Total activity throughout Reckson's NJ portfolio exceeds 361,000 square feet in 2004

SHORT HILLS, NJ (November 5, 2004) Reckson Associates Realty Corp. (NYSE: RA) has announced that it has closed 186,293 square feet of leases in the third quarter within its Class A office portfolio in New Jersey. In total, for the first three quarters in 2004, Reckson has consummated in excess of 361,750 square feet in lease transactions throughout New Jersey. Reckson's outstanding leasing results in New Jersey reflects its ability to effectively and aggressively meet tenants' requirements and validates its market leadership position as the Landlord of Choice' in the region.

Highlights of Reckson Associates' performance in New Jersey during the third quarter include:

• Daiichi Pharmaceutical Corporation, the U.S. sales and marketing subsidiary of Daiichi Pharmaceutical Co., Ltd. (Daiichi), a Japan-based global pharmaceutical company, signed a 141,000-square-foot lease at Reckson Associates Realty Corp.'s Three Giralda Farms facility. Daiichi will be occupying the entire facility, which Reckson acquired only weeks before this full-building lease was signed. Three Giralda Farms is a four-story, Class A office building offering outstanding architectural details and featuring an unparalleled array of first-class amenities.
• Ness USA, Inc., an IT supplier, has renewed its 21,226-square-foot lease at 3 University Plaza in Hackensack. 3 University Place spans 219,794 square feet of Class A space on six floors and is minutes from the George Washington Bridge, as well as from Routes 4 and 17 and the Garden State Parkway. On-site amenities include a café, as well as a state-of-the-art building energy management system and 24 hour access. Additional leases consummated at 3 University Plaza include Guardian Loan Company and MC Marine.
• Lincoln Educational Services, a leading educational and career training organization, expanded its lease taking an additional 15,471 square feet at 200 Executive Drive, part of Reckson's 400,000-square-foot Executive Hill Office Park in West Orange, and now occupies a total of 40,085 square feet. The four-story, 105,642-square-foot building features a newly renovated lobby and offers direct access to Route 280, the New Jersey Turnpike and the Garden State Parkway.
• New leases were signed at 99 Cherry Hill Road in Parsippany with Intercall, Inc. and Bayada Nurses, Inc.
• Merrill Lynch, Pierce, Fenner & Smith has signed a lease expansion at 51 JFK Parkway in Short Hills.

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.

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 properties in the New York Tri-State area, with 87 properties comprised of approximately 15.9 million square feet either owned or controlled, or under contract. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

Certain matters discussed herein, including guidance concerning the Company's future performance, 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; financial condition of our tenants; changes in the supply of and demand for office properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; 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, real estate taxes, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; liability for uninsured losses or environmental matters; 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.

Source: Reckson Associates Realty Corp.
51 JFK Parkway
Short Hills, NJ 07078
(973) 313-3300 (Phone)
(973) 313-3301 (Facsimile)
Beckerman Public Relations
Contact: Todd Rechler, Corporate
Contact: Anna Ciringione (Media)
Senior VP and Managing Director
(908) 781-6420
of Reckson Associates' NJ division
Joseph Caridi, Director of Reckson
Associates' NJ division
Salvatore Campofranco, Executive
Vice President & COO