OnlineBenefits
Leases 35,806 Sq. Ft. at Omni Liberty Mutual Insurance Signs for
29,863 at 50 Charles Lindbergh Boulevard
(MELVILLE,
NEW YORK August 17, 2000) Reckson Associates Realty
Corp. has announced two major leasing transactions at its 1,296,315
square foot Nassau West Corporate Center office park in Uniondale.
OnlineBenefits, Inc., the premier developer of web-based Human Resource
and employee benefits applications, which earlier this Spring leased
over 23,000 square feet at Reckson's Long Island flagship, the Omni,
has signed for an additional 12,594 square feet at that location,
for a total of 29,863 square feet. Liberty Mutual, the leading developer
of worker compensation insurance in the U.S., will relocate offices
from Boston into 29,863 square feet at 50 Charles Lindbergh Boulevard.
Both the Omni and 50 Charles Lindbergh locations are part of Reckson's
Class A portfolio at the Nassau West Corporate Center in the Mitchel
Field sub-market, where Reckson Associates' market share is over
51%.
The OnlineBenefits
transaction provides the company with the space it will require
for its rapidly expanding business. Founded in 1997, the company
has pioneered web-based employee benefits communication, and also
is creating an e-commerce platform to provide insurance and other
benefits to client employees. OnlineBenefits will occupy approximately
50% of the second floor, space recently vacated by Episcopal Health
Services. According to Jack Donahue, OnlineBenefits, Chief Financial
Officer, the additional space will accommodate the company's expansion
needs primarily related to their Product Development and Support
personnel. The company expects to grow from a current roster of
70 to over 150 at the Omni location, by 3rd quarter, 2001. Phil
Heilpern of Insignia/ESG represented the tenant in this transaction.
In another
lease agreement within Reckson's Class A corporate complex, 50 Charles
Lindbergh Boulevard, Uniondale, Liberty Mutual Insurance Company
has signed to occupy most of the building's third floor. Reckson
and Liberty Mutual have a long-standing relationship during which
Liberty Mutual has been a tenant in several Reckson buildings throughout
the Company's Tri-State Class A portfolio, leasing in excess of
141,000 square feet. Liberty Mutual is the leading provider of workers
compensation insurance programs and services in the United States,
providing a wide range of insurance products and financial services.
Headquartered in Boston, Massachusetts, the company operates more
than 900 offices throughout the world. Frank Pagano of Corporate
National Realty represented the tenant in the lease agreements.
The ten-story
Omni building, Reckson's premier location in the Long Island region
has consistently attracted a Fortune 500 tenant roster and features
a long list of amenities including: a 200-seat teleconferencing
theatre, private VIP boardroom, executive dining, a fully-accredited
art gallery and a 25,000 square foot fitness center with indoor
swimming pool. Additional features include: high-speed Internet
connections, tenant-controlled HVAC, 24-hour/7-day access as well
as concierge service. The Omni is convenient to all major highways,
shopping centers, hotels, entertainment and restaurants. 50 Charles
Lindbergh Boulevard, which totals 211,845 square feet on four floors,
offers similar amenities.
Reckson Associates
Realty Corp. 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 16.1 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 185 properties comprised of approximately
20.6 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.
Contact:
Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900
