The company reported office occupancy at Sept. 30, 2005 of 94.1%, compared to 93.7% at June 30 and 93.9% at Sept. 30, 2004. In Midtown and Long Island, Rechler pointed out, firms have "focused on meeting their space need rather that on what they're going to have to pay for it." He added that the firm is seeing rent momentum in both sectors.

During the quarter, the firm inked a deal to sell its lone Lower Manhattan asset, 100 Wall St. as part of its capital recycling program. The firm sold the 462,000-sf office building for approximately $134 million, or $290 per sf. Through it's recycling effort this year, the firm has purchased nearly $1 billion of asset, while selling approximately $900 million of product.

The firm also entered into a contract for the recapitalization of One Court Square in Long Island City, NY. Reckson acquired the building in Ma for a total investment of $471 million. In June, Reckson refinanced its acquisition bridge facility with a $315 million, 10-year, interest-only mortgage. In October, the firm signed a contract to sell a 65% to 70% joint venture interest to a groupof institutional investors led by JPMorgan Asset Management. It should close in the fourth quarter. Rechler said he views the Long Island City area to be to Midtown/Grand Central, what Jersey City and Downtown Brooklyn are to Lower Manhattan.