Company closes over 470,000 SF of leases to date in the Westchester region in 2004

WESTCHESTER, NY (November 5, 2004) Reckson Associates Realty Corp. (NYSE: RA) continued its strong leasing performance in the Westchester marketplace during the third quarter of 2004. In total, Reckson Associates closed 74,590 square feet of leases within its Westchester portfolio during this time, bringing the total leasing activity for the Company's Westchester region to in excess of 470,818 square feet in 2004. Reckson Associates' outstanding leasing performance throughout its Westchester, Long Island, New York City, Connecticut and New Jersey markets, which totals over 2.2 million square feet to date in 2004, 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 Westchester during the third quarter include:

• NYS Court of Claims signed a lease renewal totaling 21,394 square feet of space at 140 Grand Street in White Plains, while the County of Westchester signed a renewal totaling 19,935 square feet of space and General Services Administration signed an expansion as well. 140 Grand Street features 130,136 square feet of total space, spans nine floors and offers a fitness center, as well as easy access to Westchester's parkway system.
• American List Counsel, Inc. signed a new, 10,330-square-foot lease at 660 White Plains Road at Tarrytown Corporate Center in Tarrytown. Totaling 265,000 square feet spanning six floors, 660 White Plains Road offers tenants concierge service, 24-hour card access, on-site banking and easy access to the Westchester parkway system.

Additional leases signed in Reckson Associates' Westchester portfolio during the third quarter include Interdynamics, Inc. at 555 White Plains Road in Tarrytown; Arch Capital Services, Inc. at 360 Hamilton Avenue in White Plains; Seneca Insurance Company at 200 Summit Lake Drive in Valhalla; American Progressive at 6 International Drive in Rye Brook; Riso at 505 White Plains Road in Tarrytown; and Universal Reading at 115 Stevens in Valhalla.

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.
Four Landmark Square
Stamford, CT 06901
(203) 363-2500 (Phone)
(203) 328-7977 (Facsimile)
Beckerman Public Relations
Contact: Greg Caggainnello, SVP,
Contact: Anna Ciringione (Media)
Co-Director, Westchester Division
(908) 781-6420
John Barnes, SVP, Co-Director,
Westchester Division
Salvatore Campofranco, Executive
Vice President & COO