(WHITE PLAINS, NEW YORKAugust 30, 2002) Reckson Associates Realty Corp. and White Plains Mayor Joseph Delfino announced that the prestigious law firm of Skadden, Arps, Slate, Meagher & Flom LLP has signed a long-term lease for 48,842 square feet at the Class A Reckson Metro Center, 360 Hamilton Avenue in White Plains.

A leader among law firms, Skadden, Arps Slate, Meagher & Flom LLP has been named as the nation's top corporate law firm by several trade publications including The National Law Journal, Corporate Board Member, Global Counsel and Chambers Global. Skadden, Arps, ranks first in the dollar value of merger and acquisition agreements in the United States this year as in previous years. The firm represents an extensive international client list of leading corporations in a variety of industries. The firm selected Reckson Metro Center for an alternative data center for their worldwide operations and plans to occupy the space recently vacated by Metromedia Fiber. Reckson Metro Center's exceptional infrastructure, location and amenities was a key factor for Skadden, Arps decision to move to the property. Lisa Kiell, Executive Vice President of Jones Lang LaSalle, represented Skadden, Arps in this transaction.

White Plains Mayor Joseph Delfino said, I want to take this opportunity to welcome Skadden, Arps to the White Plains Central Business District. I also want to commend Reckson Metro Center on its ability to attract firms like Skadden, Arps to White Plains and contributing to a continually flourishing CBD.

We are proud to include Skadden, Arps on our tenant roster at Reckson Metro Center, says Salvatore Campfranco, Managing Director, Westchester and Connecticut Division. We have developed an excellent relationship with the Skadden team throughout the transaction and look forward to providing the firm with the outstanding services for which Reckson is well-known. Campofranco adds, The City of White Plains' proactive approach to providing incentives and a welcoming business environment were also key to attracting this world class law firm.

This transaction demonstrates Reckson's continuing ability to attract and to retain high-caliber companies and firms to the Company's Tri-State portfolio. Since Reckson Metro Center's repositioning in 2000, the property has developed a successful track record by building a roster of quality tenants from Fortune 500 companies including Merrill Lynch, Pierce, Fenner & Smith, Inc., Prudential Insurance, and Heineken USA, Inc. 360 Hamilton Avenue was repositioned into the Reckson Metro Center after a $50 million dollar extensive value creation project. Some of the upgrades to the Class A building's interior include a new lobby, incorporating incredible finishes and sophisticated designs, as well as an interactive multi-media data center for visitors. Reckson Metro Center also offers such amenities as meeting rooms equipped with global video conferencing, high-speed Internet access, a teleconferencing auditorium with seating for 140, plus a private VIP boardroom. The building offers concierge services along with 24-hour access, a state-of-the-art energy management system, full-service health club, café and executive dining.

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT). 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 and industrial properties in the New York Tri-State area, with 178 properties comprised of approximately 20.4 million square feet either owned or controlled. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com

Certain matters discussed herein 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; credit of our tenants; changes in the supply of and demand for office and industrial properties in the New York Tri-State area; changes in interest rate levels; 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 and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; 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.

Contact:
Salvatore Campofranco
Managing Director,
Westchester & Connecticut Division
(914) 750-7200

Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900