(MELVILLE, NEW YORK-October 23, 2000) Reckson Associates Realty Corp. has
announced it has completed three long-term leases, totaling 66,691
square feet, at two of its Nassau West Corporate Office Park locations.
Over the last decade, the five building, 1,296,315 square foot Nassau
West complex at Mitchel Field in Uniondale has consistently achieved
high occupancy rates and has a strong tenant retention track record.
The leases are for space at the Omni as well as 50 Charles Lindbergh
Boulevard, part of Reckson's Class A portfolio in the Mitchel Field
sub-market where Reckson's market share totals over 51%.

Forging solid business relationships through a commitment to service is a key Reckson strength. A prime example of tenant retention is the 49,291 square foot Federal Insurance Company transaction, a long-term tenant who renewed with Reckson at 333 Ovington Boulevard, the Omni. Federal Insurance renewed their tenancy and will continue to utilize the space for its day-to-day operations. The 575,000 square foot Omni property combines wanted amenities and a convenient location within minutes of major thoroughfares. Marty Lomazow of Insignia/ESG represented the tenant in the transaction.

National Discount Brokers Group, Inc. has joined the Omni tenant roster on the second floor leasing 12,621 square feet. National Discount Brokers, a brokerage firm for on-line trading, institutional investors and market makers for Nasdaq, is relocating from New Jersey. The Omni's Central Nassau location allows the company to retain many of its employees, while providing an excellent area from which to draw future staff. Carleton G. Wenz of Cushman & Wakefield served as broker for this lease agreement.

The ten-story Omni building, Reckson's premier location in the Long Island region has consistently attracted a Fortune 500 tenant roster and features a long list of amenities including: a 200-seat teleconferencing theatre, private VIP boardroom, executive dining, a fully-accredited art gallery and a 25,000 square foot fitness center with indoor swimming pool. Additional features include: high-speed internet connections, tenant-controlled HVAC, 24-hour/7-day access as well as concierge service. The Omni is convenient to all major highways, shopping centers, hotels, entertainment and restaurants.

Also at Nassau West at 50 Charles Lindbergh Boulevard, Gibbons, Esposito & Boyce, an engineering firm has renewed its 3,959 square foot premises. As part of the Nassau West office park, 50 Charles Lindbergh Boulevard also provides popular amenities, including a building energy management system, tenant controlled HVAC, high-speed broadband internet connectivity, elevators, 24 hour access, cafeteria and health club. The site offers easy access to parkways and the LIE. Hotels, restaurants, major retail centers and entertainment are all within easy reach.

"We are pleased to continue our association with Federal Insurance and Gibbons, Esposito & Boyce and welcome National Discount to our roster of prominent tenants." Says Mitchell Rechler, Co-Chief Operating Officer, Reckson Associates, "We take great pride in attracting quality companies by providing the space and quality features they need to continue to grow and to succeed."

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.

Reckson's 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 "Tri-State" 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.

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 metropolitan Tri-State area; interest rate levels; 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.

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