SHORT HILLS, NJ, NOVEMBER 7, 2003 Reckson Associates has announced a 14,078 square foot lease transaction has been closed on behalf of CitiCorp North America at the newly repositioned 101 JFK Parkway at Reckson Office Center in Short Hills, New Jersey. The prestige, amenities and location of 101 JFK Parkway were keys to consummating this lease transaction for the leading private banking corporation. CitiCorp is relocating its offices to 101 JFK Parkway from Metro Campus in Iselin, New Jersey and will utilize this facility for general office purposes.
The CitiCorp transaction quickly followed a major lease announcement for Bollinger Insurance, one of the largest insurance agencies in the U.S., which recently signed a 69,500 square foot lease at this signature property to serve as its corporate headquarters.
These two recent leases with CitiCorp and Bollinger validate our repositioning strategy at Reckson Office Center in Short Hills, stated Todd Rechler, Senior Vice President and Managing Director of Reckson Associates' New Jersey division. At Reckson Associates, we are committed to meeting the real estate needs of our current and future tenants by creating office environments that appeal to tenants' aesthetic and operational needs, as well as bottom line efficiencies, Rechler continued.
101 and 103 JFK Parkway are part of the award-winning Reckson Office Center, a three-building, 560,000 square foot Class A corporate office campus, and winner of the Building Owners and Managers Association (BOMA) The Building of the Year award for two consecutive years. At 101 JFK Parkway, a multi-faceted exterior renovation program has been completed. With the signing of the Bollinger Insurance lease, Reckson Associates will embark on a dramatic interior enhancement phase at 101 JFK Parkway, which will include a double-height, glass clad entry lobby with high-grade finishes of rich limestone, wood veneer, glass and chrome, as well as upgrades to all building common areas and systems.
Reckson Office Center has maintained above market occupancy levels throughout its history, as well as a prestigious client roster including such corporations as Schering Plough Corporation, Merrill Lynch, Siebel Systems, Prudential, and Franklin Mutual. At 103 JFK Parkway, Reckson Associates fully leased the facility to Dun & Bradstreet (D&B) prior to the completion of the property's repositioning. The building will serve as D&B's world headquarters. Currently, 120,000 square feet of space still remain available at 101 JFK Parkway.
Reckson Office Center is strategically located at the interchange of Route 24, and just minutes to the convergence of the Garden State Parkway, I-78 and I-287. Newark Liberty International Airport, as well as the Holland and Lincoln Tunnels and rail transportation are within 20 minutes. Reckson Office Center is complete with upscale amenities and an excellent location in proximity to the five-star Short Hills Hilton and the prestigious Mall at Short Hills.
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 182 properties comprised of approximately 20.7 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; credit of our tenants; 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 and insurance 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 undertakes no responsibility to update or supplement information contained in this press release.
