Reckson New York Property Trust, which has a portfolio of US office buildings that was last valued at $US437.4 million ($533 million), might be worth watching in the light of the takeover of its larger peer - the Tishman Speyer Office Fund - earlier this month. Reckson is managed by an Australian responsible entity that is an affiliate of RXR Realty, formerly RexCorp Realty. Earlier this year, the Netherlands pension fund Stichting Pensioenfonds and US-based Normandy Real Estate Fund II, LP, became substantial unit holders in RXR Realty. The two investors entered into a "tri-party" agreement with RXR Realty, which means if they wish to consider a possible "corporate transaction" in relation to Reckson New York Property Trust, then the parties would "work together to consider such a transaction". The Trust has traded as low as 4¢ this year.