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MELVILLE, NY-"You need to take a value-added approach to the marketplace," said Scott Rechler, Reckson's president and chief executive officer, during the REIT's second-quarter conference call, adding that it's a "good time to be seller or a buyer." He noted that there's "a pretty vibrant pipeline of opportunities." In the second quarter, the locally based firm completed approximately $400 million of new investments to year-to-date investment activity total to nearly $1 billion.

In what Rechler labeled a "classic Reckson investment," the company purchased EAB Plaza, a 1.1-million-sf, trophy office in Uniondale, for approximately $240 million. He said the asset, which is approximately 90% leased, was "undermanaged for a number of years." The firm also acquired 225 High Ridge Rd. in Stamford, CT for $76.3 million.

On the leasing front, Reckson executed 69 transactions totaling 374,120 sf and saw rent performance on renewal and replacement increased 10.3% on a straight-line rent basis and 1.3% on a cash basis in the office portfolio. "There are 700,000 sf of leases under negotiation and a large pipeline behind that," Rechler said.