Over 40,000 SF in Recent Lease Activity at Trophy Office Park

White Plains, NY - January 8, 2007 - Reckson Associates Realty Corp. (NYSE: RA) today announced brisk leasing activity continued throughout the latter part of the fourth quarter of 2006, totaling over 40,000 square feet at the Company's trophy Westchester office park, Reckson Platinum Mile, where a comprehensive, multi-million dollar repositioning is currently underway across the 14-building, 1.6 million square foot business complex. When complete, the dramatic transformation will encompass the entire park with extensive landscaping upgrades, the installation of enhanced property entries and high quality finishes in the lobbies and common areas along with the installation of advanced technologies. Numerous amenities, including the new global conference center, concierge service and redesigned café, are already up and running.

The strong leasing velocity witnessed in the fourth quarter is largely attributable to Reckson's exceptional repositioning of Platinum Mile - the most extensive of its kind in the history of Westchester County -- and in particular the breath-taking ambiance and superlative and impressive amenities this delivers to tenants and their visiting clients. With many of the County's most dynamic industry leaders relocating to or choosing to renew or expand their offices at Platinum Mile, Reckson is proud to maintain its unchallenged market position and standing as Westchester's "Landlord of Choice".

Highlights of new leases, as well as expansions and renewals, completed during the fourth quarter of 2006 include:

• Law firm, Stern Keiser Panken & Wohl, has reaffirmed its long-term commitment with Reckson, signing a lease for 5,033 square feet at 1025 Westchester Avenue.
• IVI Environmental, an environmental consulting firm specializing in environmental site assessments, testing and remediation, has signed a new lease at 105 Corporate Park Drive expanding its existing offices within the same building by 4,243 square feet to a total of 12,750 square feet.
• Cloud 9 Consulting, an Internet service facilitator to tri-state corporations, has renewed its lease for 1,906 square feet at 106 Corporate Park Drive.
• Law firm, Pollock & McGuire, has also renewed its lease for 4,313 square feet also at 106 Corporate Park Drive.
• At 108 Corporate Park Drive, Connecticut Business Systems, Inc., a global imaging company expanded its premises with a new lease for 3,910 square feet.
• Choosing to relocate its headquarters from New York City to Platinum Mile, financial consultant, Basswood Capital Management, has newly joined the tenant roster at 707 Westchester Avenue, leasing 4,136 square feet at the property.
• Credit Clearing House, a leader in the commercial receivables management industry, has leased 6,536 square feet of office space at 925 Westchester Avenue. The tenant was represented by Craig Ruoff of Rakow Commercial Realty Group, Inc.
• Old Mutual Business Services, a financial management company, has renewed its lease, electing to expand its premises at 2500 Westchester Avenue to 4,477 square feet.
• S.D. Warren, a paper manufacturer, has renewed its 4,730 square foot workspace at 2700 Westchester Avenue.
• The healthcare consulting firm, VCC, Inc., has renewed its 1,858 square foot office space at 701 Westchester Avenue.
• Just months after it has begun, the transformation of Reckson Platinum Mile is already raising the bar throughout the County for tenants' expectations of Class A office properties," commented FD Rich, Reckson EVP and CAO. "We are never more proud than when tenants or their brokers complement Reckson on Platinum Mile's advanced building systems, services and amenities or soaring and impressively designed and decorated lobbies and public spaces."

Added Joseph Caruso, Senior Vice President, Leasing, "As the Platinum Mile repositioning continues, it is gratifying to see our efforts recognized by the continuation of such strong leasing activity. The many expansions and renewals we've seen in just the fourth quarter are clear expressions of how much our valued tenants appreciate the upgrades to the portfolio and trust in our ongoing commitment to deliver service excellence. We, along with our community of brokers, are delighted by the tenant reception to Platinum Mile's impressive transformation and the acknowledgement of our creation of a new benchmark of excellence among Westchester's office communities."
Reckson Platinum Mile offers a superior location close to I-287 and I-684. The park is situated five miles from Greenwich, CT, 13 miles to Stamford, 40 miles to NYC, and five miles to Westchester County Airport. In addition to highly desirable Interstate commuter access, the Park offers excellent transportation venues via three Metro-North commuter rail lines, the Westchester County Bee-Line and the Reckson's own jitney service to and from the White Plains Central Business District.

Reckson 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 is one of the largest publicly traded owners, managers and developers of Class A office properties in the New York Tri-State area and wholly owns, or has substantial interests in, a total of 101 properties comprised of approximately 20.2 million square feet. For additional information on Reckson, 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; risks associated with joint ventures; liability for uninsured losses or environmental matters; risks that the Company's shareholders do not approve the transaction with SL Green, that the other closing conditions to the transaction with SL Green are not met and/or that the transaction with SL Green is delayed or not consummated, 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: F.D. RICH, EVP, CAO
Reckson Associates Realty Corp.
(914) 872-4700

Joe Caruso, SVP Leasing
(914) 872-4750

Margot Olcay
Rubenstein Communications
(212) 843 8284