Improving Economy and Market Leadership Position Helps Reckson Outperform

WESTCHESTER, NY (August 16, 2004) Reckson Associates Realty Corp. (NYSE: RA) During the first half of 2004, Reckson Associates has reported an increased up-tick in activity within its Westchester County portfolio, completing in excess of 396,228 square feet in transactions. With more than 21 office buildings, totaling 3.0 million square feet of rentable space throughout its Westchester Class A office portfolio, Reckson is the largest office landlord in the market. An improving economy coupled with the outstanding quality of Reckson's portfolio, positions the Company to continue to lead the Westchester commercial real estate market.

Reckson's continued success in Westchester County during the first half of 2004 is attributed to the Company's unparalleled dedication to providing our tenants with a superior work environment in the highest quality buildings, stated Reckson Westchester Senior Vice Presidents and Co-Directors John Barnes and Greg Caggainello. We are witnessing an increase in tenant demand as a result of a rebounding and growing economy. The Company's success in the region continues to validate our market position as the Landlord of Choice in the New York Tri-State area.

Highlights recorded in Westchester County in the first half of 2004 by Reckson Associates include:

• Kraft Foods Inc. (NYSE: KFT), the second largest food and beverage company in the world, signed a lease for an additional 54,632 square feet of space at Reckson Corporate Center located at 120 White Plains Road in Tarrytown, New York. In March 2004, Kraft signed a lease for 78,000 square feet of space at the location, and is relocating more than 300 employees from Rye Brook, New York to the Center. This lease brings the total amount of space occupied by Kraft at this location to 132,632 square feet comprising three floors at the Class A office facility.

• Arch Capital, has signed a new lease for 17,000 square feet of space at Reckson Metro Center, 360 Hamilton Avenue, in White Plains. The 12-floor, 380,625-square-foot state-of-the-art building, features a classically designed lobby with granite and wood detailing, sophisticated finishes and interactive directory. The property is fully amenitized with a full-service café, multi-dimensional conferencing facilities, fitness center, boardroom, extensive covered parking and private tenant shuttle to commuter rail as well as direct access to I-287, Hutchinson Parkway, I-95 and Bronx River Parkway.

• PepsiCo., a world leader in convenience foods and beverages, is renewing its lease for 75,090 square feet of office space at 100 Summit Lake Drive, a part of the premier Reckson Summit office complex in Valhalla.

Additional new leases and renewals were signed by Spar Marketing Force, Inc. at 580 White Plains Road, Fuji at 200 Summit Lake Drive, and Clarfeld Financial Advisors and Complus Data Innovations, both at 560 White Plains Road.

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 85 properties comprised of approximately 15.4 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.

Reckson Associates Realty Corp.
Four Landmark Square
Stamford, CT 06901
(203) 363-2500 (Phone)
(203) 328-7977 (Facsimile)

Contact: Greg Caggainnello, SVP,
Co-Director, Westchester Division
John Barnes, SVP, Co-Director,
Westchester Division
Contact: Anna Ciringione (Media)
Beckerman Public Relations
(908) 781-6420