UNIONDALE, N.Y., Mar 16, 2006 (BUSINESS WIRE) -- Today Nassau County Executive Tom Suozzi announced that he has selected The Lighthouse Development Group, LLC, a joint venture between Reckson (NYSE: RA), Long Island's largest owner, manager and developer of commercial properties and Charles Wang, owner of the New York Islanders (NHL) and NY Dragons (AFL), to redevelop the Nassau County Coliseum complex.

"We are very pleased with today's announcement. We look forward to continue working with the County Executive and County Legislature, the Town of Hempstead and the surrounding community as we transform this aging and obsolete facility as part of the creation of a modern suburban center that everyone will be proud of," said Charles Wang, founder of the Lighthouse Development Group, LLC.

Scott Rechler, President and Chief Executive Officer of Reckson, added, "We have been given an opportunity by the County Executive to contribute to the economic future of the region. It is a historic responsibility we do not take lightly and we intend to make good on the trust and confidence he has expressed in his decision to allow us to go forward." Mr. Rechler continued, "We are extremely pleased with the outcome of this process. The County ran a thorough and competitive RFP process which resulted in an enhanced proposal which clearly benefits the people of Nassau County."

For more information about the Lighthouse project, please visit www.lighthouseli.com.

About Reckson

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, and wholly owns, has substantial interests in, or has under contract, a total of 102 properties comprised of approximately 20.2 million square feet. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

About The Lighthouse Development Group

The corporation was formed to develop and execute a plan for the redevelopment of the Nassau Veterans Memorial Coliseum and surrounding properties.

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; 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.

SOURCE: Reckson Associates Realty Corp.

Media:
The Lighthouse Development Group
Laurene Gros-Daillon, 516-501-6870
lgrosdaillon@newyorkislanders.com
OR
Reckson Associates Realty Corp.
Susan McGuire, 631-622-6642
smcguire@reckson.com