Donald Rechler Leaves Reckson Board

MELVILLE, NY-One year after stepping down from his role as co-CEO of Reckson Associates Realty Corp., Donald J. Rechler tendered his resignation from the company’s board of directors, according to an SEC filing. Rechler indicated his “desire to pursue non-business interests and his confidence in the capabilities of the company’s current management team.”

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.