(SHORT HILLS, NJ - JULY 20, 2001) Reckson Associates Realty Corp. has reported its continued strong leasing activity in the New Jersey marketplace during the second quarter of 2001. Recent leases have culminated in approximately 104,000 square feet of transactions throughout Reckson's New Jersey portfolio, which now has an occupancy rate over 96%.

Recent transactions were closed with the following companies:

Nicolette & Perkins, P.A., a prestigious law firm, leased space at 3 University Plaza in Hackensack. The firm was a previous sub-tenant at the facility and closed a direct deal with Reckson Associates. University Plaza, a 216,403 square foot, Class A office facility, is located in close proximity to Route 4 in the heart of Bergen County.

GE Capital Corp. leased space at One Paragon Drive in Montvale. John Cunningham of GVA Williams of New Jersey was the broker. In addition, CH Robinson Co., a logistics broker, leased space at the facility. Glenn Dulmage of Coldwell Banker Troast Realty Services was the broker. One Paragon Drive, a 104,599 square foot, high-quality office facility, is located in the heart of the Montvale marketplace and near the headquarters of A&P Supermarkets, SONY and BMW.

Jefferies Group, Inc., a financial services company, renewed its lease at 51 JFK Parkway in Short Hills, one of the most prestigious Class A office buildings in New Jersey, which spans 251,455 square feet.

At 300 Executive Drive in West Orange, Kroll & Heineman, P.A., an accounting firm, renewed its lease. David Simon of Newmark JGT was the broker. Nationwide Insurance Co. has also leased space at the facility. Marc Trevisan of Insignia/ESG was the broker. In addition, a long-term lease was consummated on behalf of Liberty Mutual. Peter Rasmusson of Grubb & Ellis was the broker. 300 Executive Drive is part of a four-building office complex representing approximately 392,000 square feet in the heart of Essex County.

Therics, Inc. leased space at 104 Campus Drive, a 70,155 square foot facility in Princeton, bringing the technology firm's total occupancy to 56,407 square feet at the facility. Julian J. Studley, Tom Giannone and Robert Bull were the brokers. 104 Campus Drive is part of a three-building office park at University Square.

Lifeline Medical Associates renewed its lease at 119 Cherry Hill Road in Parsippany, part of a two-building complex spanning 189,000 square feet in the northern Parsippany marketplace with easy access to I-287 and Route 80.

X10 Wireless Technologies, an electronics manufacturer/distributor, leased space at 400 Forge Way, a 73,000 square foot facility in Rockaway. Howard Weinberg of Colliers Houston was the broker.

Reckson Associates' continued robust leasing activity in the marketplace reaffirms our strong position as the landlord of choice in the region," stated Jeffrey Schotz, Senior Vice President and Managing Director of Reckson Associates. "At Reckson Associates, we are proud of the strong relationships we have formed with our tenants as well as the brokerage community, and are dedicated to accommodating our tenants' on-going space needs," Schotz concluded.

Reckson Associates Realty Corporation is a self-administered and self-managed real estate investment trust (REIT) specializing in acquisition, leasing, financing, management and development of office and industrial properties.

Reckson's core growth strategy is focused on the suburban markets surrounding and including New York City. Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire or developed approximately $2.1 billion of properties comprising approximately 17.4 million square feet of space.

Reckson Associates is one of the largest publicly-traded owners and managers of Class A suburban office and industrial properties in the New York City "Tri-State" area, with 190 properties comprised of approximately 21.9 million square feet either owned and controlled, directly, or indirectly, or under contract. In New Jersey, Reckson Associates has in excess of 1,400,000 square feet of office projects in various strategies of development.

For additional information on Reckson Associates Realty Corporation, please contact Jeffrey Schotz, Senior Vice President and Managing Director of Reckson Associates' New Jersey operations, at their Short Hills, New Jersey headquarters at 973-313-3300, or 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:

Jeffrey M. Schotz
Senior Vice President and Managing Director of Reckson Associates' New Jersey Operations
(973) 313-3300