Reckson Associates Realty Corp. announced it has contracted to acquire a 1.6 million-square-foot office portfolio, consisting of 14 buildings, concentrated within five business parks, located on the Platinum Mile in Westchester County, N.Y., for approximately $255 million.
The office portfolio, known as the EastRidge portfolio, is located at the intersection of Interstate-684 and the Hutchinson River Parkway.
The portfolio is approximately 70 percent occupied, compared to an approximate 91 percent occupancy rate for Reckson’s current Westchester office portfolio.
The properties are distinguished by architectural glass exteriors, well-maintained landscaping, and lobbies with high-end finishes. The properties and office parks offer many outstanding amenities, which include full-service cafeterias, café/coffee bars, generous parking allocations, retail banking, bus service, daycare centers, sundry shops and conference facilities.
Reckson anticipates closing on this acquisition in the fourth quarter of 2005.
Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust specializing in the acquisition, leasing, financing, management and development of class A office properties.
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