REPOSITIONING OF MEN'S APPAREL BUILDING' UNDERWAY

Melville, NY May 1, 2006 Reckson Associates Realty Corp. (NYSE: RA) has announced that the repositioning of its property, 1350 Avenue of the Americas, known over the last decade as the Men's Apparel Building', is well underway with the signing of two new high profile leases. The new tenants, Highbridge Capital Management, LLC and Peter Schoenfeld Asset Management, LLC have each signed ten year leases at the office tower, making official the building's transformation to an elite location for boutique asset management and financial services firms.

The new lease agreements with Highbridge Capital and Peter Schoenfeld are the first of several from among the financial services sector anticipated at the property as Reckson pursues its strategy of repositioning 1350 Avenue of the Americas to appeal to prestigious corporations from within that sector. Reckson expects approximately 126,000 more square feet of office space will become available in November.

Highlights of the two new leases include:

• Highbridge Capital Management, LLC, a multi-strategy global hedge fund with over $6 billion in current assets under management leased 12,583 sq feet encompassing the entire 21st floor. The firm is expanding from its former location at 9 West 57th Street. Alex Chudnoff of Cushman & Wakefield, Inc represented Highbridge Capital Management, Inc.
  
  
• Peter Schoenfeld Asset Management, LLC, a London and New York-registered investment advisor with $925 million in assets management in a multi-strategy event portfolio and a credit opportunities portfolio leased 12, 583 sq feet encompassing the entire 22nd floor. The firm is relocating from 1330 Avenue of the Americas. Alex Chudnoff and Steven Bauer of Cushman & Wakefield, Inc represented Peter Schoenfeld Asset Management, LLC.

Right according to the schedule and strategy we drew up when we acquired the property, 1350 Avenue of the Americas is now undergoing an historic transformation in tenant base built on Reckson's continuous commitment to re-invest in our properties to ensure they appeal to an outstanding quality of tenant and meet those tenants' operational, aesthetic and business objectives, commented William Elder, Senior Vice President and Co-Director of New York City Division. We are very pleased that both Highbridge Capital Management and Peter Schoenfeld Asset Management have made Reckson their long-term Landlord of Choice. Their moves to 1350 Avenue of the Americas reflect the attractiveness and strength of this prestigious property's location and high-tech infrastructure and underline the success of Reckson's value-added approach in transforming the property to a primary New York City address for prominent financial services corporations.

Located in prime mid-town Manhattan on the Avenue of the Americas between 54th and 55th Streets, the 35-story, 547,000 square foot, Class A office tower features panoramic views over Manhattan including Central Park, the Hudson and East Rivers and offers superior services and amenities and a wide range of floor plates. The property, which was acquired by Reckson effective January 2000, has since undergone an impressive capital improvement program. In addition to the redesign of the lobby by noted architectural design firm, Moed de Armas & Shannon, Reckson recently installed an important new art collection, and will be adding a new restaurant to the premises. Corridors and bathrooms have also been upgraded. Further, a state of the art generation plant targeted to increase power reliability to meet tenants' growing demands was commissioned earlier in the year.

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, 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, NY 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: William Elder,
Managing Director, New York Region

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