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Reckson Sees Opportunities on LI, in Midtown and LIC

MELVILLE, NY-Reckson's Scott Rechler says the firm's leasing efforts are "on track" and he's seeing rent momentum in Midtown and on Long Island.

By Barbara Jarvie | Updated on November 01, 2005

MELVILLE, NY-”We’re on track and continue to gain strength,” said Reckson Associates Realty Corp. president and chief executive officer Scott Rechler during the locally based REIT’s third-quarter conference call. During the quarter, the firm executed 72 lease transactions totaling 433,588 sf. Rechler said another 260,000 sf of leases were completed after the close of the quarter and another 600,000 sf are in “active discussions.”

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.

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