Manhattan Properties Outperform in 4th Quarter

NEW YORK, NY (February 24, 2005) Reckson Associates Realty Corp.'s (NYSE: RA) New York City portfolio continues to outperform the market and report strong leasing performance. Reckson Associates' outstanding leasing performance throughout its New York City, Long Island, Westchester, Connecticut and New Jersey markets, 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 in the fourth quarter of 2004 include:

• King & Spalding LLP signed a 229,362-square-foot, long-term renewal and expansion and Amerada Hess Corporation signed a 173,922-square-foot, long-term renewal and expansion at 1185 Avenue of the Americas, a 42-story, 1.1 million-square-foot Class A office tower. Located on Avenue of the Americas between 46th and 47th Streets, the property is in midtown Manhattan's Rockefeller Center/Sixth Avenue submarket, offers direct access to the Rockefeller Center Concourse and is undergoing a significant capital improvement program.
• After recently expanding, Burberry Limited renewed the balance of its premises by extending its term on the 12,489-square-foot 17th floor at 1350 Avenue of the Americas. In addition, Rothstein Kass & Co. signed a lease expansion for a full floor of 12,473-square-feet, while other new leases and renewals at the 35-story, 550,000-square-foot Class A office property included ICICI Infotech Inc. and Sylvan Lawrence Co.
• At 120 West 45th Street, TIBCO Software signed a new lease agreement for 12,355 square feet of space, Vardon Capital Management signed a new lease agreement for 9,321 square feet and Lipsky Goodkin & Co. signed a lease renewal for 9,711 square feet. 120 West 45th Street is comprised of 40 floors and totals 445,000 square feet of Class A space. The property 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.

In addition, new leases were signed by Wuersch & Gering LLP and Unity Financial Group, Inc. at 100 Wall Street; Xethanol Management Services at 1185 Avenue of the Americas; and Bank of America, Aegis Capital Holding Corp. and BET Interactive, LLC at 810 Seventh Avenue.

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 89 properties comprised of approximately 16.3 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.
1350 Avenue of the AmericasSuite 901
New York, NY 10019
(212) 715-6522 (Phone)
(212) 715-6535 (Facsimile)
Contact: Tod Waterman, Executive Vice President
Salvatore Campofranco, Executive Vice
President & COO

Beckerman Public Relations
Stephanie W. Singer (Media)
(908) 781-6420 (Phone)