Over 225,000 SF of leases signed, bringing total to 722,203 SF in Long Island in 2004

MELVILLE, NY (November 5, 2004) Reckson Associates Realty Corp. (NYSE: RA) continued its strong leasing performance in the Long Island marketplace during the third quarter of 2004. In total, Reckson Associates successfully completed 228,123 square feet of lease transactions within its Long Island portfolio during this period, bringing the total leasing activity for the Company's Long Island region to approximately 722,203 square feet in 2004. Reckson Associates' outstanding leasing performance throughout its Long Island, New York City, Westchester, 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 Long Island during the third quarter include:

• North Fork Bank signed a 126,770-square-foot early lease renewal at 275 Broadhollow Road in Melville. This location serves as the headquarters for North Fork Bank. The facility is located just off the Long Island Expressway near numerous hotels, restaurants and shopping choices.
• HealthPlex signed a 44,675-square-foot lease at The Omni, 333 Earle Ovington Boulevard in Uniondale, relocating within the Company's portfolio from 60 Charles Lindbergh Boulevard, also in Uniondale. The Omni is a 550,000-square-foot Class A office center spanning 10 floors. The lobby of this first-class facility contains a fully accredited art gallery. Additional amenities include a concierge service and a health club with an indoor pool, a back-up generator, a 200-seat teleconferencing theater and private VIP boardrooms.

Additional leases throughout Reckson Associates' Long Island portfolio during the third quarter were signed by Candidates on Demand, First National Administration and Monteverdi & Amouri at 35 Pinelawn in Melville, as well as a renewal signed by Recovery's Unlimited. At 200 Broadhollow, the offices of Walter B. Kissinger, Charles Schwab & Co. Inc. and Burr Enterprises signed renewals. Bank Leumi USA and Gevity HR, Inc. each signed new leases at 48 South Service Road in Melville, while Teachers Insurance signed a new lease at 58 South Service Road at Reckson Executive Park, the Company's most recently completed development property. In addition, Hospital for Special Surgery; Integrated Business Systems; Select Nutritional; Shapiro& Goldstein; and E.A. Technologies each signed leases at 6800 Jericho Turnpike in Syosset; 333 Earle Ovington; 88 Duryea Road in Melville; 50 Charles Lindbergh in Uniondale; 6900 Jericho Turnpike; and 150 Motor Parkway, respectively.

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.
Beckerman Public Relations
225 Broadhollow Road
Contact: Anna Ciringione (Media)
Melville, NY 11747
(908) 781-6420 (phone)
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: Ken Bauer, SVP, Co-Director LI Region
Salvatore Campofranco, Executive
Vice President & COO
Walter Smith, Senior Vice President