(STAMFORD, CONNECTICUTJune 15, 2006) Reckson Associates has announced that 15 leases totaling 188,982 square feet have been signed recently at the Company's Stamford, Connecticut properties. These transactions consist primarily of new leases, with several additional renewals and expansions. The robust leasing activity at Reckson's Class A Stamford portfolio underscores the Company's ability to attract and to retain the City's premier businesses by providing tenants with preferred amenities and Reckson's renowned commitment to service excellence.

Citing the large number of new leases in the insurance and financial services fields, as well as the retention of long-time tenants, David Sims, Senior Vice President and Managing Director, Westchester/Connecticut, notes: We welcome these prime tenants to our Stamford properties. They join a tenant roster benefiting from Reckson's commitment to provide them with the best business environments to enable them to achieve their business objectives. Our best in class' management services provided by one of the most efficient onsite management teams is evidenced by these business leaders' continued investment in Reckson properties.

The Landmark, Reckson's New Retail Component at the Company's Landmark Square Office Complex, Signs First Tenant, HSBC Bank

• The Landmark's first retail tenant has signed a lease agreement at the property, which is under construction, with completion planned for fall, 2006. HSBC Bank has leased 3,980 square feet for a new, full-service bank branch. Headquartered in London, HSBC is one of the world's largest banking and financial services organizations with 9,500 offices in 76 countries. The lease was brokered by Meredith Fales of the Staubach Company on behalf of Reckson Associates, and by Scott Lipschultz of GVA Williams of Connecticut on behalf of the tenant.

Landmark Square:

• Several subsidiaries of W. R. Berkley Corporation, the property/casualty insurance firm, have collectively leased 23, 704 square feet at One and Three Landmark Square. Berkley's regional subsidiaries offer commercial insurance in 27 states focusing on small to mid-sized business customers and state and local governments. Belinda W. Scanlon, SVP of Albert B. Ashforth, Inc. represented the tenant in these lease agreements.


• Izet's Leather Goods: This long-time retail tenant at Three Landmark Square has renewed its lease for 670 square feet.


• Tradecapture, the financial services computer software firm, has renewed its 4,585 square foot offices at One Landmark Square.


• Metropool, which facilitates commuter rideshare programs, has renewed its 4,020 square foot, One Landmark Square offices.


• As one of the world's premier global reinsurance brokers, Willis Re employs over 1000 Associates and handles more than US$ 11 billion in premiums each year. The firm has renewed its lease for its 2,690 square foot premises at One Landmark Square.


• Pearle Vision, a subsidiary of Luxottica Group, is one of the largest retail optical outlet networks with locations in the U.S., Canada, Puerto Rico, and the Caribbean. The company has renewed its lease agreement at One Landmark Square for its 2,016 square foot optical services store.


• Jervis Alternative Asset Management has also renewed its 1,362 square foot offices at One Landmark Square.


Stamford Towers:


• 680 Washington Boulevard: Traditional Financial Services has renewed its 11,605 square foot premises and has expanded its office space an additional 8,612 square feet now leasing the entire 5th floor. Paul Jacobs of CB Richard Ellis represented the tenant in this lease agreement.


• 750 Washington Boulevard: Citibank has renewed its lease for 108,588 square feet at the property. Steve Banker of Newmark & Company, Real Estate, Inc. represented the tenant in this lease agreement.


1055 Washington Boulevard:

• Asset International, a financial publications firm, has joined the tenant roster at 1055 Washington Boulevard, leasing 10,550 square feet. Marty Lacoff of Gladstone Properties represented the tenant in this lease transaction.


225 High Ridge Road:

• The Metropolitan Life Insurance Company, Met Life, has both renewed and expanded its premises at this premier trophy property in Northern Stamford to 2,900 total square feet and has signed for a 3,700 square foot expansion . Kevin McCarthy of Jones Lang LaSalle brokered this lease agreement on behalf of the tenant.

Landmark Square:


So-named for its distinctive, 22-story, One Landmark Tower, the office portfolio consists of seven properties totaling 839,357 square feet. This self-contained, fully amenitized office park is at the center of Stamford's business district. Some of its vast array of tenant services include computerized building management systems, redundant electric power and broadband Internet connectivity via multiple providers, new 24/7 card access system and around-the-clock security.

The properties feature concierge service, a new, state-of-the-art conference facility for up to 34 persons, an on-site management office, a full-service health club, gourmet café with indoor and al fresco dining, a barbershop, money exchange, a nine-screen multiplex theatre, Stamford Town Center Mall, a tailor and dry cleaner, optical and lens store, printer, fax services and an insurance agency.

The office park additionally features covered and valet parking and is walking distance to all downtown restaurants and hotels. Landmark Square is convenient to I-95 and the Merritt Parkway. Presently under construction, Landmark 7, when complete, will feature additional on-site shops and dining destinations. Completion is slated for fall, 2006.

Stamford Towers:


This two-building, 325,108 square foot property features a dramatic 47-foot atrium lobby entry. Its unique granite and glass design incorporates stunning stone floors and reflective glass. Unseen, but no less appreciated, are the building energy management system, redundant electrical power, a zoned, tenant-controlled HVAC heat pump system and broadband Internet connectivity. Stamford Towers offers 24/7 accessibility and security, a full-service café with seating for 140, and a sundry store and dry cleaner. The property is in Stamford's Central Business District with direct access to I-95, the Stamford Transportation Center and all connecting major roadways.

1055 Washington Boulevard:


This ten story, 181,805 square foot, glass-sheathed building offers outstanding views of Mill River and downtown Stamford. Its two-story atrium lobby with granite, wood and glass finishes, features outstanding architectural details. The property additionally offers the amenities and services Reckson is known for: fiber optics, 24/7 access and comprehensive security, an outdoor plaza and interior conference center for meetings and entertainment, indoor/outdoor café dining, indoor parking garage and a private shuttle to the Stamford Transportation Center.

1055 Washington Boulevard offers direct access to I-95 and all major connecting roadways.

225 High Ridge Road:


225 High Ridge Road is a distinctive, 227,966 square foot trophy property consisting of twin three-story office buildings joined by a semi-circular colonnade. The properties sit on an over 14 acre landscaped campus setting with extensive gardens and plantings. The buildings' classically designed lobbies feature decorative stone floors and wood paneled walls.

This fully-amenitized property offers the amenities and services its distinguished tenant roster requires: Two executive conference rooms, with fine grade wood paneling and floors for tenant meetings/private dining, fiber optic connection, 24/7 attended lobby, card-key access system, state of the art, professionally managed, fitness center with locker rooms and showers, 215 seat full-service cafeteria, fully automated HVAC system and a parking ratio of 3:1,000; a portion of which is covered.

Tenants are provided with private shuttle service to Stamford Transportation Center. Moreover, the campus is proximate to abundant retail amenities and offers easy access to both the Merritt Parkway and I-95.

Reckson 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 properties located in New York City and the surrounding Tri-State area markets. 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 102 properties comprised of approximately 20.2 million square feet. For additional information on Reckson, 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 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; credit of our tenants; 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 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 and insurance 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 undertakes no responsibility to update or supplement information contained in this press release.

Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, NY 11747
(914) 872-4742 (Phone)
Contact: David Sims,
Senior Vice President
Managing Director, Westchester/Connecticut
Rubenstein Communications
Media Contact: Margot Olcay
(212) 843 8284 (Phone)