Honors Brokers of the Year

(MELVILLE, NEW YORK, December 20, 2000) -
Reckson
Associates Realty Corp. officially unveiled its newest, 277,081
square foot Class A property, Reckson Executive Park at 58 South
Service Road, Melville at a gala grand opening on December, 19.
The ribbon-cutting ceremony was officiated by Reckson Executives,
George Gatta, Deputy Suffolk County Executive, Frank Petrone, Huntington
Town Supervisor, and Dennis Sneden, CEO, Huntington Chamber of Commerce.
Over 350 corporate executives, industry professionals and dignitaries
also attended the celebration. The evening was also the venue for
the long-standing company-wide Reckson tradition, announcing the
Broker of the Year awards. At the event, brokers Martin Lomazow,
Richard Karson and Frank Riemer of Insignia/ESG, Inc., David Pennetta
of Oxford & Simpson and Carlton Wenz, Cushman & Wakefield, received
awards for their professional accomplishments achieved during the
course of 2000.

"Reckson Associates continues to recognize real estate professionals in each of its regions - those who have greatly contributed to our continued success," notes Mitchell Rechler, Co-Chief Operating Officer. "In paying tribute to our associates in the industry, we acknowledge the true spirit of teamwork and partnership that is at the core of the Company's philosophy. Special thanks to our honorees for their outstanding efforts this past year."

Reckson selected Martin Lomazow, Richard Karson and Frank Riemer of Insignia/ESG, Inc. for their team effort that resulted in Arrow Electronics leasing the entire 163,762 square foot Melville Technology Center at 50 Marcus Drive shortly after its grand opening this Fall. David Pennetta of Oxford & Simpson won for his industrial lease agreement with J. M. Lynne - a transaction for 48,233 square feet at Airport Industrial Plaza 2002 in Bohemia. Carlton Wenz received the "Deal of the Year Award" for signing MCI WorldCom for 127,120 square feet at 60 Charles Lindbergh Boulevard, Uniondale.

Reckson Associates Realty Corp. is having another highly productive year. Leasing activity produced 300 office and industrial leases, of which 74% established new tenant relationships, bringing Reckson's Class A Long Island portfolio to 98% occupancy.

The Grand Opening gave attendees the opportunity to view the building's amentities, including the distinctive lobby, whose high-end finishes include cherry and mahogany wainscoting, polished and textured granite floors, two Scarvo glass and chrome chandeliers and wall sconces. "Reckson Executive Park is without question, the finest location in Melville, if not all of Long Island," comments Donald Rechler, Chairman and Co-Chief Executive Officer of Reckson Associates. "This complex offers exceptional visibility for corporate exposure - directly on the Long Island Expressway, and will serve as the perfect gateway to Suffolk County."

Reckson Executive Park will offer a first-class office environment in a 33.5 acre campus-style office park, surrounded by 100 acres of passive parkland. Amenities discriminating tenants require include: an on-site Internet server connection, technologically advanced fiber optics, hi-tech conference/training facility, restaurant/café, and a state of the art fitness center. In addition, the property will have 2,172 parking spaces with 51 underground spaces per building.

Reckson Executive Park's prime location sits on the border of Nassau and Suffolk County and is located within the premier Melville business community of which Reckson has a 55 percent share of the Melville-Route 110 Sub-Market. The new park's location will provide immediate east and westbound access to the Expressway at Exit 48, and is convenient to hotels, restaurants and retail.

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 office and industrial properties.

Reckson's core strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners and managers of Class A office and industrial properties in the New York Tri-State area, with 186 properties comprised of approximately 20.8 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 Tri-State area; interest rate levels; continued strength of rental rate levels in the company's markets; 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. Reckson is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update information contained in this press release.

Contact:

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