MELVILLE, N.Y.--(BUSINESS WIRE)--March 9, 2004--

  Reckson's Chief Executive Officer to Purchase Approximately 45,000
                                Shares

Reckson Associates Realty Corp. (NYSE: RA) today priced an offering for 5.5 million shares of common stock with Citigroup Global Markets Inc. Pursuant to the underwriting agreement, Citigroup has been granted a 30-day over-allotment option to purchase up to an additional 825,000 common shares. Citigroup is offering the shares to the public at $27.35 per share.

Net proceeds will be used to repay $100 million of the Company's 7.4% senior unsecured notes at maturity on March 15, 2004, repay borrowings under the Company's revolving credit facility and for general corporate purposes. Closing of the offering of common shares is pursuant to the underwriting agreement and is subject to customary closing conditions.

Reckson's Chief Executive Officer and certain board members have indicated their intent to purchase approximately 60,000 shares in the offering at the price to the public. Approximately 45,000 of these shares will be purchased by Chief Executive Officer, Scott Rechler.

A copy of the prospectus supplement and base prospectus related to the offering, when available, may be obtained from Citigroup Global Markets Inc., ATTN: Prospectus Department, 140 58th Street, 8th Floor, Brooklyn, New York 11220 or (718) 765-6732.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the Company's securities, nor shall there be any sale or any offer to buy these securities in any state in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state.

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 86 properties comprised of approximately 15.5 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.

Certain matters discussed herein, including guidance concerning the Company's future performance, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of results and no assurance can be given that the expected results will be delivered. Such forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those expected. Among those risks, trends and uncertainties are the general economic climate, including the conditions affecting industries in which our principal tenants compete; financial condition of our tenants; changes in the supply of and demand for office properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; downturns in rental rate levels in our markets and our ability to lease or re-lease space in a timely manner at current or anticipated rental rate levels; the availability of financing to us or our tenants; changes in operating costs, including utility, real estate taxes, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; liability for uninsured losses or environmental matters; 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 undertakes no responsibility to update or supplement information contained in this press release.

    CONTACT: Reckson Associates Realty Corp.
             Scott Rechler, CEO
             or
             Michael Maturo, CFO
             631-694-6900
             Facsimile: 631-622-6790

    SOURCE: Reckson Associates Realty Corp.