Hain Joins OSI Pharmaceutical, Drake Beam Morin, Inc.
and Transamerica at Reckson's New Office Complex
(MELVILLE, NEW YORKAugust 1, 2001) Reckson Associates Realty Corp. has announced that Hain Celestial Group, Inc. has leased 34,988 square feet on the second floor at the Company's 277,081 square foot Reckson Executive Park, Melville. Hain Celestial joins a growing roster of high-caliber corporate tenants at the complex, including OSI Pharmaceutical, Inc., Drake Beam Morin and Transamerica Corp. For Reckson, Melville represents a cornerstone of the Company's Long Island portfolio where the Company owns a 55% share of the Melville-Route 110 corridor Class A sub-market.
A long-term tenant at 50 Charles Lindbergh Boulevard, Uniondale, Hain, the leading natural and organic food company will double its premises in the move. Last year, the company, whose household name brands include Westsoy, Terra Chips, Health Valley, Earth's Best baby food, Garden of Eatin', and Yves Veggie Cuisine merged with Celestial Seasonings, known for its herbal teas. The merger of the two industry leaders brought about a need for expansion. After a comprehensive search process the company chose to expand and relocate to Reckson Executive Park for the quality work environment and corporate presence Hain Celestial had been seeking. This new facility will create an outstanding work environment for our employees and allow us to continue our impressive track record of growth and success, said Irwin Simon, President and Chief Executive Officer of the Hain Celestial Group.
We're pleased to continue our business relationship with Hain Celestial Group and know that the features and amenities at Reckson Executive Park will meet the company's present and future expansion needs, notes Mitchell Rechler, Co-President, Reckson Associates.
Hain Celestial Group joins OSI Pharmaceutical, Inc., Drake Beam Morin, Inc. and Transamerica at the complex. Hain Celestial, OSI and Drake Beam Morin are all long-time Reckson tenants who recognized the advantages of expanding their businesses at the new Reckson Executive Park, and are also indicative of Reckson Associates' ability to both attract and to retain quality tenants at their Class A office properties.
Reckson Executive Park offers a first-class office environment in a 33.5 acre campus-style office park, surrounded by 100 acres of passive parkland. Amenities include: an on-site Internet server connection, technologically advanced fiber optics, hi-tech conference/training facility, restaurant/café, and a state of the art fitness center. In addition, the property will have 2,172 parking spaces with 102 underground spaces.
Reckson Executive Park's prime location sits on the border of Nassau and Suffolk County and is located within the premier Melville business corridor. The new park's location provides immediate east and westbound access to the Expressway at Exit 48, and is convenient to hotels, restaurants and retail.
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 Company's 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 company's 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 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 information contained in this press release.
Contact:
Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900
