Short Hills, NJ, January 9, 2007 Reckson Realty Corp. (NYSE: RA) recently held its annual holiday gala at Three Giralda Farms in Madison, N.J. This event is widely attended and is traditionally recognized as one of the largest and most highly anticipated annual industry gatherings in the region.

At the gala, Reckson Associates presented its annual Deal of the Year award, which identifies a highly creative or sizeable transaction in a Reckson property that has had a notable impact on the market. The Staubach Company's Principal Robert Copito, Senior Managing Director James L. Koster, and Managing Principal Thomas J. Stanton III received the award in recognition of BT Americas Inc.'s 130,000-square-foot office lease at 492 River Road in Nutley, N.J.

In the 2006 Development Deal of the Year category, Larry Martin, senior vice president of Grubb & Ellis, received the award in recognition of Edwards, Angell, Palmer & Dodge's 31,500-square-foot lease at One Giralda Farms in Madison, N.J. The Development Deal of the Year award honors an outstanding transaction at a Reckson development property or a repositioned property. One Giralda Farms is currently undergoing a comprehensive, multi-million dollar repositioning which will enhance the property to a premier Reckson work environment with advanced technology, high-quality finishings, substantial underground parking and a myriad of amenities. The Edwards, Angell, Palmer & Dodge lease is the first lease to be completed at the property as Reckson began its series of renovations at One Giralda Farms. The Company has over 500,000 square feet at the prestigious Giralda Farms location, with development capacity of 1.2 million.

It is with great pride that we host the real estate community each year with this special evening to recognize their efforts and dedication throughout the year, stated Todd Rechler, Corporate Senior Vice President and Managing Director of Reckson's New Jersey division. At Reckson, our continued success in the marketplace is due in large part to our strong relationships with the brokerage industry and we salute them on another stellar year, Rechler added.

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 Class A office properties. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.