In an exclusive report published in July on GlobeSt.com, which first reported C&W as the exclusive sales agent for the portfolio, Cushman & Wakefield executive vice president Andrew Merin said a buyer could possibly be identified by September. At the time the property was put on the market for sale it had an occupancy rate of about 78%.

"This investment represents a quintessential value creation opportunity for Reckson," says Scott Rechler, Reckson's president and chief executive officer. "The extremely well located, institutionally owned portfolio provides us with the opportunity to reposition and redevelop the underperforming properties into class A properties at significant discounts to replacement cost and attractive stabilized NOI yields."

The purchase price represents a discount to replacement cost in excess of 35%. The portfolio is now approximately 70% occupied. With the acquisition of this office portfolio, Reckson will increase the company's Westchester portfolio to approximately 4.8 million sf. To date, the REIT has completed investments totaling approximately $1.3 billion during 2005.