(WHITE PLAINS, NEW YORKJanuary 11, 2001) Reckson Associates Realty Corp. held their annual awards ceremony for the Westchester/Connecticut division recently, at Reckson Metro Center located at 360 Hamilton Avenue in White Plains. Numerous dignitaries, real estate brokers and corporate executives gathered for the announcement of Reckson's Broker of the Year Awards, a long-standing, company-wide tradition. At the event, brokers Carl Austin and Philip Luria of Austin Corporate Properties, received awards for their professional accomplishments achieved during 2001. Indicative of sustained economic strength in the County, Reckson also announced that it has attained a 30 percent market share in Westchester in 2001. Reckson Associates has 25 office and industrial properties Countywide, with an overall occupancy rate of 95%.

Reckson Associates pays tribute to our friends in the commercial real estate industry, by acknowledging the true spirit of teamwork and partnership that is at the core of the Company's philosophy, notes Salvatore Campofranco, Managing Director, Westchester /Connecticut Division. Special thanks to our honorees for their outstanding efforts this past year and recognition of these professionals for bringing their most highly valued clients to our family of tenants.

Reckson selected Carl Austin of Austin Corporate Properties, for his part in the transaction that brought Quaker Foods & Beverages to 660 White Plains Road. Quaker Foods & Beverages, a division of PepsiCo., has leased 23,495 square feet, at the Company's 265,000 square foot, 660 White Plains Road in the Tarrytown Corporate Center. Also chosen was Philip Luria, also of Austin Corporate Properties, for representing Effective Telemarketing, in its lease agreement that fulfilled the company's operations and expansion needs. Effective Telemarketing leases premises at Reckson's 115-117 Stevens Avenue in Valhalla.

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 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 and industrial properties in the New York Tri-State area, with 185 properties comprised of approximately 20.6 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

Certain matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe 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; changes in the supply of and demand for office and industrial properties in the New York Tri-State area; changes in interest rate levels; downturns in rental rate levels in our markets and our ability to lease or release 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 costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; 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 or supplement information contained in this press release that subsequently becomes untrue.

Contact:

Salvatore Campofranco
Managing Director,
Westchester/Connecticut Division
(914) 750-7200

Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900