Deals & Deeds - Reckson announces 39,000 sq. ft. of leases at Platinum Mile

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Reckson announces 39,000 sq. ft. of leases at Platinum Mile
By ALEX PHILIPPIDIS :: January 9, 2007

Reckson Associates Realty Corp. on Monday announced a series of fourth-quarter 2006 lease deals totaling more than 39,000 square feet within its 14-building, 1.6 million square-foot Reckson Platinum portfolio along the Westchester Avenue “Platinum Mile:”

Law firm Stern Keiser Panken & Wohl L.L.P. reaffirmed a long-term commitment with Reckson, signing a lease for 5,033 square feet at 1025 Westchester Ave. in White Plains.

IVI Environmental Inc., an environmental consulting firm specializing in site assessments, testing and remediation, has signed a new lease at 105 Corporate Park Drive in Harrison. The new lease expands IVI environmental’s existing offices in the building by 4,243 square feet to a total of 12,750 square feet.

Cloud 9 Consulting, an Internet service facilitator to tri-state corporations, has renewed its lease for 1,906 square feet at 106 Corporate Park Drive in Harrison.

The law firm Pollock & McGuire, has also renewed its lease for 4,313 square feet also at 106 Corporate Park Drive.

Connecticut Business Systems Inc., a global imaging company expanded its premises with a new lease for 3,910 square feet at 108 Corporate Park Drive in Harrison,
Financial consultant Basswood Capital Management L.L.C. relocated its headquarters from Manhattan to 707 Westchester Ave. in White Plains, leasing 4,136 square feet.

Credit Clearing House, a leader in the commercial receivables management industry, has leased 6,536 square feet of office space at 925 Westchester Ave. in White Plains. The tenant was represented by Craig Ruoff of Rakow Commercial Realty Group Inc. of White Plains.

Old Mutual Business Services, a financial management company, signed a lease to expand to 4,477 square feet at 2500 Westchester Ave. in Purchase.

Paper manufacturer The S.D. Warren Co. has renewed its lease for 4,730 square feet at 2700 Westchester Ave. in Purchase.

Healthcare consulting firm VCC Inc. has renewed its 1,858 square foot office space at 701 Westchester Ave. in White Plains.

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A couple of interesting things here to note:

* Timing: These are all fourth quarter deals, yet they haven’t been announced till now – probably since the real estate investment trust was keeping mum while its future was being decided by board members who ultimately approved Reckson’s $6 billion acquisition by SL Green Realty Corp. That deal is set to close later this month.

* Occupancy: The press release announcing these deals didn’t specify a percentage occupied. Reckson CEO Scott Rechler told the Business Journal last month Reckson Platinum occupancy has climbed to “the mid-75 percent range.”

Reckson Platinum is one-third through a two-year, $30 million renovation that has already seen new landscaping, a new lobby, a new conference center, new concierge service and a renovated cafeteria at Platinum Mile flagship 707 Westchester Ave.

“When complete, the dramatic transformation will encompass the entire park with extensive landscaping upgrades, the installation of enhanced property entries and high quality finishes in the lobbies and common areas along with the installation of advanced technologies,” as Reckson describes it in its release.