MELVILLE, N.Y.--(BUSINESS WIRE)--Feb. 25, 2004--Reckson Associates
Realty Corp. (NYSE: RA) today announced the appointment of three new
independent directors: Douglas Crocker II, Stanley ("Mickey")
Steinberg and Elizabeth McCaul.
Commenting on the appointments, Scott Rechler, Reckson's Chief
Executive Officer, stated, "I am very pleased to welcome Doug Crocker,
Mickey Steinberg and Elizabeth McCaul to our board of directors. Mr.
Crocker's extensive public real estate experience, Mr. Steinberg's
operational and development knowledge and Ms. McCaul's corporate
governance and regulatory expertise will further broaden the talent
and experience of our board of directors and will be invaluable to
Reckson as we complete our restructuring and enter the next stage of
our development as a public company. We are very fortunate to be able
to fill board seats with such highly qualified and accomplished
professionals."
Mr. Crocker is one of the most respected leaders in the REIT and
public real estate industry. Mr. Crocker was formerly the Chief
Executive Officer, President and Vice Chairman of Equity Residential
(NYSE: EQR), the nation's largest apartment REIT. He remains very
active in the multifamily housing industry, serving on boards or
committees of various multifamily housing associations. Mr. Crocker is
a past Trustee of the Multifamily Council of the Urban Land Institute
and former member of the Board of Governors of the National
Association of Real Estate Investment Trusts ("NAREIT"). Mr. Crocker
currently serves as a regent of the National Apartment Association
University and on the Advisory Board of the De Paul University Real
Estate School. Mr. Crocker also serves as a director of a number of
companies in the real estate industry including: Wellsford Real
Properties, Inc. (AMEX: WPR), a real estate merchant banking firm;
Ventas, Inc. (NYSE: VTR), a leading health care related REIT; Prime
Group Realty Trust (NYSE: PRE), an owner and operator of office and
industrial properties; and Acadia Realty Trust (NYSE: AKR), a REIT
which owns and operates shopping centers.
Mr. Steinberg has extensive experience in the real estate industry
and brings a great breadth of both operational and development
expertise. Mr. Steinberg currently serves as a Senior Advisor to the
management consulting firm of Casas, Benjamin & White, LLC. Mr.
Steinberg formerly served as Chairman and Chief Executive Officer of
Sony Retail Entertainment where he was responsible for the development
and operation of major location based retail entertainment centers, a
major theater chain and Sony retail stores. Prior to joining Sony, Mr.
Steinberg served as Executive Vice President and Chief Operating
Officer of Walt Disney Imagineering, where he managed the development
of over $4.5 billion of theme parks. Prior to joining Disney, Mr.
Steinberg served as Executive Vice President of the Portman Companies
where he was responsible for the operations of the companies and was
directly involved in the design, development, financing and operation
of numerous major hotels and mixed-used projects around the world
including: Peachtree Center in Atlanta; Embarcadero Center in San
Francisco; Marina Square in Singapore; and the New York Marriott
Marquis Hotel at Times Square. Mr. Steinberg currently serves as a
member of the board of directors of Electronics Boutique (NASDAQ:
ELBO), a retailer of video game related hardware and software products
and AmericasMart, Inc., one of the nations largest wholesale
marketplaces. Mr. Steinberg earned both Bachelor of Science and
Bachelor of Architecture degrees from the Georgia Institute of
Technology and a Master of Architecture from the Massachusetts
Institute of Technology.
Ms. McCaul is a veteran of the banking industry who is well
recognized for her contributions to the field of corporate governance.
Ms. McCaul currently serves as a Partner and runs the New York office
of Promontory Financial Group, a regulatory and financial consulting
firm that specializes in risk management, crisis management, corporate
governance and compliance, as well as strategic planning and mergers
and acquisitions. From 1997 to 2003, Ms. McCaul served as the
Superintendent of Banks of the State of New York where she was
responsible for the supervision of some of the world's largest
financial institutions with total assets of approximately $2 trillion.
Prior to being appointed as Superintendent, she served as First Deputy
Superintendent and Chief of Staff. From 1985 through 1995, Ms. McCaul
was an investment banker at Goldman Sachs & Co. Ms. McCaul has also
served as Chairman of the Conference of State Bank Supervisors and
participated in the Joint Forum for Financial Conglomerates. Ms McCaul
is highly respected for her corporate governance and risk management
credentials. She has been an instructor on corporate governance at the
Financial Stability Institute at the Bank for International
Settlements in Basel, Switzerland and has assisted many financial
institutions to meet their obligations under the Sarbanes-Oxley Act
and the USA Patriot Act. Ms. McCaul was also involved in the
re-opening of the U.S. financial markets after the events of September
11, 2001 and subsequently worked with federal regulators and top law
enforcement officials to create mechanisms to prevent the use of the
U.S. banking system for financial terrorism. Ms. McCaul was also a
leader in fighting predatory lending, where she proposed and adopted
the first regulation addressing this issue, which became a national
model for other states and federal legislation. Ms. McCaul earned her
Bachelor of Arts in Economics from Boston University.
Additionally, the Company has announced the resignation of Herve
Kevenides who has served on the board of directors since the Company's
initial public offering.
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, with 86 properties
comprised of approximately 15.5 million square feet either owned or
controlled, or under contract. 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, security and insurance costs; repayment of
debt owed to the Company by third parties (including FrontLine Capital
Group); 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.
CONTACT: Reckson Associates Realty Corp.
Scott Rechler, CEO or Michael Maturo, CFO
631-694-6900 (Phone)
631-622-6790 (Facsimile)
or
Beckerman Public Relations
Mira Matic (Media)
908-781-6420
SOURCE: Reckson Associates Realty Corp.
