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Recognizing the specialists.

Reckson Associates Realty Corp REIT has recognized investment sales specialists George Lambros III and Patrick R. Colwell, senior directors in Cushman & Wakefield's Metropolitan Area Financial Services Group, with a Reckson 2003 Deal of the Year Award.

Lambros and Colwell were acknowledged for the completion of an UPREIT transaction of the 100% leasehold interest in 1055 Washington Boulevard, one of Stamford's premier CBD office properties.

In August 2003, 1055 Washington Boulevard was acquired by Reckson with 21.6 million in cash and the issuance of 465,845 Class C Common units of limited partnership interest, valued at $24 per unit. An UPREIT transaction is achieved when the asset is exchanged for dividend paying units in a real estate investment trust. Reckson expects to generate an initial net operating income ("NOI") yield of 7.2% from the property, which is currently 80% leased.

The yield on this value-added opportunity is anticipated to increase to approximately 9.5% during 2004 as the asset is stabilized.

Reckson is one of the largest publicly traded owners, managers and developers of Class A office properties in the New York Tri-State area.
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Title Annotation:Reckson 2003 Deal of the Year Award; acquisition of 1055 Washington Boulevard by Reckson
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 4, 2004
Words:185
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