(SHORT HILLS, NJ, May 24, 2004) Reckson Associates Realty Corp.'s (NYSE: RA) focus on tenant services and market position as the Landlord of Choice in the NY Tri-State area has resulted in the consummation of over 90,000 square feet of office leases throughout the Company's Class A office portfolio in New Jersey. Highlights in the first quarter in New Jersey include:

• Investor Savings Bank signed a 53,199-square-foot lease at the award-winning Reckson Office Center in Short Hills, New Jersey at 101 JFK Parkway. The investment bank is relocating from Millburn to the newly repositioned Class A office building. Doug Gaffney of The Schultz Organization/TCN Worldwide represented the tenant in the transaction.
  
  
• Also at 51 JFK Parkway, a part of Reckson Office Center, Edwards & Angell LLP, a leading law firm represented by Larry Martin of Newmark Real Estate of NJ, expanded its space and now occupies 18,522 square feet and Fairholme Capital Management, LLC renewed its existing lease for 3,056 square feet. Reckson Office Center, a 559,529 square foot corporate campus, which is recognized as the crown jewel for tenants in the prestigious Short Hills marketplace, recently underwent a multi-million dollar capital improvement program.
  
  
• First American Real Estate Solutions, represented by Marc and Ray Trevison of CB Richard Ellis, signed a new lease for 13,093 square feet at 300 Executive Drive at Reckson Executive Hill Office Park in West Orange, New Jersey. Reckson Executive Hill Office Park consists of a total of three Class A office buildings, spanning 321,698 square feet. At 100 Executive Drive at Reckson Executive Hill Office Park, Booker, Rabinowitz, Trenk, Lubetkin, Tully, DiPasquale & Webster, P.C., a leading law firm, renewed its lease for 10,952 square feet. CB Richard Ellis, Inc.'s Marc and Ray Trevisan represented the tenant.
  
  
• Ajilon, a global leader in managed services, consulting and specialty staffing, renewed its lease at 72 Eagle Rock Avenue, a 140,000-square-foot, Class A office facility in East Hanover, New Jersey.
  
  
• BECHTEL, represented by Chris Olsen of CB Richard Ellis, signed a new lease, expanding by 5,083 square feet, at 3 University Plaza at Reckson University Plaza, one of the premier office buildings in the Hackensack market. The six-story office building comprises 219,794 square feet.

Reckson continues to remain focused on tenant satisfaction, throughout all of our outstanding office facilities in New Jersey, stated Todd Rechler, Corporate Senior Vice President and Managing Director of Reckson Associates' New Jersey division. Our significant rate of tenant retention and strong leasing activity within our entire portfolio maintains Reckson's leadership position in the New Jersey marketplace, Rechler continued.

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 84 properties comprised of approximately 15.3 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.

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

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