The properties were once part of the Schulman Realty portfolio, which was acquired in a deed in lieu of foreclosure transaction by the General Motors Pension Fund in May 1992. Including in the sale were 103 Corporate Park Dr. and 709 Westchester Ave., here as well as 2500 Westchester Ave. in Harrison.
The REIT plans to create value by repositioning the portfolio and anticipatesrecapitalizing its position through a joint venture transaction. Reckson financed this core plus office portfolio through its unsecured revolving credit facility. "Within three weeks of executing the contract we were able to close, further reinforcing the value of our financial flexibility and our local market expertise," says Michael Maturo, Reckson's executive vice president and chief financial officer.
The portfolio is approximately 70% occupied. The properties offer amenities which include full-service cafeterias, cafe/coffee bars, parking allocations, retail banking, bus service, day care centers, sundry shops and conference facilities.
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