'Operate Locally, Finance Globally'

Reckson Associates Realty Corp., Melville, N.Y., has announced a planned initial public offering of approximately $202 million worth of units in a newly formed Australian property trust that it says will enable it to focus on "operating locally and financing globally."Reckson NYPT, a listed property trust, will be managed by Reckson Australia Management Ltd., which is wholly owned by Reckson Operating Partnership. The LPT structure will enable Reckson Associates, a real estate investment trust, to "get deeper into our New York tri-state area office markets to enhance our competitive advantage, while sourcing capital globally," according to Scott Rechler, Reckson's president and chief executive officer. Mr. Rechler said Reckson NYPT is the first Australian LPT to focus on U.S. suburban office properties. The offer document was filed with the Australian Securities and Investments Commission, and the transaction is expected to close Sept. 26, the company said. Reckson Associates can be found online at http://www.reckson.com.