(Melville, New York January 15, 2003) Reckson Associates Realty Corp. has announced eleven recent lease agreements totaling 46,729 square feet within the Nassau County Office market. Tenant retention in the Company's portfolio has been strong throughout the last quarter of 2002, as indicated by the volume of renewals and extensions during the period. Early indicators of the first quarter 2003 are optimistic.

In Syosset, at the premier 310,064 square foot, two-building North Shore Atrium, long recognized as the first fully amenitized office park in the region, completed transactions totaled 21,849 square feet, representing a combination of new and renewal agreements. At the 101,036 square foot, 6900 Jericho Turnpike office building, coffee-giant Starbucks Corporation renewed and expanded its lease. American Land Services, Inc., a provider of title insurance and related services, renewed its current lease agreement, expanding and relocating its workforce within the 209,028 square foot, 6800 Jericho Turnpike property. A La Carte Research, LLC, and Family Business Consultants, LLC, signed lease extensions at 6800 Jericho Turnpike totaling 6,451 square feet. Duro Standards Products, Inc, a paper product retailer, and Intermarine Consultants, Inc., an importer and distributor, were both newcomers to 6800 Jericho Turnpike, leasing a total of 1,807 square feet.

At the Class A, 1,296,315 square foot Nassau West Corporate Office Park at Mitchel Field in Uniondale, Reckson announced a total of 18,234 square feet in lease agreements. Phoenix Life Insurance Company extended its 11,937 square foot lease agreement at 50 Charles Lindbergh Boulevard. The law firm of Scarcella Rosen & Slome, LLP, leased 6,297 square feet and joined the tenant roster within the 575,000 square foot Omni.

Two long-term tenants renewed their leases at the Company's Great Neck professional properties. Dr. Howard M. Rombom, PhD, PC, founder and director of Behavioral Medicine Associates, extended his lease at the 310 East Shore Road professional building. North Shore Otolaryngology Associates, PC, a premier outpatient office, also renewed occupancy at 333 East Shore Road.

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 178 properties comprised of approximately 20.4 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.

Certain matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes 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; credit of our tenants; 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 re-lease 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 and insurance 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 undertakes no responsibility to update or supplement information contained in this press release.

Contact:
Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900