Reckson Associates Extremely Active in New Jersey in 2004
2/9/2004
Strategic Acquisitions Throughout New Jersey Portfolio Recorded by Reckson
SHORT HILLS, NJ (February 9, 2005) Reckson Associates Realty Corp. (NYSE: RA) has announced that it experienced an exceptionally strong year in 2004 throughout its New Jersey portfolio. Reckson's outstanding results in New Jersey reflect its ability to effectively and aggressively meet tenants' requirements as well as source strategic acquisitions, which validated its market leadership position as the Landlord of Choice in the region.
Highlights of Reckson Associates' performance in New Jersey during the fourth quarter of 2004 include:
- Daiichi Pharmaceutical Corporation, the U.S. sales and marketing subsidiary of Daiichi Pharmaceutical Co., Ltd. (Daiichi), a Japan-based global pharmaceutical company, signed a 141,000-square-foot lease to occupy Reckson Associates Realty Corp.'s entire Three Giralda Farms facility. Three Giralda Farms is a four-story, Class A office building offering outstanding architectural details and featuring an unparalleled array of first-class amenities. Reckson Associates acquired the facility from Atlantic Mutual in September, just four weeks before the full-building lease was signed. This transaction reflects Reckson's continued investment in the Route-24 corridor.
- In Morristown, Reckson Associates acquired 44 Whippany Road. The three-story property has been renamed Reckson Office Center, featuring distinctive wood paneling, custom limestone, granite and glass façade. The complex is minutes from Interstate 287 and Route 24.
- At 3 University Plaza in Hackensack, Reckson renewed lease agreements with Wiss, Cooke & Santomauro for 6,532 square feet and MC Marine for 2,511 square feet. 3 University Place spans 219,794 square feet of Class A space on six floors and is minutes from the George Washington Bridge, as well as from Routes 4 and 17 and the Garden State Parkway. On-site amenities include a café, as well as a state-of-the-art building energy management system and 24 hour access. Additional leases consummated at 3 University Plaza include Guardian Loan Company and MC Marine.
Other notable activity for the fourth quarter includes:
Sonnenschein, Nath & Rosenthal signed a lease for 18,950 square feet at the award-winning Reckson Office Center in Short Hills, New Jersey at 101 JFK Parkway. The three-building Class A 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. Reckson Office Center amenities within the park include café, health club, multi-dimension conference facility, on-site management, 24-Hour/7-Day access, shuttle service to the train, five-diamond Short Hills Hilton and the prestigious Mall at Short Hills.
Computer Sciences Corp. renewed its lease for 19,997 square feet at 300 Executive Drive located within the Reckson Executive Hill Office Park in West Orange, New Jersey. Reckson Executive Hill Office Park consists of a total of three Class A office buildings, spanning 321,698 square feet.
Olympic Agency signed a lease for 2,415 square feet at 200 Executive Hill located within the Reckson Executive Hill Office Park. Reckson Executive Hill Office Park consists of a total of three Class A office buildings, spanning 321,698 square feet.
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 89 properties comprised of approximately 16.3 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;
Source:
Reckson Associates Realty Corp.
51 JFK Parkway
Short Hills, NJ 07078
(973) 313-3300 (Phone)
(973) 313-3301 (Facsimile)
Contact: Todd Rechler, Corporate
Senior VP and Managing Director NJ
Salvatore Campofranco, Executive
Vice President & COO
Beckerman Public Relations
Contact: Michael Beckerman (Media)
(908) 781-6420
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