Reckson starts work on $60m LI office tower.Reckson Associates Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. will begin a ground-up development of a 277,000 s/f Class A office building, for a total anticipated investment estimated at approximately $60 million, completing the final phase of Reckson Executive Park located in Melville, Long Island. The new building, 68 South Service Road, will be situated directly across from the Company's recently constructed and leased 58 South Service Road, completing the three building 681,000-s/f Class A office park. Reckson's decision to begin the construction of 68 South Service Road reflects the Company's confidence in the Long Island economy and commercial real estate market. The improving Long Island office fundamentals are reflected in the increasing demand for space that caters to companies requiring newer state-of-the-art buildings to accommodate today's operational needs. This new premier office building will follow Reckson's leasing success at 58 South Service Road, which has set a new standard for Class A office space in the Melville marketplace, and is currently approximately 91% leased to a prestigious roster of tenants including Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Citigroup, Zurich American Insurance Company, OSI Pharmaceuticals OSI Pharmaceuticals, Inc. is an American pharmaceutical company based in Long Island, New York with facilities in Colorado, New Jersey and the United Kingdom. They specialize in the discovery and development of molecular targeted therapies, and are listed in the NASDAQ and Signature Bank, among others. Scott Rechler, Reckson's President and Chief Executive Officer, stated, "Commencement of this ground-up development project is a barometer of 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 area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. and demonstrates our particular confidence in the Long Island office market." Mr. Rechler continued, "During the first half of the year we experienced substantial leasing momentum, achieving a record amount of activity throughout our office portfolio totaling approximately 1.5 million square feet. Our Long Island office portfolio occupancy has increased to approximately 96%. We see this development as an opportunity to continue to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the strong recovery of our markets." Strategically located at the gateway of Nassau and Suffolk Counties Suffolk County may refer to:
"Following the success of 58 South Service Road, we are excited to bring on-line the next building of our premier development project which is anticipated to be completed in the fourth quarter of 2005," said Ken Bauer, senior vice president and Co-Director of the Long Island Division. |
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