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LONG ISLAND CITY, NY-Melville-based Reckson Associates Realty Corp. has completed its recapitalization of the 1.4-million-sf One Court Square here. The firm, which acquired the tower in May for $471 million, sold a 70% joint venture interest to a group of institutional investors led by JPMorgan Investment Management for approximately $329.7 million, including the assumption of $220.5 million of debt. Reckson first teamed with JPMorgan Investment at 919 Third Ave.

Based on the promoted structure and the sale of the interest, Reckson anticipates an unleveraged GAAP NOI yield of approximately 8% and a leveraged GAAP return on equity of approximately 13%. For previous coverage, click here.

Michael Maturo, Reckson's executive vice president and chief financial officer, says the transaction was consistent with the firm's balance-sheet strategy to recycle capital where value has been created. In June, Reckson refinanced its acquisition bridge facility with a $315 million, 10-year, interest-only mortgage.