Melville, NY - June 8, 2006 - Reckson Associates Realty Corp. (NYSE: RA) today announced that leases totaling nearly 40,000 square feet have been signed recently at several Reckson properties in the premier Mitchel Field portfolio. These transactions, which include long-term renewals and expansions, were completed at the Company's newest Long Island trophy acquisition, now known as Reckson Plaza, as well as at the Company's Class A property at 90 Merrick Road. The leases underscore tenant confidence as Reckson Plaza is repositioned to return the property to its former status as the County's premier corporate address. The transactions also validate the Company's market position as the Tri-State area's "Landlord of Choice".
Leasing activity progresses steadily at Reckson Plaza in response to the ongoing capital improvement project. Recently, the mortgage brokerage, East Coast Equity Funding Mortgage Company, has joined the tenant roster at the property leasing sizable space for its office. Also new to the Plaza is Stairway Capital Advisors, an investment firm which has also moved its premises to the property. A long-time tenant, the specialized staffing firm, Robert Half International, has also renewed its lease for office space. Another established tenant, Empire Executive & Professional Registry, which compiles lists of business executives worldwide, has extended the term of its lease at the property.
Two 90 Merrick Road tenants have also renewed their leases: the certified public accounting firm of Raich Ende Malter & Company has renewed and expanded its premises to about half a floor at the building; and, Sodexho Management, Inc., an international human resource management company has also renewed its regional office at the property.
Brokers assisting Reckson in some of these lease agreements include: Sam Rozzi of Corporate National Realty, Gregg Espoch of Equis Realty, Robert Godfrey of CB Richard Ellis and Rich Someck of Sutton & Edwards.
"Reckson Plaza is a true Class A property and has consistently drawn the region's high-profile corporations seeking a fully-amenitized trophy property," notes Ken Bauer, Senior Vice President and Director, Long Island Division. "The Mitchel Field hub is witnessing continued leasing results in both attracting and retaining high caliber tenants."
Reckson Plaza is a 1.1-million square foot property in the Mitchel Field hub, directly across from the Nassau Veteran's Memorial Coliseum. The property is currently being repositioned into an exceptional business environment, marked by the meticulous attention to detail discriminating tenants require. Soon, its spectacular pair of 15-story reflective glass towers will encapsulate the best in services and amenities. Tenants and visitors will enter an architecturally impressive, soaring 60 foot lobby staffed by professional concierges. The refurbished Wintergarden will provide a welcome respite as well as be conducive to productivity. Overall, the atmosphere will be akin to an exclusive private club. Other amenities, services and conveniences include a state-of-the-art building energy management system, advanced fiber optics, 24/7 access, cafés and corporate catering. Tenants also appreciate such on-site conveniences as a post office, Federal Express facility, sundry shop, dry cleaner, pharmacy, florist, jewelry store, day care center and Reckson Property Management office.
Situated a short distance from Reckson Plaza, 90 Merrick Road's silver and glass façade is an East Meadow landmark. The 9-story, 221,839 square foot property offers its tenants a broad array of amenities including concierge service, a boardroom and available AV equipment, the convenience of an on-site café and 24/7 access. Tenants also appreciate the property's new health club featuring state-of-the-art equipment. The building has high-speed broadband connectivity and superior safety and building energy management systems.
Both Reckson Plaza and 90 Merrick Road offer easy access to and from the Meadowbrook Parkway with direct access to the Long Island Expressway and both the Southern and Northern State Parkways. Reckson Plaza is located across from the Marriott Hotel, Nassau Coliseum and both properties are a short drive to the Roosevelt Field Shopping Center.
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 properties located in New York City and the surrounding Tri-State area markets. 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 102 properties comprised of approximately 20.2 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.
SOURCE: Reckson Associates Realty Corp.
Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, NY 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: Ken Bauer
SVP & Co-Director of Leasing,
Long Island Division
or
Rubenstein Communications
Media:
Margot Olcay, (212) 843 8284 (Phone)
