GlobeSt.com previously reported the sale in November. The 463,000-sf office sold for $290 per sf.According to Reckson officials, the site has near-term rollover with approximately 85,000 sf--net of space already committed--expiring over the next 12 months.
Scott Rechler, Reckson's president and chief executive officer, says the sale is consistent with the firm's strategy of selling assets in non-core markets. "100 Wall was acquired at the time of our original investment in New York City. Since that time, we have concentrated the growth of our New York City portfolio in the strong Midtown Manhattan submarket."
Reckson will report a GAAP gain of approximately $46.4 million on the sale. The tax gain of approximately $43.5 million from the sale of this property has been deferred as part of a 1031 exchange in conjunction with the company's purchase of Reckson Plaza in Uniondale.
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