased office space at 538 Broadhollow Road. At 48 South Service Road, Collections Plus, Inc., an account management and collection agency, has leased new offices. Cyber Financial Network has joined the tenant roster at 1660 Walt Whitman Road, leasing extensive space for its offices. Harris Russo of Real Estate Strategies, Inc., represented the tenant for this lease agreement. The direct mail advertising firm, R & R Direct Mail, Inc. has leased space at 88 Duryea Road for its operation.
In Hauppauge, at 150 Motor Parkway, the nursing care management firm Corvel Corporation, has joined the tenant roster. James Kern of CKCT, Inc. represented the tenant in this transaction. Two other companies have signed new office leases at 150- the law firm of Ferruggia & Calisto, LLP, and Citimortgage, Inc. Continuing its tenancy at the property is The Long Island Mentoring Partnership, which has renewed its lease for office space.
We welcome our new tenants and value the trust our existing tenants have shown by renewing and turning to us to meet their expansion needs, says Mitchell Rechler, Co-President Reckson Associates. We look forward to both forging and continuing to build strong business relationships by providing wanted amenties and service excellence.
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 181 properties comprised of approximately 20.5 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; changes in the supply of and demand for office and industrial 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 costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; 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 is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update or supplement information contained in this press release that subsequently becomes untrue.
CONTACT:
Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900
