Reckson completes long island buy.Reckson Associates Realty Corp. has closed on theacquisition of a 260,500 square foot, Class A office building located at 300 Broadhollow Road in Melville, Long Island, at the intersection of Route ll0 and the Long Island Expressway, for approximately $41 million. 300 Broadhollow Road is one of the premier trophy The Premier Trophy is the main domestic first-class cricket competition in Sri Lanka. It was established in 1938 and has existed under a number of different names. List of winners
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. merger the property is being sold and Bank of America is reducing the amount of space it will lease in the building, bringing the building's occupancy to approximately 65%. Reckson is purchasing 300 Broadhollow Road at an approximate 30% discount to replacement cost and expects to generate a stabilized GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ("NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics ") yield of approximately 9.5%. 300 Broadhollow Road is located in the Western Suffolk County sub-market, the same sub-market where the Company completed the successful ground-up development of 58 South Service Road and recently began the ground-up development of 68 South Service Road, a 277,000 square foot Class A office building scheduled for completion in late 2005. Scott Rechler, Reckson's President and Chief Executive Officer, stated, "The acquisition of 300 Broadhollow Road offers us the opportunity to continue to capitalize on the strength of the market recovery in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State region and further demonstrates our particular confidence in Long Island's economy and strong office market." "300 Broadhollow Road was an off-market transaction which required Reckson to close in an extremely expedited time frame. This could only be accomplished due to our flexible balance sheet, our intimate knowledge of the property and the market, and by leveraging the local expertise of our highly experienced management team." This acquisition increases Reckson's Long Island portfolio to approximately 4 million square feet. 300 Broadhollow Road, which is part of a 42.5 acre corporate park, is a four-story building containing a five story central atrium with a full glass vaulted roof. The building offers flexibility with 29,000 square foot floor plates for larger users that divide down to units as small as 1,800 square feet. |
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