Recent
Leases Total of 133,701 Square Feet Island-Wide in Last 45 Days

(WHITE PLAINS, NEW YORK - February 20, 2001) Reckson Associates Realty Corp. has announced 133,701 square feet in recent leasing activity throughout its Long Island office and industrial holdings. These transactions spanned an extensive area from prime office space in Mineola to the Melville-Route 110 submarket to the industrial hubs of Hauppauge and Bohemia. Reckson is the largest owner of office and industrial properties on Long Island, with over 120 properties totaling over 10 million square feet.

In Nassau County in Reckson's flagship 575,000 square foot Omni, at 333 Earle Ovington Boulevard, Uniondale, the Long Island Power Authority (LIPA), has renewed and expanded a long-term lease totaling 34,923 square feet. And, Winthrop University Hospital has signed for 14,107 square feet for medical, executive and general administrative offices at 120 Mineola Boulevard, Mineola. David Leviton of Cushman & Wakefield represented the tenant in this transaction. In East Meadow at 90 Merrick Avenue, Medical Liability Mutual Insurance Company, Inc., has expanded its premises by 5,718 square feet and Martin, Clearwater & Bell has leased 1,849 square feet for its offices. At 310 East Shore Road, in Great Neck, Policy Studies in Education renewed its lease for 1,675 square feet and Moritt, Hock, Hamroff & Horowitz, LLP, renewed its 2,986 square foot offices at 400 Garden City Plaza, Garden City.

At the 310,064 square foot, two-building North Shore Atrium in Syosset, MDMM, a financial services corporation, has joined the tenant roster leasing 2,002 square feet at 6900 Jericho Turnpike. Also in the complex, at 6800 Jericho Turnpike, Executive Solutions has leased 7,204 square feet for its administrative offices. Carlton Wenz of Cushman & Wakefield of Long Island represented the tenant in this transaction. And Gabriel Friedman & Company has renewed its lease for 1,154 square feet for its executive and administrative offices.

In Melville, at 225 Broadhollow Road, Melville Hamburger, Maxon & Yaffe, LLP, has renewed its lease for 4,683 square feet for its executive and administrative offices. B & P International, L.P., a marine insurance firm, has joined the tenant roster at 200 Broadhollow Road, Melville, leasing 3,655 square feet. The tenant was represented by Carmine Insera of Bagnato Realty Services, Inc. And, North Shore Health Systems has expanded its offices 1,788 square feet at 35 Pinelawn Road. Jeff Nemshin of Steven Fine Associates represented the tenant in this transaction.

In Hauppauge, the State of New York Department of Law, Medicaid Fraud Division has renewed and expanded its premises at 300 Motor Parkway for a total of 8,359 square feet. Bob Yaffee of United Realty brokered the lease agreement. Also, at 150 Motor Parkway, Orbitext Financial Services signed for 7,450 square feet of space. Phil Heilpern of Insignia/ESG represented the tenant in this transaction.

Recent industrial leasing activity in the Hauppauge-Bohemia corridor continues where three long-term transactions total 38,150 square feet. At 40-11 Oser Avenue, also in Hauppauge, Ru-Li Textile, Inc. has signed for 8,850 square feet for administrative offices and warehouse space. The transaction was brokered by Roby Horowitz of United Realty. At 400 Oser Avenue, Bead Brite Glass Products, Inc., signed for 4,000 square feet for its administrative offices, light assembly and warehouse space. Bob Cleva of Harlowe Realty was the broker in this transaction. In Bohemia at Reckson's Airport International Plaza at 95 Orville Drive, Summit Laser Products, a manufacturer, has leased 25,300 square feet for executive and administrative offices and product warehousing. Steve Cooperman of Steve Cooperman Associates represented the tenant in the lease agreement.

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 strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners and managers of Class A office and industrial properties in the New York Tri-State area, with 186 properties comprised of approximately 20.8 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.

This information contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties in the New York Tri-State area; interest rate levels; continued strength of rental rate levels in the company's markets; the availability of financing; 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 is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update information contained in this press release.

Contact:

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