Over 175,457 SF Leased in New Jersey Portfolio During First Half 04

SHORT HILLS, NJ (August 24, 2004) Reckson Associates Realty Corp. (NYSE: RA) has announced a continuation of strong leasing results in the first half of 2004. As the Landlord of Choice in the New York Tri-State area, Reckson has successfully completed transactions representing more than 175,457 square feet of space throughout its New Jersey portfolio over the past six months. New Jersey's healthy economy, together with the Company's market leadership position, is generating an increase in tenant demand and leasing momentum throughout northern New Jersey.

Our commitment to providing tenants with the highest quality services and amenities continues to be our main focus throughout our Class A properties in New Jersey, stated Todd Rechler, Corporate Senior Vice President and Managing Director of Reckson Associates' New Jersey division. We believe this dedication to tenant satisfaction has resulted in a significant rate of tenant retention along with strong new leasing activity within our entire portfolio. Coupled with a growing economy, we are clearly witnessing an increase in tenant demand and we are superbly positioned to continue to lead in this environment.

Highlights in the first half of 2004:

• Franklin Mutual has signed a 27,000-square-foot lease at the award-winning Reckson Office Center in Short Hills, New Jersey at 101 JFK Parkway. The three-building Class A Reckson Office Center is strategically located at the interchange of Route 24, and just minutes to the convergence of the Garden State Parkway, I-78 and I-287. Reckson Office Center amenities within the park include café, health club, multi-dimension conference facility, on-site management, 24-Hour/7-Day access, shuttle service to the train, five-diamond Short Hills Hilton and the prestigious Mall at Short Hills.

• At 99 Cherry Hill Road, one of the two properties located in Reckson Office Park at Cherry Hill in Parsippany, Bayada Nurses, Inc., signed a lease for 6,500 square feet at the Class A office facility. Also at 99 Cherry Hill Road, Lifeline Medical renewed their lease for 6,709 square feet. Reckson Office Park provides a tranquil campus setting with mature trees, ponds and outdoor public seating. The park features commanding architecture, broad entry plazas and sophisticated appointments.

• Herbert L. Jamison & Co., one of the leading independent insurance brokerage firms in the United States, expanded their offices by 5,110-square-foot lease at 100 Executive Drive, part of the Reckson Executive Hill Office Park; now occupying a total of 31,390 square feet. The three-story, 93,285-square-foot building features granite floor, mirror and wood panels in lobby, individually controlled HVAC, and high-speed broadband Internet connectivity.

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.
51 JFK Parkway
Short Hills, NJ 07078
(973) 313-3300 (Phone)
(973) 313-3301 (Facsimile)
Contact: Todd Rechler, Corporate
Senior VP and Managing Director
of Reckson Associates NJ division

Contact: Beckerman Public Relations
Anna Ciringione (Media)
(908) 781-6420