SHORT HILLS, NJ, MAY 16, 2003 Reckson Associates has announced three leases at its prestigious three-building, Reckson Executive Hill Office Park in West Orange, New Jersey. Reckson's successful business strategy of maintaining the highest quality corporate office facilities and catering to the needs of its existing and future tenants, is evidenced in the company's ability to consistently outperform the marketplace. In an uncertain business climate, Reckson Associates' leasing activity has remained strong and exhibited a large increase over last year's volume.
At 100 Executive Drive, a 92,872 square foot Class A office facility, Herbert L. Jamison & Company, a leading insurance firm, signed a new lease for 26,280 square feet of office space on the second floor. Frank Gunsberg of Cushman & Wakefield of New Jersey, Inc. represented the tenant in this transaction. Additionally at 300 Executive Park, Kessler Rehabilitation, a leading provider of comprehensive physical medicine and rehabilitation services, extended and expanded its lease to now occupy 33,000 square feet of space and Interactive Data, formerly Data Broadcasting, signed a new lease.
Reckson Executive Hill Office Park consists of a total of three Class A office buildings, spanning 321,698 square feet. Conveniently located with direct access to Interstate 280, the New Jersey Turnpike and Garden State Parkway, Executive Hill Office Park offers tenants dramatic interior architectural details, on-site health club, individually-controlled HVAC, high-speed broadband Internet connectivity, after-hours access system, shuttle service, state-of-the-art conference facilities and quality food service. In addition, numerous restaurants and retail stores are nearby at the newly repositioned Essex Green Shopping Center.
We are pleased to report continued leasing activity, both attracting new tenants and retaining existing tenants, at Reckson Executive Hill Office Park, stated Todd Rechler, Senior Vice President and Managing Director of Reckson Associates' New Jersey division. At Reckson Associates, our strategy is focused on creating workplace solutions that help our tenants meet their business objectives. By consistently investing in our properties and adopting a customer first philosophy, we have positioned ourselves as the smart choice for tenants in the marketplace, Rechler added.
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 178 properties comprised of approximately 20.3 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.
