(MELVILLE, NEW YORKOctober 22, 2001) Reckson Associates has announced 5 new leases and renewals totaling 49,218 square feet at its industrial properties in Suffolk County over the last 45 days. These lease agreements for space at Reckson Business Center at Airport International Plaza in Bohemia, are indicative of the industrial activity in the County as well as Recksons ability to maintain tenant loyalty.

In the largest of these, Symbol Technology, a long-term tenant since 1979, has renewed 22,612 square feet and 11,362 square feet at 180 Orville Drive. Tom DiMicelli of Corp. National Realty, represented Symbol in their lease extension. At 170 Wilbur Place NAI, Inc., which provides research and development, assembly and distribution of electronic products, has expanded its premises an additional 7,533 square feet for a total of 28,360 square feet. And, Taztek Industries, Inc., general merchandisers, have signed a new lease for 5,211 square feet at 120 Wilbur Place. And, at the same address, Aeronautical Instrument & Radio Co., has joined the tenant roster, leasing 2,500 square feet.

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. Recksons 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 184 properties comprised of approximately 20.7 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp. please visit the Companys 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 we believe 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; 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 release 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 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 Recksons 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 or supplement information contained in this press release that subsequently becomes untrue.

Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

Contact:

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