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NEW YORK CITY-Following less than two weeks after a Reckson shareholder addressed a letter to the company expressing concern for the potential merger with SL Green, Institutional Shareholder Services has recommended that shareholders approve the merger. Shareholders will vote on Nov. 22 in a special meeting.

The independent proxy advisory service, stated in its report about the merger, “On balance, we believe that this transaction warrants shareholder support.” The report was issued yesterday. Additionally, ISS said that should shareholders vote against the bid, Reckson is unlikely that the company’s share price would trade at levels comparable to the merger’s.

“We are pleased that, after a thorough analysis, ISS is recommending that Reckson shareholders vote to support the company’s combination with SL Green,” Scott Rechler, CEO of Reckson, said in a statement. “We fully agree with ISS that this transaction warrants shareholder support and urge Reckson shareholders to vote ‘for’ the proposed SL Green merger promptly.”

Last week as reported by GlobeSt.com, Citigroup and Credit Suisse also issued statements recommending shareholders approve the transaction. On Oct. 30, 2006, Arnhold and S. Bleichroeder Advisors LLC sent a letter to Reckson to inform the company the shareholder’s intention of voting its 835,000 shares against the merger.

In a statement issued just after ISS’s report was made public, SL Green president and CEO said, “We’re extremely pleased that ISS did a thorough and impartial review of the pending transaction and has concluded that it merits shareholder support. This development represents another significant step forward for us.” He went on to say that many Reckson shareholders have indicated they will vote to approve the transaction.

The deal was announced in August, as reported by GlobeSt.com.

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