MELVILLE, NY (August 2, 2004) Reckson Associates Realty Corp. (NYSE: RA) continues to capitalize on improving economic market conditions throughout Long Island. During the first half of 2004, Reckson leased to new portfolio tenants and renewed existing tenants totaling more than 494,080 square feet throughout its Long Island portfolio.

Reckson experienced very strong leasing activity during the first half of 2004. The activity level within our Long Island portfolio is clearly benefiting from the improving regional economy, stated Kenneth Bauer, SVP and Managing Director of Reckson Associates Long Island division. Our focus on tenant services and quality of extraordinary working environments is paramount in distinguishing Reckson as the Landlord of Choice.

Highlights recorded in the first quarter of 2004 include:

• Arbor Commercial Mortgage, a national, fullservice real estate investment firm specializing in debt and equity finance for multifamily, commercial and healthcare properties, renewed its 27,271-square-foot lease at the Company's Long Island flagship property, The Omni, located at 333 Earle Ovington Boulevard. Totaling 570,000 square feet and spanning 10 stories, the Omni features high-speed broadband Internet connectivity, concierge service, a health club with indoor pool, a full sprinkler system, an executive dining room and diner, a 200-seat teleconferencing theatre and private VIP room. Within close proximity to the Class A office facility are numerous retail options, hotels and restaurants, as well as convenient access to all major highways with direct access to the parkway system and the Long Island Expressway.

• At 48 South Service Road, Keybank National Association, an equal housing lender, signed a lease for 9,072 square feet of space at the prestigious Melville Executive Corporate Center. The four-story, 125,372-square-foot Class A building, which is located at the border of Nassau and Suffolk Counties, offers a computerized building energy system, individual HVAC zoning, high-speed broadband Internet connectivity and technologically advanced fiber optics as well as cafe, health club and conference room available.

• Hyperion, a global leader in enterprise software and services for business performance management, renewed its lease at Nassau West Corporate Center's 50 Charles Lindbergh Boulevard in Uniondale, Long Island. The six-floor, 211,845-square-foot building features high-speed broadband Internet connectivity and technologically advanced fiber optics as well as cafe, health club and conference room available.

Additional leases and renewals included Dr. Kenneth Rosenthal, MD renewed its lease at 310 East Shore Road; United Jewish Appeal also renewed its lease at 6900 Jericho Turnpike, part of North Shore Atrium; and Aramis, Inc. renewed its lease at 35 Pinelawn 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.
225 Broadhollow Road
Melville, NY 11747
(631) 694-6900 (Phone)br> (631) 694-6900 (Phone)
Contact: Ken Bauer, SVP, Co-Director LI Region
Contact: Beckerman Public Relations
Anna Ciringione (Media)
(908) 781-6420