Reckson Accommodates Recent Tenant Expansions Totaling 734,776 SF Portfolio-Wide.

(Melville, New York - May 9, 2001) Anticipating and servicing tenant requirements is a Reckson Associates hallmark and has proved a winning formula yet again in recent expansions totaling 734,776 square feet portfolio-wide. These transactions have included such high-profile companies as MCI WorldCom, Siebel Systems, Inc., Aptegrity, Amscan and Arrow Electronics. Most recently, OSI, Pharmaceuticals, Inc., the highly-regarded biotechnology company, completed a long-term lease to become the first tenant at the 2-building, 554,162 square foot Reckson Executive Park, Melville. OSI, which became NASDAQ's top gaining stock last year, will relocate its executive offices to Reckson's new Class A property at 58 South Service Road, Melville. OSI has gained world-wide notice for its cancer research. A long-time Reckson tenant in Nassau County, the company's move to the Melville sub-market is directed, in part, by the regions' future positioning as a major biotech center. For Reckson, Melville represents a cornerstone of the Company's portfolio where the Company owns a 55% share of the Melville-Route 110 corridor Class A sub-market.

OSI is not the only Reckson tenant expanding on Long Island recently. Also in Melville, the recently repositioned 169,405 square foot Melville Technology Center has been fully leased by long-time tenant, Arrow Electronics, the world's largest distributor of electronic components and computer products. And, when MCI WorldCom was seeking under 50,000 square feet of expansion space in the Nassau West sub-market, Reckson's space availabilities and superior amenities package influenced MCI to lease 127,120 square feet at its 60 Charles Lindbergh Boulevard property.

In New Jersey, success has prompted Siebel Systems, Inc., the leading provider of eBusiness software solutions world-wide, to almost double its premises at Reckson's New Jersey flagship, 51 JFK Parkway, Short Hills. Here, too, the property's location and state-of-the-art technology influenced Siebel's decision to "stay put". Nearby at 155 Passaic Avenue, Fairfield, Aptegrity, Inc., which supports corporate web applications, is also growing rapidly, and was able to expand at its present location, and continue to take advantage of the building's Class A amenities as well as draw from the region's highly-skilled labor-pool.

Headquartered at Reckson's 80 Grasslands Road in Elmsford, New York, Amscan, the leading producer of party goods and novelties, expanded nearly 20,000 square feet as soon as a neighboring property, 100 Grasslands, was repositioned. Whether a start-up company or an industry leader, these success stories underscore Reckson's commitment to provide service excellence portfolio-wide.

"Our service credo is 'tenant satisfaction is our first priority'; we greatly value our business relationships and closely examine our entire portfolio to accommodate tenant needs and space requirements," comments Mitchell Rechler, Co-Chief Operating Officer. "We're proud to continue this tradition of providing superior service at fully-amenitized buildings, evidenced by these numerous successful tenant expansions within our properties."

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, managers and developers of Class A office and industrial properties in the New York Tri-State area, with 188 properties comprised of approximately 21.3 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; downturns in 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