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Reckson Realty announces redevelopment in Nutley.

Reckson Associates Realty Corporation has completed the redevelopment of 492 River Road in Nutley, which formerly housed the Aeronautics Division of the ITT Corporation. Reckson Associates acquired the abandoned facility in 1997 and completely rebuilt the structure into a 130,000 square-foot, state-of-the-art, Class A office building.

Located at 492 River Road, Reckson's latest redevelopment project is an ideal office/high-tech facility for tenants seeking 30,000 square feet or more in highly strategic location. As part of the Reckson redevelopment process, the entire building was stripped and gutted so that only the facility's shell and floor remained. Reckson completely rebuilt the facility with such features as a dramatic aluminum facade with continuous ribbon reflective tinted glazing, state-of-the-art mechanical systems, above average ceiling heights, abundant power and above average parking. Additionally, the rear of the site sits adjacent to Route 21, which hosts fiber optic high-speed cable from several providers.

Located at the intersection of Route 3 and Route 21, 492 River Road offers close proximity to mass transit and easy major community highways such as Route 80, the Garden State Parkway and the New Jersey Turnpike. The building is located across the street from a new shopping mall and is near several hotels, conference centers and banking facilities.

"492 River Road represents one of the most outstanding new office developments in Northern New Jersey," said Jeffrey Schotz, senior vice president and managing director of Reckson Associates Realty Corporation's New Jersey operations. "At Reckson Associates, our goal is to create work spaces that reflect the finest in aesthetics, convenience, technology and functionality. 492 River Road is an excellent example of our dedication to addressing the needs of corporate tenants and reflects our ability to value engineer abandoned facilities and turn them into new Class A space. With demand for new space very strong throughout New Jersey, we expect 492 River Road will be met with a terrific response from tenants," Schotz concluded.

492 River Road is expandable by an additional 130,000 square feet. The project is the second major renovation completed by Reckson Associates in New Jersey during the past 12 months. The company recently completed the redevelopment of the 180,000 square-foot 1255 Broad Street development in Clifton, which is nearly fully leased.

Reckson's core growth strategy is focused on the suburban markets surrounding and including NYC. Since the completion of its initial public offering in May 1995, Reckson has acquired, contracted to acquire or developed approximately $2.1 billion of properties comprising approximately 17.4 million square feet of space.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:May 17, 2000
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Next Article:Reckson Associates reports robust Long Island leasing activity.

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