(SHORT HILLS, NEW JERSEY-October 12, 2000) Reckson Associates Realty Corp. announces that its 250,000 sq. ft. Class A property at 51 JFK Parkway in Short Hills, now stands at full capacity, following leases with three major tenants. The building has consistently achieved high occupancy rates and has a strong tenant retention record. Indicative of this strong tenant-landlord track record, Prudential Securities has expanded its operations for an additional 5,450 square feet, bringing its total square footage to the property to 24,072. Ed DaCosta of CB Richard Ellis represented the tenant in the transaction. Also expanding its premises at 51 JFK Parkway is Metropolitan West Financial, Inc whose additional commitment brings its total square footage in the building to 6,226 square feet. In addition, T. Rowe Price Investment Services, Inc. has renewed its long-term lease for 2,781 square feet. Peter Pattison of Peter Pattison Inc. represented the tenant in the transaction. 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.

The five-story 51 JFK Parkway features the upscale amenities Reckson tenants have come to expect with 24-hour concierge, food service, ATM, dry cleaners, shoe shine and car wash and detailing services. Major highways, Newark Airport, exclusive shopping and hotels are nearby.

In Bergen County, five transactions were completed at two properties, 3 University Plaza in Hackensack and One Paragon Drive in Montvale. Another prime example of tenant retention is Sequa Corporation, a manufacturing firm, which has renewed its lease for 27,500 square feet at 3 University Plaza. Chip Conklin of Strategic Alliance represented the tenant in the transaction. At the same location, American Capital Resources, an insurance company has renewed for 9,568 square feet. David Sherman and David Opper of Insignia/ESG brokered the lease agreement. Summit Bank also extended the term of its lease at 3 University Plaza, signing for 7,852 square feet of space. Two transactions have been completed at One Paragon Drive. Excel Partner, Ltd., a consulting firm, has leased 7,658 square feet. The broker for the transaction was Fred Lipton of Charles Klatskin Co. And, Hanleigh Management, Inc., an insurance brokerage/consulting firm has leased 4,181 square feet of space as well. James Hersh and Janice Saxton of CB Richard Ellis represented the tenant in this agreement.

Both 3 University Plaza and One Paragon Drive provide the kind of amenities desired by today's growth-oriented businesses. The 107,000 square foot Paragon Drive offers Class A building features with 24 hour/7day access, a spacious two-story, landscaped atrium lobby and newly-renovated common areas including a café and conference room. Its infrastructure is pre-wired for fiber optic and communications systems and HVAC is tenant-controlled. Minutes from the Garden State Parkway and New Jersey Turnpike, the building is also convenient to hotels and restaurants. The 216,403 square foot 3 University Drive also, offers sought-after amenities and features including a high-quality eatery, copy center and sundries shop. University Drive is also convenient to highways, restaurants, shopping and Manhattan.

In New Jersey's Princeton market, at 104 Campus Drive in West Windsor, Princeton Softech, Inc., a software development firm has expanded by 910 square feet at 104 Campus Drive. Bob Morford and Joe McMahon of the Garibaldi Group represented the tenant in this transaction. At 100 Campus Drive, Eduneering has leased 12,773 square feet. Eduneering is an internet development firm and was represented in the transaction by Peter Dodds of Keller, Dodds and Woodworth.

At 119 Cherry Hill Road, a Reckson acquisition at Parsippany in Morris County, seven companies have leased space totaling 14,618 square feet. They are: Division Street, LLC, a real estate brokerage which has leased an additional 4,155 square feet for a total of 19,868 square feet at the property. American Medical Association, a Medical Publisher expanded and renewed its lease and now occupies a total of of 7,227 square feet. Jack Feeney of Julien J. Studley represented the tenant in this transaction. HTM, Inc., has leased an additional 506 square feet and the premises for a total of 2,728 square feet. Geri O'Dell of Cushman and Wakefield represented HRM in this expansion and renewal. Joining the roster at 119 Cherry Hill Road is the Wonderware Corporation, software developers, which has leased 2,464 square feet. They were represented by John Lewis of The Staubach Company in the transaction. Sordoni Skanska Construction Company, which has leased 1,706 square feet. Powderject Vaccines, Inc., a pharmaceutical company, has leased 1,248 square feet. Sam Horowitz of Equis Corporation brokered the transaction. Today's Staffing, Inc., an employment agency, has renewed its lease for 1,021 square feet. Dan Couture of Equis Corporation represented the tenant in the agreement.

"51 JFK Parkway is a prime example of Reckson's philosophy of purchasing and developing value creation opportunities within strong markets, in buildings with key amenities, prime locations and strong tenant bases," noted Jeffrey Schotz, Senior Vice President and Managing Director of Reckson's New Jersey region. "We are both pleased to welcome these newest tenants to 51 JFK Parkway and also to strengthen existing relationships. It's gratifying to see such high-profile companies continue to round out our tenant roster."

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