Reckson honors the real estate community at its annual gala event
The Sunday Star-Ledger
Reckson Associates Realty Corp. (NYSE: RA) recently held its annual holiday gala at Reckson Office Center in Short Hills. This event, which was attended by more than 250 leading real estate industry elite, corporate executives and municipal leaders, is recognized as one of the largest annual industry gatherings in New Jersey.
In 2003, Reckson Associates recorded substantial success in the marketplace, with more than 469,019 square feet of lease transactions consummated, resulting in near 100 percent occupancy throughout its multimillion-square-foot New Jersey portfolio. The company’s performance is recognized as one of the most successful leasing efforts recorded in the state this past year.
At the gala, Reckson Associates presented its annual “Deal of the Year” award to Susanne Newmark, president of Newmark Associates for the PLIVA Inc. (formerly Sidmak Laboratories Inc., a leading domestic independent drug manufacturer) transaction. The company signed a long-term lease to occupy 59,418 square feet at the 140,000-square-foot, Class-A building at 72 Eagle Rock Ave. in East Hanover.
“It is with great pride that we host the real estate community each year with this special evening to recognize their efforts and dedication throughout the year,” stated Todd Rechler, senior vice-president and managing director of Reckson Associates New Jersey division. “We congratulate Susanne Newmark, this year’s recipient of the Deal of the Year award, on her successful lease transaction with PLIVA Inc. At Reckson Associates, our continued success in the marketplace is due in large part to our strong relationships with the brokerage industry, and we salute them on another stellar year.”
Newmark commented, “I am honored to accept this wonderful recognition from Reckson Associates, one of the industry’s premier real estate owners. Reckson Associates’ market leadership position is reflected in its ability to effectively meet tenant requirements in a highly professional and responsive manner.”
Reckson Associates was extremely active throughout New Jersey in 2003. In additional to the high volume of completed lease transactions, Reckson Associates was able to maintain high tenant retention at each of its properties throughout the state. Reckson Associates focuses its efforts on providing tenants with the highest caliber office facilities and making a positive impact in the communities in which its tenants live and work.
Highlights recorded in 2003 by Reckson Associates encompassed two transactions at the prestigious 101 JFK Parkway at Reckson Office Center in Shorts Hills, at which a multimillion-dollar renovation was completed this year. Bollinger Insurance, one of the largest insurance agencies in the U.S. leased 69,560 square feet to serve as its corporate headquarters, and CitiCorp North America signed a lease for the 14,078 square feet at the facility.
The Building Owners and Managers Association (BOMA) awarded Reckson Associates two prestigious 2003 TOBY (The Office Building of the Year) Awards for two properties in its New Jersey portfolio. In the 100,000- to 249,999-square-foot office building category, Reckson Associates accepted this honor on behalf of 1255 Broad St. in Clifton. Reckson also was awarded a TOBY in the Suburban Building-Mid-Rise Division category for the 101-103 JFK Parkway.
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 Class-A-office properties.
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