Sub-market plot thickens for Reckson.Reckson Associates Realty Corp. has acquired the remaining 49% interest in 90 Merrick Avenue located in East Meadow East Meadow, uninc. residential and commercial city (1990 pop. 36,609), Nassau co., SE N.Y., on W Long Island. , Long Island from the company's joint venture partner, for approximately $14.9 million, or $130 per square foot. 90 Merrick Avenue is a 235,300 square foot, nine story, Class A office building located in the Central Nassau sub-market where Reckson owns approximately 1.6 million square feet of Class A office space, representing approximately 40% of the Class A office sub-market. The building is 99.4% occupied. The acquisition of the remaining interest in 90 Merrick Avenue caps-off approximately $117 million of recent investment activity which the company expects to generate a blended 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 in excess of 9.5%. Reckson's recent acquisitions include 3 Giralda Farms, a 141,000 s/f, Class A office building located within the Giralda Farms Corporate Campus in Madison, New Jersey Madison is a borough in Morris County, New Jersey, in the United States. As of the United States 2000 Census, the population was 16,530. It also is known as, "The Rose City. , for a total anticipated investment of approximately $31 million, where within two months of acquiring the property the company signed a long-term lease with Daiichi Pharmaceutical Corporation to occupy the entire building. Scott Rechler, Reckson's President and Chief Executive Officer, stated, "These acquisitions offer 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 are consistent with our strategic plan to focus on Class A office properties in the region's best sub-markets. "With these acquisitions, we further solidify our position as the leading provider of high quality office space and continue to build on our company's reputation as the Tri-State area's 'Landlord of Choice'." |
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