(Melville, New York January 27, 2003) Reckson Associates Realty Corp. has recently announced industrial leases amounting to 201,421 square feet within Western and Central Suffolk County. Transactions were completed at industrial holdings in Melville and Hauppauge and underscore Reckson's ability to both attract new and retain long-term tenants.

The largest of the transactions was South Shore Packaging, LLC, a manufacturer and distributor of paper products and cartons. South Shore leased the entire 125,000 square foot 110 Plant Avenue facility. With tenant satisfaction our first priority, Reckson anticipates building a strong business relationship with South Shore Packaging. Along with our full service approach, we provide the kind of workplace solutions that will help our tenants succeed in today's competitive business climate, says Mitchell Rechler, Co-President Reckson Associates.

Across the county, recent agreements demonstrate sustained leasing activity and a continued appeal to a dynamic array of businesses. Malhame & Company, publishers of religious products, renewed and expanded their lease to occupy 42% of the 95,496 square foot 10 Hub Drive industrial building in Melville. Professional Equipment, a distributor of cutting-edge tools for home inspectors, PCO's, and facility professionals, leased 17,071 square feet of the 42,000 square foot 30 Oser Avenue industrial facility. At 40 Oser Avenue, Jaco Graphics, Inc., renewed its lease, as did Listec Video Corporation and TMT Excel Company, LLC, to the sum of 9,000 square feet. A novelty-clothing manufacturer, Comme-Ci Comme-Ca Apparel Group, Ltd., leased 8,150 square feet from the 164,936 square foot 400 Oser Avenue location. Storey & Son Enterprises, Inc., providing unique party rentals and sales, leased 1,500 square feet from the 70,000 square foot Old Willets Path industrial site.

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 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 178 properties comprised of approximately 20.4 million square feet either owned or controlled. For additional information on Reckson Associates Realty Corp., please visit the Company's 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 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; credit of our tenants; 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 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 and insurance 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 Reckson's filings with the Securities and Exchange Commission. Reckson undertakes no responsibility to update or supplement information contained in this press release.

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