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GlobeSt.com UPDATE: Reckson Takes East Ridge Portfolio for $255M

WHITE PLAINS-Reckson acquires the 1.6-million-sf EastRidge portfolio for approximately $255 million. It consists of 14 buildings within five business parks.

By Barbara Jarvie | Updated on December 07, 2005

WHITE PLAINS-Melville-based Reckson Associates Realty Corp. has won the bidding for the Westchester-based 1.6-million-sf EastRidge portfolio. The REIT took the 14 buildings, which are located along the I-287 corridor, for approximately $255 million, or $163 per sf.

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.”

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