Princeton Area's 313,000-SF Spec Office Building
on Schedule for Late 2006 Completion
WEST WINDSOR, NJ (February 6, 2006) - Reckson Associates Realty Corp. (NYSE:
RA) recently held a "topping-off" ceremony on February 1st at Reckson
University Square, a 313,000-square-foot five-story office building located
in West Windsor, New Jersey. West Windsor Mayor Shing-Fu Hsueh, the project's
development team and representatives from Reckson Associates and GVA Williams
New Jersey were on hand to watch the American flag being raised ceremoniously
to the final steel beam within the building's frame. Construction commenced
on the highly anticipated new development project in the third quarter of 2005
and is expected to be completed in time for occupancy in the fourth quarter
2006.
"Reckson has every confidence in the success of this premiere speculative
development. Its location within the desirable Princeton market and quality
design will set a new standard for excellence in the New Jersey area,"
stated Todd Rechler, Corporate Senior Vice President and Managing Director of
Reckson Associates' New Jersey division. "We thank our entire development
team for the excellent work they are performing to not only deliver Reckson
University Square on time, but also to build a signature property that will
help define the marketplace as one of the preeminent office markets in the country."
Located on the NE corner of US Highway 1 and Alexander Road, Reckson University
Square is within the well-known Princeton market and in close proximity to the
Princeton Junction Amtrak and New Jersey Transit train station. The 313,000-square-foot,
five-story office building features a dramatic two-story atrium, first-class
dining facility, outstanding fitness facility and teleconferencing/boardroom
for tenants to utilize. Additional amenities include state-of-the-art prewired
optics and communications systems, superior riser capacity and backup generator.
Reckson's onsite management team will provide the highest level of services
to the tenants in the building.
"We are pleased to lease and market this outstanding new Class A office
building on behalf of Reckson," stated David Simson, President of GVA Williams
New Jersey, who is leading this assignment with Tom Romano and Steve Tolcash
of GVA Buschman. "This world-class facility incorporates the latest technologically
advanced workplace coupled at an incredible location. Designed and developed
by Reckson, the building will contain architecturally distinctive features and
the highest quality materials and construction. The distinctive granite façade
and exposure the building offers to a high-profile corporate user on the Route
1 corridor should drive dynamic demand for this property."
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,
and wholly owns, has substantial interests in, or has under contract, a total
of 102 properties comprised of approximately 20.1 million square feet. 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, real estate taxes, security and insurance
costs; repayment of debt owed to the Company by third parties; 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.
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 of Reckson Associates' NJ division
Beckerman Public Relations
Contact: Stephanie W. Singer (Media)
(908) 781-6420 (Phone)
stephanie@beckermanpr.com (Email)
