Six Tenants
Sign for a total of 68,534 Sq Ft at Four Reckson Class A Properties

(MELVILLE, NEW YORK - August 21, 2000) Reckson Associates Realty Corp. has announced a surge of leasing activity throughout its Melville holdings. Recent lease agreements have added 68,534 square feet of new transactions within the premier business community. Melville represents a cornerstone of the Reckson portfolio where the Company owns a 55% share of the Melville-Route 110 corridor Class A sub-market.

The largest transaction of the six, James & Leonard Engineers, P. C., specializing in telecommunications engineering, has leased 22,004 square feet, bringing the total occupancy at Reckson's premier 538 Broadhollow Road in Melville to 96%. The engineering firm was attracted to the Reckson property by the amenities offered, its central business location and easy access to major highways. 538 Broadhollow Road is approximately 177,000 square feet on four stories. Its features and amenities include: A full-height glass atrium lobby, new café, concierge service, 24-hour/7-day access, new computerized energy management system, new upscale décor, sheltered and underground parking, easy commute and close proximity to shopping and restaurants.

In other Reckson Associates' transactions along the Melville corridor, North Fork Bank has signed for an additional 10,203 square feet, acquiring two recently vacated office suites within the building. North Fork Bank has a long-standing tenancy with Reckson, leasing a total of 110,250 square feet at 275 Broadhollow Road, Melville. At the same location, Nydick & Ross, P.C., renewed for 1,124 square feet.

Nearby, at 125 Baylis Road, Melville, the engineering firm of Fay, Spofford & Thorndike of N.Y., Inc. has relocated its offices, leasing 9,974 square feet. Gus P. Nuzzolese, Esq. of Sutton & Edwards, Inc., represented the tenant in the transaction. Also at that location, Falconstor.Net, Inc., which develops, markets and sells computer software, has leased 6,721 square feet, relocating from Nassau County. Gus P. Nuzzolese, Esq. of Sutton & Edwards, Inc., again represented the tenant in the transaction. And, Key Management Group, Inc., a software development firm, has signed for 5,404 square feet of office space; Jerry Krush of Real Estate Strategies brokered the lease agreement.

Also in Melville, Preferred Empire Mortgage Company has leased 4,336 square feet at Reckson's Class A property, 200 Broadhollow Road. Mitchell Rechler, Co-Chief Operating Officer comments: "Melville remains a strong link within our chain of Long Island holdings and these recent transactions indicate our ability to attract new tenants as well as maintain the relationships we enjoy within our existing tenant base."

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in acquisition, leasing, financing, management and development of office and industrial properties. Recksonís core growth strategy is focused on the suburban markets surrounding and including New York City. Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire or developed approximately $2.1 billion of properties comprising approximately 16.1 million square feet of space.

Reckson Associates is one of the largest publicly-traded owners and managers of Class A suburban office and industrial properties in the New York City ìTri-Stateî area, with 185 properties comprised of approximately 20.6 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.

Contact:

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