(SHORT HILLS, NEW JERSEY-October 23, 2000) Reckson Associates Realty Corp. has announced the signing of seven lease transactions totaling 59,995 square feet at their Fairfield and West Orange and Class A properties. Quarterly leasing momentum has brought Reckson's portfolio in the state to over 96% occupancy. Reckson has 23 Class A locations in New Jersey totaling 2,455,952 million square feet.

Forging solid business relationships through a commitment to service is a key Reckson strength. A prime example is Cutler Systems Management, Inc., in Fairfield. Cutler has renewed its long-term lease for 22,716 square feet at the 84,520 square foot 155 Passaic Avenue. Company growth led to Cutler Systems Management's move to 155 Passaic, noted Rob Anderson, Vice President of Marketing. The company recently outgrew its previous headquarters nearby, and a Fairfield office was the next logical location, Anderson added. Cutler provides application management solutions for internet-based businesses, with services that help Fortune 1000 organizations manage and maintain business critical Web applications.

155 Passaic provides easy access to surrounding major metropolitan areas, and is conveniently close to the previous location, which prevents any negative impact on employees' commuting time, noted Anderson. He added that management was also pleased to find the space they need all on one floor. The property, acquired by Reckson in 1998, recently underwent a value creation project that encompassed extensive interior renovation.

At Reckson's West Orange properties in Essex County, six tenants have signed for 37,279 square feet of space, primarily at its four Executive Drive locations. At 100 Executive Drive, Organon, Inc. a pharmaceutical company, has signed for 13,844 square feet of space; Andrew Zezas of Insignia/ESG, Inc. represented the tenant in the transaction. At 200 and 300 Executive Drives, Kessler Rehabilitation Center, a healthcare facility, has renewed and expanded within the park to now occupy a total of 22,198 square feet of space.

The Executive Drive locations offer amenities required by today's leading businesses: High-speed internet connectivity, 24-hour, 7-day access; health club, food service, high-end finishes, direct access to Route 280, New Jersey Turnpike and Garden State Parkway; restaurants, entertainment and retail stores are nearby.

"We are pleased to continue our existing tenant relationships and to forge new ones," comments Jeff Schotz, Senior Vice President and Managing Director of New Jersey. "Our portfolio of top-of-the-market Class A buildings offer today's progressive companies exciting and dynamic work communities for their most important asset, their employees. Our buildings offer technologically advanced infrastructures, excellent locations and amenities required by employers seeking to both attract and to maintain the best talent to grow their business."

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in acquisition, leasing, financing, management and development of office and industrial properties.

Reckson's core growth strategy is focused on the suburban markets surrounding and including New York City. Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire or developed approximately $2.1 billion of properties comprising approximately 16.1 million square feet of space.

Reckson Associates is one of the largest publicly-traded owners and managers of Class A suburban office and industrial properties in the New York City "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.

Contact:

Jeffrey M. Schotz
Senior Vice President and Managing Director, New Jersey Division
(973) 313-3300

Mitchell Rechler

Co-Chief Operating Officer

(631) 694-6900