In September 2003, the locally based company underwent a comprehensive restructuring process. The board was scheduled to consider the appointment of a new chairman at its meeting yesterday.
As part of that process, Reckson Associates Realty Corp. sold its 5.9-million-sf Long Island industrial portfolio to Rechler Equity Partners, a company formed and directed by Donald, Roger, Mitchell and Gregg Rechler, for approximately $315.5 million in cash and other consideration. The REIT also reconstituted its board to consist of six independent directors and two inside directors. Donald Rechler became non-executive chairman.
"Our family has dedicated three generations of leadership to Reckson Associates, and we are looking forward to growing Rechler Equity Partners in the private sector," Donald Rechler told GlobeSt.com at the time of the restructuring. The acquisition of the portfolio made Rechler Equity Partners the largest full-service industrial real estate company on Long Island. The REIT then focused on being an owner and manager of 13.7 million sf of primarily class A office real estate in the New York Tri-State area.
The other day, a joint venture in which a subsidiary of Reckson Strategic Venture Partners owns a 46% interest, inked a deal to sell the famed Concord and Grossinger's Resort Hotels and Golf Courses in upstate New York to Empire Resorts Inc. for consideration of 18 million common shares of Empire and the assumption of property-related debt.
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