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Reckson Contracts to Acquire a 1.6 Million Square Foot Office Portfolio in Westchester for Approximately $255 Million.

Publication: Business Wire
Publication Date: 07-DEC-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
MELVILLE, N.Y. -- Reckson Associates Realty Corp. (NYSE: RA) announced today that the Company has contracted to acquire a 1.6 million square foot office portfolio, consisting of 14 buildings, concentrated within five business parks, located on the Platinum Mile in Westchester County, for approximately $255 million or $163 per square foot.

The office portfolio, known as the Eastridge portfolio, is exceptionally well located on Interstate-287, at the intersection of Interstate-684 and the Hutchinson River Parkway. The properties are located in the heart of the Westchester County office market that historically has been the choice location for the county's most prestigious companies. The location offers excellent access to the White Plains Central Business District, the rail and bus transportation center, as well as easy access to the most sought after residential communities in Westchester.

This transaction continues a robust period of investment activity by Reckson. With this acquisition, the Company has completed investments totaling approximately $1.3...

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