In July, the Melville-based company announced the pending acquisition of the two 15-story office towers. According to a Reckson spokesperson, the company feels the repositioning effort is necessary because, though it is arguably the most recognizable office complex on Long Island, it is not commanding the rental rates the REIT feels it should. The property is approximately 90% occupied and has a tenant roster that includes Citibank, NA Washington Mutual and Dreyfus Service Corp.

Reckson has already had staff completing cosmetic changes such as new signage and held a meet-and-greet session with tenants to find out what their needs are, according to the spokesperson. Long-range plans include adding amenities such as a fitness center and valet parking. The complex already offers, among other amenities, a cafeteria, dry cleaner, sundry shop, daycare center and an outdoor ice-skating rink.

Reckson expects to generate an initial GAAP net operating income yield of approximately 6.5% on Reckson Plaza. The REIT anticipates that its property operating initiatives will result in cumulative annual NOI growth in excess of 5.0%.