Reckson establishes WTC fund

Real Estate Weekly, Oct 3, 2001

Reckson Associates Realty Corp. and its employees, in an expression of deepest sympathy and concern over the tragic events that occurred last week, anticipate contributing approximately $1 mill lion to support the World Trade Center recovery an relief efforts.

The company is establishing a foundation called "The Reckson Charitable Foundation to Benefit the Families of the Heroes and Victims of the Word Trade Center Tragedy." This is a fund-raising effort within the company for all employees who wish to contribute. Reckson will match all direct employee contributions on a five-to-one basis. The foundation will evaluate which long term needs of the victims and their families are under-served and respond to this and other needs arising from the disaster.

Reckson has also donated the use of 100 Engineers Road, an 88,000 SF building in Hauppauge, N.Y., for the warehousing and distribution of supplies collected by the United Way, the Island Harvest, and communities throughout the New York ti-state area. The Nassau/Suffolk Building Trades Council will be donating labor and trucks to distribute these items when and where they are needed. Reckson is asking its staff, employees of tenants, and the local communities to make donations of new clothing, non- perishable food, and supplies into drop boxes located in all the lobbies of the company's suburban office portfolio, or directly at the 100 Engineers Road location. While the call for immediate donations of these items has subsided, the relief organizations are still asking for donations that will be needed in the weeks to come.

Due to tenants that were displaced by last week's tragic events, there has been an increase in demand for office space throughout the New York area. In response, the company has established a strict policy on pricing and will maintain rental rates at the pre-Sept. 11 asking levels during this period of crisis. In addition, the company is working on freeing up additional space to accommodate the needs of these tenants.