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MELVILLE, NY-The Teachers Insurance and Annuity Association has spent $136 million to acquire a 49% interest in eight Reckson Associates Realty Corp. properties in the New York metro area that, combined, total 1.5 million sf of office space.

The properties include: 680 and 750 Washington Blvd., known as Stamford Towers (325,416 sf) in Downtown Stamford and 120 White Plains Rd. in Tarrytown, also known as the Christiania Building (205,500). Other Reckson properties included in the transaction are: 51 JFK Parkway in Short Hills, NJ, and on Long Island at 90 Merrick Ave., East Meadow, 400 Garden City Plaza in Garden City, 275 Broadhollow Rd., Melville and 1305 Walt Whitman Rd. in Melville.

“This transaction is consistent with our self-funding strategy which focuses on ‘monetizing’ value created and then redeploying this capital into new value creation assets to fuel long-term earnings growth,” says Scott Rechler, Reckson’s co-chief executive officer and president.

Reckson, a REIT headquartered in Melville, retains 51% ownership of all the properties and will continue to manage day-to-day operations and leasing responsibilities as well.

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