|
|
Article: Reckson in deal to go private: OKs $6B acquisition by SL Green Realty but will join private investors to buy back $2B in suburban assets.
- Article from:
- Newsday (Melville, NY)
- Article date:
- August 4, 2006
CopyrightCOPYRIGHT 2006 Newsday. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Elizabeth Moore And James Bernstein
Aug. 4--In a roundabout return to its hometown roots, Reckson Associates Realty Corp., Long Island's largest commercial landlord, yesterday agreed to be acquired by Manhattan-based SL Green Realty Corp., the two companies announced. Under the deal, Reckson senior executives have teamed up with a private equity firm to buy back from SL Green $2.1 billion worth of the company's suburban assets, including all the Long Island properties acquired during three generations of Rechler family involvement in the business. The private entity also will keep the Reckson name. SL Green will retain Reckson's prime Manhattan real ...