WHITE PLAINS, NEW YORKMay 30, 2006-- Reckson Associates Realty Corp. (NYSE: RA) has announced that leases in excess of 44,450 square feet have been successfully executed at the Company's newly acquired portfolio now known as, Reckson Platinum Mile, where a multi-million dollar capital improvement project will be announced on June 13th. Reckson launched its rebranding initiative of the portfolio to reflect both its ownership and the alignment that the Reckson Platinum Mile will have with the superior level of quality and services for which Reckson is known.

Commenting on the rebranding approach, Salvatore Campofranco, Reckson EVP and Chief Operating Officer, said, We are communicating a benchmark of excellence for our tenants and the community with best of class properties, amenities and service provided to our tenants. We simplified the portfolio's name to the bold, stand-alone, RECKSON', in order to demonstrate this legacy of quality our brand conveys.

The recent activity at Reckson Platinum Mile, which includes several long-term renewals and expansions, underscores tenant excitement at Reckson's ownership and validates the Company's market position as Westchester's Landlord of Choice.

Reckson Platinum Mile transaction highlights include:

• IKON Office Solutions, the document processing industry leader, has relocated its Westchester offices to Reckson Platinum Mile from Tarrytown. The company signed a long-term lease for 5,136 sf at 701 Westchester Avenue. IKON is the world's largest independent distributor of document imaging services, digital printing solutions and management of a myriad of other office applications. IKON ranked 469 on Fortune Magazine's Top 500 Companies of 2005. Maureen O' Boyle of Cushman & Wakefield brokered the lease agreement.



• W. J. Deutsch & Sons, wine importers since 1981, have expanded their premises at 108 Westchester Avenue an additional 2,959 sf. Deutsch's offices now total 17,865 sf at the park. Deutsch is a family-run business in its second generation and is dedicated to selecting the finest wines from the best international vintners and marketing them to American consumers and the trade.



• Grant McCarthy Group, LLC has renewed and expanded its premises at 777 Westchester Avenue. The law firm renewed for 4,885 sf on the second floor and expanded its workspace an additional 2,699 sf by leasing a suite on the first floor at the property.



• Investment manager, Seavest, Inc. is renewing its lease at 707 Westchester Avenue for 5,961 sf and expanding into a further 1,895 sf in the same building.



• The law firm, Bartels & Feureisen, LLP, has also renewed its workplace at 925 Westchester Avenue. The partnership maintains 2,285 sf offices at the park.



• The financial advisors, Hanover Asset Management, have renewed its lease for 1,035 sf at 711 Westchester Avenue.



• The law firm of Howard A. Newman has renewed their lease for 1,116 sf premises at 925 Westchester Avenue.



• Sobert Realty Corp. has renewed its 1,573 sf commercial real estate offices at 2700 Westchester Avenue.

Speaking of her company's upcoming office expansion, Donna Tookmanian, CFO of Seavest, commented, We've been headquartered at 707 Westchester Avenue for 26 years and have been very happy, especially recently with the property's transition to Reckson. Now, as we look forward to growing our business, it is encouraging to have a landlord we know we can count on to make our office expansion a seamless process.

Reckson Platinum Mile is a stellar business environment that historically has drawn industry leaders who seek out premium quality, efficient work environments, noted David Sims, SVP, Managing Director, Westchester/Connecticut Division, referring to the 14-building, 1.6 million square foot office portfolio. Due to the Company's valued reputation for providing service excellence as well as the upgrades and vast improvements, Reckson is beginning to witness strong leasing results in both attracting and retaining these high caliber tenants. This leasing trend, Sims mentioned, is likely to accelerate as the portfolio's major repositioning plan, currently in formulation, is announced to the business community next week.

Added John Barnes, SVP, Director, Westchester/Connecticut Division, This repositioning is the largest Westchester County has ever experienced. The multi-year, multimillion repositioning of the 1.6-million-sf portfolio, will begin on Westchester Avenue at the White Plains Office Park and then move to 2500 and 2700 Westchester Avenue properties. This major undertaking is enthusiastically supported by our commitment to be the Landlord of Choice and validates the excellence we promise to our current and prospective tenants.

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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 properties located in New York City and the surrounding Tri-State area markets. 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, and wholly owns, has substantial interests in, or has under contract, a total of 102 properties comprised of approximately 20.2 million square feet. 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.

Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747
(914) 750-7200 (Phone)
(914) 750-7219 (Facsimile)
Contact: David Sims, SVP, Managing Director,
Westchester/Connecticut Division
John Barnes, SVP, Director,
Westchester/Connecticut Division

Rubenstein Communications
Media Contact: Margot Olcay
(212) 843 8284 (Phone)