(SHORT HILLS, NJ, JUNE 15, 2001) - Reckson Associates Realty Corp. (NYSE: RA) is midway through
the multi-million dollar repositioning project at 101 and 103 JFK
Parkway in Short Hills, New Jersey. The Class A office buildings
totaling 320,000 square feet are the beneficiary of a substantial
capital improvement program. Recently, the existing bridge which
connects the two facilities has been demolished, paving the way
for a dramatic, new plaza.
101
and 103 JFK Parkway will receive substantial interior and exterior
upgrades by Reckson Associates. The centerpiece of the renovation
program is the stunning new plaza that will greatly enhance the
area between the two facilities, creating a park-like setting. 103
JFK Parkway, with three available floors totaling 95,000 square
feet, will include a new dramatic two-story entrance and lobby area,
enhanced landscaping, an HVAC system upgrade and new elevator cabs.
The renovation program will be completed this summer. 101 JFK Parkway,
a 195,000 square foot facility, will receive the same upgrades as
well when the lease with the current tenant expires.
101 and
103 JFK Parkway are recognized as two of the premier office buildings
in the prestigious Short Hills marketplace. With a near zero vacancy
rate, the buildings represent the largest block of space in the
Short Hills office market. Offering ample parking, including covered
spaces and professional on-site management, these facilities are
situated across from the prestigious Mall at Short Hills and next
to the 5-star Short Hills Hilton. Strategically located at the interchange
of Route 24, 101 and 103 JFK Parkway are minutes from the convergence
of the Garden State Parkway, I-78 and Route 287. Newark Airport
as well as the Holland and Lincoln Tunnels are within 20 minutes.
"The repositioning
of 101 and 103 JFK Parkway is well under way and progressing on
schedule," stated Jeffrey Schotz, Senior Vice President-Managing
Director of the New Jersey Region, Reckson Associates. "Demand
has remained very strong at these two outstanding buildings which
represent a new standard of excellence in the prestigious Short
Hills marketplace," Schotz concluded.
Reckson Associates
Realty Corporation is a self-administered and self-managed real
estate investment trust (REIT) specializing in acquisition, leasing,
financing, management and development of office and industrial properties.
Reckson's core
growth strategy is focused on the suburban markets surrounding and
including New York City. Since the completion of its initial public
offering in May 1995, Reckson has acquired or contracted to acquire
or developed approximately $2.1 billion of properties comprising
approximately 17.4 million square feet of space.
Reckson Associates
is one of the largest publicly-traded owners and managers of Class
A suburban office and industrial properties in the New York City
"Tri-State" area, with 190 properties comprised of approximately
21.9 million square feet either owned and controlled, directly,
or indirectly, or under contract. In New Jersey, Reckson Associates
has in excess of 1,400,000 square feet of office projects in various
strategies of development
For additional
information on Reckson Associates Realty Corporation, please contact
Jeffrey Schotz, Senior Vice President and Managing Director of Reckson
Associates' New Jersey operations, at their Short Hills, New Jersey
headquarters at 973-313-3300, or visit the company's website 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; continued strength of 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:
Jeffrey M. Schotz, Senior Vice President and Managing Director of Reckson Associates' New Jersey Operations
(973) 313-3300
