Reckson unveils repositioned Metro Center.

Reckson Associates Realty Corp. officially unveiled Reckson Metro Center at 360 Hamilton Avenue in White Plains with a ribbon cutting ceremony this month. The 380,000 square-foot building has undergone a $50 million value repositioning, transforming the property into a technologically advanced Class A office building. Reckson's grand opening of the building (previously closed for more than 10 years) was well attended by all of the major brokerage firms in both Westchester and Fairfield County, as well as many firms that serve New York City. In addition, numerous County and City officials attended, including Joseph Delfino, mayor of the City of White Plains, and Andy Spano, Westchester county executive.

The high quality refurbishing of the property has resulted in the creation of a new flagship Westchester property for Reckson, adding to the Company's Class A portfolio, the largest in the County, of 29 properties totaling 3.6 million square feet.

Mayor Delfino noted that Reckson has built "the gem of Westchester County here in White Plains," and cited the company as being a partner with the City government in enhancing the business and living environments of White Plains. "We're going to work together to make this city and this county the best it can be," Delfino said. He added that Reckson has served as a catalyst in Westchester County, with many owners of commercial properties now in the process of upgrading their buildings to Class A quality.

Before the building even opened, Reckson completed long-term lease agreements with three tenants. The prominent financial management and advisory company Merrill Lynch, Pierce, Fenner & Smith, Inc. leased approximately 32,000 square feet. Gelco Information Network, Inc., a leading provider of corporate administrative outsourcing for the payment of travel and other expenses, leased 15,418 square feet. NorthEast Optic Network, Inc., the owner and operator of a large fiber optic network in the northeastern United States, leased 10,430 square feet.

Reckson's $50 million value creation project, which included $15 million earmarked for construction and renovation, literally recreated 360 Hamilton. The work performed included tearing down the building's facade to replace it with a sophisticated new streetscape utilizing three tons of granite and arched accents. This new street facade serves as an elegant anchor to the 12-story reflective glass tower that rises above it.

Improvements to the building's interior include a new lobby incorporating elegant finishes and sophisticated designs, as well as an interactive multi-media data center for visitors. Reckson Metro Center also offers such amenities as meeting rooms equipped with global video conferencing, high-speed Internet access, a teleconferencing auditorium with seating for 140, plus a private VIP boardroom. The building offers concierge services along with 24-hour access, a state-of-the-art energy management system, full-service health club, cafe and executive dining in two distinct areas.

Among the many assets that Reckson Metro Center offers tenants is a prime location, located in the heart of White Plains' Central Business District, within walking distance of entertainment, dining, arts and shopping opportunities. To enhance Metro Center's accessibility, Reckson will offer tenants private shuttle service to the Trans Center and other downtown amenities.

"This is only the beginning for Reckson Metro Center," said Salvatore Campofranco, managing director of Reckson's Westchester region. "The building is a winning combination, a state-of-the-art property in a prime location, and we are confident that the momentum already begun will continue to grow. We are happy to welcome Merrill Lynch, Gelco and NEON as the building's first tenants, and look forward to welcoming other prominent tenants."

"We've worked long and hard to create a business environment that will complement the prestige of its tenants and offer the technology and quality services they require to thrive and grow," added Mitchell Rechler, Reckson's coCOO. "It's gratifying to see the project come to fruition and for leasing momentum to build so quickly."