Reckson Inks New Deals at Rye Brook Complex

RYE BROOK, NY-At the property where it might build a new $86-million office building later this year, Reckson Associates Realty Corp. has secured four new lease deals totaling nearly 50,000 sf.

The largest transaction was with OpHedge Investment Services, Inc., a provider of middle- and back-office operations to the investment management industry, which leased 25,000 sf of space at 3 International Dr. Martin Horner from the Staubach Cos. represented OpHedge.

Tag Aviation, a personal air transportation services provider, signed a lease for more than 15,000 sf for its Northeastern headquarters at 6 International Dr. John Wheeler from Jones Lang LaSalle, in conjunction with Antares Real Estate, represented Tag Aviation.

Northwestern Mutual signed a lease for more than 4,500 sf, while Progressive Products, a hand wipes manufacturer, signed a deal for more than 2,200 sf. John Hannigan from Choyce Peterson represented Northwestern. Tim Donohue and Kevin McCarthy of Jones Lang LaSalle represented Progressive.

Reckson is in the midst of a capital improvement/repositioning program at the park. Company officials say that work has been completed at Five International Dr. and will now focus on buildings One and Two International Dr. Late last month, Reckson revealed that it is studying the possibility of building a new 315,000-sf office building–7 International Dr.–at the 540,000-sf complex. The firm went before the Westchester County Industrial Development Agency for incentives for the building project.