(WHITE PLAINS,
NEW YORK-June 7, 2001) Indicative of continued economic strength
in Westchester County, Reckson Associates' leasing momentum steadily
builds at its 7 building, 708,000 square foot, Tarrytown Corporate
Center. Reckson has announced 14 new leases or renewals totaling
72,155 square feet over the last 45 days at the complex. Focused
on providing tenants with the facilities and amenities needed to
meet their business goals, Reckson has forged long-term tenant/landlord
partnerships, evidenced by the numerous renewals and the ability
to attract dynamic, prestigious and cutting-edge new firms. Countywide,
Reckson's portfolio is over 95% occupied. Reckson's Westchester
Class A marketshare is the largest in the County, with 29 buildings
totaling 3.6 million square feet.

In the largest of these transactions, Petals, Inc., an import firm, has signed a long-term lease for 35,291 square feet, more than 50% of the building, at the 60,909 square foot 155 White Plains Road. Petals, Inc. is highly successful marketing silk flower arrangements, home décor, and gift items through its catalog and web site. William Cuddy of Insignia ESG was the broker for this transaction.

"We welcome new tenants and forge solid business relationships in order to retain them," comments Salvatore Campofranco, Managing Director of Reckson's Westchester Division. "Our portfolio of top-of-the-market Class A buildings offer leading companies exciting and dynamic workplaces. Our buildings include technologically advanced infrastructure, excellent locations and incredible amenities that allow employers to retain and attract the best talent to grow their business."

And, at 660 White Plains Road, 5 companies have signed or renewed leases. . Student Assistance Service Corp., an educational services company, has signed for 5,571 square feet at the property. Lucchini USA, a manufacturing firm, has leased 4,751 square feet for its administrative offices. Jay Reynolds of Prudential Rand Realty represented the tenant in this transaction. Also at that address, Curry Rockefeller Group, LLC, a marketing firm, has leased 3,029 square feet. Lalemant USA, Inc., the ship and charter brokers, have leased 2,735 on the 5th floor at the building. Peter Robinson of McCarthy O'Callahgan was the broker for this lease agreement . Also, the financial firm of Kolinsky, Hill & Associates, Inc., has expanded its premises at the property for a total of 5,571 square feet.

At the 170,726 square foot property at 580 White Plains Road, two companies have signed for a total of 12,217 square feet. Harrison Conference Services, Inc. has extended its lease for 5,277 square feet and Sponsor Direct, LLC, a software firm, has leased 6,9707 square feet for its premises.

Also at the Corporate Center, at the 26,468 square foot building at 505 White Plains Road, 6 companies have signed for space. Datalinx Corporation, which designs and markets software, has leased 1,493 square feet. Nasi Consulting Group, Inc. has relocated its office, leasing 1,254 square feet, NDSI, Inc. a media firm, has leased 790 square feet. Richard Novak of McCarthy O'Callaghan represented the tenant in both transactions. Riso, Inc. a photocopier firm, has extended its lease on 1,853 square feet, Also, two insurance firms, Gordon Group, Inc., and Caballero Insurance Agency have extended their leases at the property for 770 and 700 square feet, respectively.

The Tarrytown Corporate Center is located on the Route 119 corridor at the New York State Thruway interchange. The property offers tenants the ability to draw employees from New Jersey, Rockland and the Hudson Valley. The Corporate Center offers all the amenities required by today's growing companies. Shuttle service is also available and a 450-room Marriot Hotel is adjacent to the property.

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 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 188 properties comprised of approximately 21.3 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp., please 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; downturns in 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:

Salvatore Campofranco
Managing Director, Westchester Division
(914) 332-0600

Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900