Imaging and Information Industry Leader Leases 164,000 SF at 200 Summit Lake Drive, Valhalla

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Aug. 5, 2002-- In the largest lease transaction to occur in Westchester County during the last two years, Fuji Photo Film U.S.A., Inc., will move its headquarters to Valhalla, Westchester County, NY, it was announced today.

The company, which is the American sales and marketing subsidiary of the Fortune Global 500, Fuji Photo Film Co., Ltd., of Tokyo (FUJIY) has leased approximately 164,000 square feet at Reckson Summit at 200 Summit Lake Drive, a Class A property owned by Reckson Associates Realty Corp.

A world leader in imaging and information products and services, Fujifilm will occupy several floors at the three-building Reckson Summit office park. Fujifilm selected the new location upon completing a three-year search for a new headquarters in Westchester and Fairfield Counties, as well as various locations outside the New York Tri-State area.

The 10-year lease, which commences in April 2003, comprises over half of the 249,551-square-foot building at 200 Summit Lake Drive. The company will occupy the entire 3rd and 4th floors and a portion of 2nd floor. Fujifilm is expanding -- by an additional 60% -- from 106,000 square feet at its current headquarters location in the Taxter Corporate Park in Elmsford, NY, where it moved from New York City in 1986.

Paul Myers Senior Vice President of the CB Richard Ellis New York City office and Frank Tomasulo Senior Vice President of the New York/Connecticut Suburban office, represented the tenant in the transaction. CB Richard Ellis has a long-term relationship with Fujifilm, and upon today's transaction closing will have represented them on nearly 1 million square feet of commercial leases in major markets throughout the United States.

"Fujifilm investigated a number of options in its search for new corporate office space and after weighing them all, we are very pleased to be remaining in Westchester County and New York," explained Stanley E. Freimuth, Executive Vice President and Chief Operating Officer, Fujifilm USA. "We have found New York and Westchester to be a great place to do business and this decision will be very convenient for our employees who enjoy working here. We appreciate the support of the county, the state and our friends at CB Richard Ellis and Reckson."

"We are very pleased that this move will allow us to continue to grow here in America while providing a pleasant and productive work environment for our employees," said Yasuo "George" Tanaka, President and Chief Executive Officer, Fujifilm USA.

Fujifilm entered the North American market in 1955 and culminated a decade of growth with the establishment of its first U.S. subsidiary, Fuji Photo Film U.S.A., Inc., in 1965. Fujifilm now operates numerous subsidiaries throughout the U.S. that employ more than 10,000 American associates at over 100 locations, including those located in Westchester County.

"We welcome this highly-esteemed company, Fujifilm, to a property of an equal caliber- Reckson Summit," said Salvatore Campofranco, Senior Vice President, Managing Director, Westchester Division. "The complex offers the corporate presence, incredible service and outstanding amenities the company had been seeking. We are very pleased that Fujifilm chose to join our family of tenants and look forward to building a long relationship with this industry leader."

"This corporate lease transaction by Fuji Photo Film U.S.A., Inc., represents a high watermark over the last few years in Westchester County and is positive evidence of the pro-business environment that exists here," commented Myers and Tomasulo, CB Richard Ellis' chief advisors on the transaction. "From a commercial real estate perspective, the expansion and relocation of Fujifilm's new corporate headquarters in Westchester County is a statement of the vitality that exists between the private and public sector in teaming to meet the changing needs of a growing corporate user. New York State and Westchester County will derive significant benefit from the accelerated economic activity generated by this corporate headquarters and all of the services required for its support."

Contributing CB Richard Ellis team members included John Maher, Anthony Dattoma and John Pavone of the New York City office and Al Gutierrez and Paul Hoffmann of the New York/Connecticut Suburban office.

The creative transaction involved over 250,000 rentable square feet and had an impact on more than seven existing tenants at 200 Summit. According to the owner, Reckson's ability to understand Fuji Photo Film USA's space needs and dovetail the timing of the occupancy with the business strategy of the existing tenants at 200 Summit was the critical component in bringing the transaction to fruition. Campofranco continued, "Reckson values the ongoing relationships it maintains with its tenant base. Through these well-established tenant relationships, the Company was able to creatively identify opportunities at the property and relocate tenants to alternate spaces within its portfolio that met their current business strategies."

Campofranco said, "The foundation of Reckson's business strategy is based on local management expertise. The depth of experience within our regional team combined with the size of our portfolio allowed us to execute this complex and creative transaction."

The 699,045 square foot Reckson Summit office park, located on 102 wooded acres, features three architecturally distinct buildings with spectacular views, extensive landscaping and structured parking. The buildings offer such amenities as four-story atrium lobbies, dramatic waterfalls, 24-hour/7-day access, computerized HVAC systems, high-speed internet access, dining and catering facilities, fitness centers, shuttles to local train stations as well as quick access to 684 and the Sawmill River Parkway. Reckson's Westchester Class A market share is the largest in the County, with 25 buildings totaling 3.3 million square feet.

About Reckson Associates

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management and development of office and industrial properties. Reckson's core growth strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners, managers and developers of Class A office and industrial properties in the New York Tri-State area, with 181 properties comprised of approximately 20.5 million square feet either owned or controlled. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com

About Fujifilm

Fuji Photo Film U.S.A., Inc. is the U.S. marketing subsidiary of Fuji Photo Film Co., Ltd. of Tokyo (FUJIY), a leading global manufacturer in three business segments, including Imaging Solutions, Information Solutions and Document Solutions. Recognized for its technological innovation and high quality, Fujifilm offers a complete portfolio of imaging, information and document products, services and e-solutions to retailers, consumers, professionals and business customers.

The complete Fujifilm product portfolio in the U.S.A. includes: professional and consumer film and cameras; digital imaging products, including cameras and printers for commercial and consumer use; digital minilabs and kiosks; photographic paper and photofinishing supplies; professional motion picture film; high-capacity floppy disks, CDs and DVDs, tape cartridges and other data storage media; videotape and audiocassettes; professional and consumer optical discs; microfilm and other micrographic products; and graphic arts film, conventional and digital printing plates, analog and digital color proofing systems, drum and flatbed scanners, imagesetters and computer-to-plate systems. Fujicolor Processing, Inc., a subsidiary of Fuji Photo Film U.S.A., Inc., provides wholesale photofinishing through a network of laboratories across the country. Fujifilm e-Systems is a subsidiary of Fuji Photo Film U.S.A., Inc., that develops workflow solutions to support the company's photofinishing labs and consumer photographic businesses, including online imaging services such as Fujifilm.net.

About CB Richard Ellis

With seven offices in the New York Tri-State area, CB Richard Ellis is the largest commercial real estate services company in the world. With nearly 10,000 employees, the company serves real estate owners, investors and occupiers throughout more than 250 offices in 47 countries. The company's core services portfolio includes property sales, leasing and management, corporate services, facilities and project management, mortgage banking, investment management, capital markets, appraisal and valuation, research and consulting. The company reported net revenues of $1.17 billion in 2001. For more information about CB Richard Ellis, visit the company's website at www.cbre.com.

Certain matters discussed herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of results and no assurance can be given that the expected results will be delivered. Such forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those expected. Among those risks, trends and uncertainties are the general economic climate, including the conditions affecting industries in which our principal tenants compete; changes in the supply of and demand for office and industrial properties in the New York Tri-State area; changes in interest rate levels; downturns in rental rate levels in our markets and our ability to lease or release space in a timely manner at current or anticipated rental rate levels; the availability of financing to us or our tenants; changes in operating costs, including utility costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; and other risks associated with the development and acquisition of properties, including risks that development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors that could impact Reckson, reference is made to Reckson's filings with the Securities and Exchange Commission. Reckson is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update or supplement information contained in this press release that subsequently becomes untrue.