Business Conditions in New York Improving as Reckson Records 238,929 Sq. Ft. in Leasing Transactions During the First Six Months of 2004

NEW YORK, NY (August 30, 2004) Reckson Associates Realty Corp. (NYSE: RA) continues to experience increased leasing activity throughout its Manhattan portfolio, welcoming several new tenants and renewing many long-term leases during the first half of 2004. The Company, which remains committed to maintaining its market leadership position as the Landlord of Choice throughout the New York Tri-State area, has successfully leased more than 238,929 square feet during this period in New York City.

The economic recovery is encouraging tenants to capitalize on the attractive market conditions by upgrading their spaces, signing early renewals and extending their lease terms, stated Robert C. Fink, Vice President Leasing for the New York City division of Reckson Associates Realty Corp. Our commitment to the belief that tenant satisfaction is our number one priority has helped create this successful track record on renewals. This operating philosophy, in combination with improving market conditions, has produced substantial results in the overall leasing performance throughout Manhattan during the first half of 2004.

Some of the highlights of the first half of 2004 include:

• HarperCollins Publishers, a subsidiary of News Corporation and one of the world's leading English-language publishers, renewed its 72,799-square-foot lease at 1350 Avenue of the Americas. In addition to HarperCollins, other lease renewals and expansions at the 35-story, 550,000-square-foot Class A office property included Burberry, Czechoslovak Airline, Ales Group USA, Inc, Dolby, and MGM, which renewed its 29,323-square-foot lease.
• NYFIX, an electronic trading services company, renewed one 17,895-square-foot floor and expanded by another one at 100 Wall Street. Other new leases and renewals at the 29-story, 470,000-square-foot Class A office building included Bollinger Insurance, American Union Securities, Galen Technology Solutions and Valtech Technologies.
• Constellation New Energy, an electricity provider, leased 10,867 square feet at 810 Seventh Avenue. Totaling 42 floors and spanning 695,000 square feet, 810 Seventh Avenue is located at Seventh Avenue and Broadway at 53rd Street and is in close proximity to Times Square, Corporate Row and Central Park.

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 85 properties comprised of approximately 15.4 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.

Source: Reckson Associates Realty Corp.
1350 Avenue of the AmericasSuite 901
New York, NY 10019
(212) 715-6522 (Phone)
(212) 715-6535 (Facsimile)
Contact: Tod Waterman, Executive Vice President
Beckerman Public Relations
Anna Ciringione (Media)
(908) 781-6420 (Phone)
anna@beckermanpr.com (Email)