NEW YORK, NY (May 26, 2005) Reckson Associates Realty Corp.'s (NYSE: RA) New York City portfolio continues to report strong leasing performance. Reckson Associates, recognized as the Landlord of Choice in the region, experienced outstanding leasing performance in the first quarter of 2005 throughout its New York City, Long Island, Westchester, Connecticut and New Jersey market portfolios.

Reckson Associates' leasing performance in New York City in the first quarter encompassed over 126,000 square feet of new leases. Highlights include:

• Over 65,750 square feet of leases were signed at Tower 45, located at 120 West 45th Street in Midtown, including a total of 38,710 square feet leased by D. E. Shaw & Co. LP, a specialized investment and technology development firm; a 24,958-square-foot lease with Pzena Investment Management; and a 2,086-square-foot lease with Viewpointe Archive Services.
• GFI Group, an inter-dealer brokerage firm, leased 17,425 square feet and Iris Financial Engineering leased 8,955 square feet at 100 Wall Street, a 470,000-square-foot office building located in lower Manhattan.
• Levi, Lubarsky & Feigenbaum leased 10,047 square feet at 1185 Avenue of the Americas, a 42-story, 1.1 million-square-foot Class A office tower acquired by Reckson Associates in 2004. Additional leases were signed at 1185 Avenue of the Americas with Hedman & Costigan, PC and Centurion Holdings, LLC. At 1350 Avenue of the Americas, Concordia Advisors, LLC signed a lease for 5,504 square feet.
• Aegis Capital Holding Corp and JP Morgan Chase Bank recently signed leases at 810 Seventh Avenue. The 695,000-square-foot office high-rise will soon undergo a major streetscape repositioning, including full-height glass storefronts, expansive signage bands and new granite walkways. JP Morgan Chase Bank is leasing 2,641 square feet at the building's 53rd Street and Seventh Avenue corner retail location.

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 90 properties comprised of approximately 17.7 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; 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.
1350 Avenue of the AmericasSuite 901
New York, NY 10019
(212) 753-6600 (Phone)
(212) 715-6535 (Facsimile)
Contact:
Salvatore Campofranco,
Chief Operating Officer
Tod Waterman, Executive Vice President