(STAMFORD, CONNECTICUT - April 10, 2001) Reckson Associates Realty Corp. has announced 12 transactions totaling 85,785 square feet at its 820,300 square foot Landmark Square in Stamford, its flagship Southern Connecticut property. The recent transactions reflect the Company's strength in building solid tenant relationships and are indicative of the positive impact of Reckson's multi-million dollar major repositioning of the six-building Landmark Square.

In the largest of these transactions, McKinsey & Company, Inc., U.S., the world-renowned business consulting firm, has renewed a total of 55,566 square feet for offices at Three and Four Landmark Square, with 22,254 square foot and 33,312 square foot premises respectively. Paul Myers and Ned Burns of CB Richard Ellis represented the tenant in the transaction at Three Landmark. McKinsey, a long-time Reckson tenant at Landmark Square, appreciates the extensive amenities at the Class A property as well as the high-quality regional employee pool.

Nine additional transactions have been for Class A office space at the 299,000 square foot building at One Landmark Square. The largest of these is for 6,285 square feet leased by Environics Communications, Inc. Steve Baker of Cushman & Wakefield represented the tenant in this lease agreement. And, TradeCapture.com, which provides software solutions to the commodities trading industry, has leased additional space of 4,585 square feet, for a total of 8,857 square foot premises. MetroPool, Inc. which runs commuter-oriented programs, has renewed its offices and is leasing 4,020 square feet; 1 to 1 Venture Partners, an investment firm, is leasing 3,037 square feet. Dave White of D.H.White Commercial Real Estate Services brokered this transaction. Willis Re, Inc., a reinsurance firm, extended its lease for 2,690 square feet. Paul Kaufman of Cushman & Wakefield represented the tenant in this transaction.

Also at that location, Fairfield Resources International has extended its lease for 2,611 square feet, and PrimeLearning, Inc., the Internet business training firm, has expanded its premises 1,760 square feet, for a total of 3,875 square feet. International Data Group, Inc., a publishing house, has renewed its 1,526 square foot premises, and Danford Solutions, Inc., a software design company and a new tenant at Landmark Square, has leased 1,520 square feet. Anthony Rascona, of Chase Commercial Real Estate, was the tenant's broker for this lease agreement. And, at Two Landmark Square, Stora North America Sales Corporation, a paper manufacturer, has leased an additional 2,212 square feet for a total of 17,942 square feet at the building.

The six-building Landmark Square underwent a $15 million repositioning project, finished in the summer of 2000. Upgrades to the complex included a new façade at One Landmark and a landscaped exterior plaza and public spaces. A new vehicular entry, allows tenants and visitors to drive directly into the complex and utilize its valet parking service. Other amenities include a computerized Building Energy Management System; high-speed Internet connectivity; 24-hour, seven day a week access; a full-service health club complete with squash courts, pool and aerobic room; full-service restaurants; and on-site retail, including a printing shop, one-hour photo shop, barber shop, tailor/dry cleaner, passport agency, and money exchange. The property is located in the heart of the Stamford Central Business District, near I-95 and the Merritt Parkway.

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 office and industrial properties. Reckson's core strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners and managers of Class A office and industrial properties in the New York Tri-State area, with 186 properties comprised of approximately 20.8 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.

This information contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties in the New York Tri-State area; interest rate levels; continued strength of rental rate levels in the company's markets; the availability of financing; 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 is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update information contained in this press release.

Contact:

F. D. Rich III
Chief Administrative Officer, Senior Vice President,Managing Director, Southern CT Division
(631) 694-6900

Salvatore Campofranco
Senior Vice President, Managing Director, Westchester Division
(914) 332-0600

Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900