NEW CLASS A SPEC BUILDING UNDERWAY IN PRESTIGIOUS PRINCETON MARKET

PRINCETON, NJ, JANUARY 11, 2006 - Reckson Associates (NYSE: RA) has appointed GVA Williams New Jersey as Exclusive Leasing Agent by for its newest development, Reckson University Square in Princeton, New Jersey. Currently under construction, this 313,000-square-foot building will be the premier office address in the Princeton market. Construction commenced on the speculative development in the third quarter of 2005 and is expected to be completed in time for occupancy in the fourth quarter 2006. This assignment is being led by GVA Williams President David Simson.

"We are pleased to market this outstanding new Class A office building on behalf of Reckson," stated David Simson. "This world-class facility incorporates the latest technologically advanced workplace coupled at an incredible location. Designed and developed by Reckson, the building will contain architecturally distinctive features and the highest quality materials and construction. The distinctive granite façade and exposure the building offers to a high-profile corporate user on the Route 1 corridor should drive dynamic demand for this property."

"Every aspect of Reckson University Square has been meticulously planned to incorporate the advanced business requirements and amenities that today's Fortune 500 firms desire and that premier tenants have come to expect in a Reckson office building," added Todd Rechler, Corporate Senior Vice President and Managing Director of Reckson Associates' New Jersey division. "We are delighted to team with GVA Williams New Jersey in making Reckson University Square the ultimate corporate destination."

Located on the corner of US Highway 1 and Alexander Road, University Square is within the well-known Princeton market and in close proximity to the Princeton Junction Amtrak and New Jersey Transit train station. The 313,000-square-foot, five-story office building includes a dramatic two-story atrium, first-class dining facility, outstanding fitness facility and teleconferencing/boardroom for tenants to utilize. Additional amenities include state-of-the-art prewired optics and communications systems, superior riser capacity and backup generator. Reckson's onsite management team will provide the highest level of services to the tenants in the building.

About GVA Williams
With regional headquarters in Parsippany, New Jersey, GVA Williams employs a staff of more than 250 professionals in the Tri-State region. GVA Williams is a full-service real estate firm that fulfills the needs of owners, investors and tenants, offering expertise in leasing, investment sales, mortgage brokerage, property, construction and asset management, as well as corporate services. GVA Williams currently manages more than 175 commercial properties occupying 23.3 million square feet in the Tri-State region.

GVA Worldwide is an international organization of real estate industry leaders serving key markets in 35 countries. The organization comprises over 3,200 real estate professionals with 120 offices worldwide. In its last report, GVA partners collectively completed $17 billion in transactions and managed more than 150 million square feet of office, industrial, retail and specialized property.

A leading advisor in commercial real estate, GVA optimizes client portfolios locally and around the world. It serves the real estate needs of clients including multinational corporations, major space users, developers, owners, institutions, lenders and investors.

For more information, please contact, David Simson of GVA Williams New Jersey, in their Parsippany, New Jersey headquarters at 973-299-3000 or visit www.gvawilliams.com.

About Reckson Associates
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 103 properties comprised of approximately 20.1 million square feet. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

Media Contact:
Stephanie W. Singer
Beckerman Public Relations
(908) 781-6420
Stephanie@beckermanpr.com