(MELVILLE, NEW YORK October 16, 2000) - Reckson Associates Realty Corp. (NYSE: RA) today announced that its Board of Directors has adopted a Shareholder
Rights Plan designed to protect shareholders from various abusive
takeover tactics, including attempts to acquire control of the Company
at an inadequate price, depriving shareholders of the full value
of their investment. The Plan is designed to allow the Board of
Directors to secure the best available transaction for all the Company's
shareholders. The Plan was not adopted in response to any known
effort to acquire control of the Company.

"In
view of current stock market conditions, we decided it was in the
best interest of our shareholders that we join the significant number
of REITs that have adopted Shareholder Rights Plans," commented
Donald Rechler, Reckson's Chairman and Co-Chief Executive Officer.
Mr. Rechler continued, "We believe this is consistent with our continuing
emphasis on maintaining strong corporate governance and optimizing
long-term shareholder value."

Under
the Plan, each shareholder will receive a dividend of one Right
for each share of the Company's outstanding class A common stock
owned. The Rights will be exercisable only if a person or group
acquires, or announces their intent to acquire, 15% or more of Reckson's
class A common stock, or announces a tender offer the consummation
of which would result in beneficial ownership by a person or group
of 15% or more of the class A common stock. Each Right will entitle
the holder to purchase one one-thousandth of a share of a new series
of junior participating preferred stock of the Company at an initial
exercise price of $84.44.

If any
person acquires beneficial ownership of 15% or more of the outstanding
shares of class A common stock, then all Rights holders except the
acquiring person will be entitled to purchase the Company's stock
at a price discounted from the then market price. If the Company
is acquired in a merger after such an acquisition, all Rights holders
except the acquiring person will also be entitled to purchase stock
in the buyer at a discount in accordance with the Plan.

The distribution of Rights will be made to class A common shareholders
of record at the close of business on October 27, 2000 and shares
of class A common stock that are newly-issued after that date (including
shares of class A common stock issued upon conversion of the outstanding
class B common stock) will also carry Rights until the Rights become
detached from the class A common stock. The Rights will expire at
the close of business on October 13, 2010, unless earlier redeemed
by the Company. The Rights distribution is not taxable to stockholders.

Details of the Plan are included with a letter which will be mailed
to holders of class A common stock of the Company.

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 strategy is focused on the markets surrounding and
including New York City. The Company is one of the largest publicly
traded owners and managers of Class A office and industrial properties
in the New York Tri-State area, with 186 properties comprised of
approximately 20.8 million square feet either owned and controlled,
directly or indirectly, or under contract. For additional information
on Reckson Associates Realty Corp. please visit the Company's web
site at www.reckson.com.

This information
contains forward-looking information that is subject to certain
risks, trends and uncertainties that could cause actual results
to differ materially from those projected. Among those risks, trends
and uncertainties are the general economic climate; the supply of
and demand for office and industrial properties in the New York
Tri-State area; interest rate levels; continued strength of rental
rate levels in the company's markets; the availability of financing;
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
information contained in this press release.

Contact:

Scott Rechler, President and Co-CEO
Michael Maturo, CFO