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GlobeSt.com UPDATE: Reckson Completes $240M Purchase, Repositions Asset

UNIONDALE, NY-Completing the $240-million purchase of the EAB Plaza, the REIT renames the site Reckson Plaza. Reckson begins a repositioning effort to enhance the site and bring up the rental rates.

By Barbara Jarvie | Updated on October 12, 2005

UNIONDALE, NY-Reckson completed its $240-million purchase of the EAB Plaza here and has already embarked upon a repositioning effort. To start things off, the REIT has renamed the 1.1-million-sf asset Reckson Plaza.

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.

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