X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.