Company on pace to set record leasing performance

NEW YORK, NY (November 5, 2004) Reckson Associates Realty Corp. (NYSE: RA) continued its strong leasing performance in the New York City marketplace during the third quarter of 2004. In total, Reckson Associates closed 112,210 square feet of leases within its New York City portfolio during the third quarter, which brings the total leasing activity for the Company in New York to over 351,139 square feet in 2004. Reckson Associates' outstanding leasing performance throughout its New York City, Long Island, Westchester, Connecticut and New Jersey markets, which totals over 2.2 million square feet of transactions to date in 2004, reflects its ability to effectively and aggressively meet tenants' requirements and validates its market leadership position as the Landlord of Choice in the region.

Highlights of Reckson Associates' performance in New York City during the third quarter include:

• D.E. Shaw signed a 61,354-square-foot lease renewal and expansion at 120 West 45th Street, which the investment and technology development firm utilizes as its corporate headquarters. Restaurants Associates also signed a renewal at this building, totaling 13,745 square feet, which it will utilize for its office needs. 120 West 45th Street is comprised of 40 floors and totals 445,000 square feet of Class A space. The facility is conveniently located to both Sixth Avenue's Corporate Row and Times Square and offers virtually column free floor plates and flexible tenant-controlled heating, ventilation and air conditioning.
• National Bank of Pakistan signed a 10,163-square-foot early lease renewal at 100 Wall Street. Totaling 29 floors and spanning 470,000 square feet of Class A office space, 100 Wall Street is one of downtown's few modern office buildings, and offers premier proximity to ferries, subways and the FDR Drive.

In addition, new leases were signed by Petrus Partners, Ltd. and Martin Currie, Inc. at 1350 Avenue of the Americas; Manhattan Pharmaceuticals, Inc. at 810 Seventh Avenue; Siebert, Brandford Shank & Co., LLC at 100 Wall Street; Tufenkian Showroom NY, LLC at 919 Third Avenue; and an early lease renewal and expansion was signed by Captivate Network, Inc. at 120 West 45th Street.

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 87 properties comprised of approximately 15.9 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.

Certain matters discussed herein, including guidance concerning the Company's future performance, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes 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; financial condition of our tenants; changes in the supply of and demand for office properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; downturns in rental rate levels in our markets and our ability to lease or re-lease 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, real estate taxes, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; liability for uninsured losses or environmental matters; 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 undertakes no responsibility to update or supplement information contained in this press release.

Source: Reckson Associates Realty Corp.
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