Reckson unveils plans for Landmark Square project.

Reckson Associates Realty Corp. has unveiled its extensive $12 million repositioning of Landmark Square, downtown Stamford's most prominent office complex. At the Landmark Club, 22 stories atop One Landmark Square, Stamford Mayor Dannel P. Malloy, civic officials and Reckson executives presented Reckson's "Reinventing the Square," the repositioning plan for the six interconnected office buildings that comprise Landmark Square.

The repositioning of Landmark Square has commenced and is expected to be substantially completed within 24 months. It will include significant infrastructure and aesthetic improvements that will restore the 800,000 square-foot office complex to its stature as one of the premiere corporate location in downtown Stamford.

Rick Rich, managing director of Reckson's Southern Connecticut Division, said "In the coming months we will see extensive changes at Landmark as our 'Reinventing the Square' program progresses." Rich mentioned several major improvements, including:

* A new facade on One Landmark Square, downtown Stamford's most prominent building and the tallest office tower between New York City and Hartford.

* The creation of an intersection at Broad and Gay Streets that win lend up to a new promenade in the heart of the complex that will offer enhanced visibility, accessibility and valet parking for tenants and visitors.

* Upgraded infrastructure, refurbished lobbies and 150 additional parking spaces.

* A new computer energy management system which shall result in greater comfort and flexibility as well as cost savings for Landmark's tenants.

A distinctive new retail plaza developed on the historic corner of Broad and Atlantic streets to further revitalize the area.

The Landmark complex was developed between 1973 and 1984 by the F.D. Rich Company. It is located on seven acres in the heart of Stamford, contiguous to Stamford Town Center, a 900,000 square-foot upscale shopping mall. Landmark offers such amenities as a full service athletic facility and the Landmark Club, one a the city's premier dining clubs.

Reckson acquired Landmark Square in October, 1996, for approximately $77 million and simultaneously established its Southern Connecticut Division and announced its intention to reposition Landmark. The repositioning plan was developed by Reckson's design and architecture team, with assistance from Beyer, Blinder and Belle, the award winning architectural firm responsible for the redevelopment plans for the South Street Seaport and Grand Central Station.

Scott Rechler, president of Reckson, said "Consistent with our value creation strategy, Reckson recognized Landmark as a unique opportunity to create significant value. The complex is located in one of the healthiest office markets in the Northeast where Class A vacancy rates have decreased from 15.7 percent to 5.8 percent over the past two years. Landmark's average rents are presently 30 percent below market, however, upon completion of our repositioning, Landmark will be one of the premiere properties in downtown Stamford and will command the most competitive rates. All this will be accomplished with a total investment in the complex of $111 per square foot, or approximately 50 percent of replacement cost."

Reckson Associates Realty Corp is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management and development of office and industrial properties. Reckson's core growth strategy is focused on the suburban markets within the 50 mile radius surrounding New York City. Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire approximately $570 million of properties comprising approximately 8.4 million square feet of space.

Reckson is one of the largest publicly-traded owners and managers of Class A suburban office and industrial properties in the New York "Tri-State" area, with 142 properties comprised of approximately 12.9 million square feet either owned or under contract.