Melville, NY - August 1, 2006 - Reckson Associates Realty Corp. (NYSE: RA) has announced that leasing activity at its Class A midtown office building, 1350 Avenue of the Americas, continues unabated. Strong interest in the building has been continuous from companies within the financial services sector in line with Reckson's repositioning of the property to a primary New York City address for prominent financial services corporations.

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 in its lobby gallery. The company will also be upgrading both the streetscape of the restaurant located at the property along with menu and service to reflect a white-tablecloth stature more in keeping with the building's new presence. Corridors and bathrooms have also been upgraded with high quality finishes. The building's amenities have been so well conceived by Reckson that tenants rarely need to look further afield for banking services, parking, news stand, shoe shine or even conference venue as 1350 Avenue of the Americas contains its very own 80-person capacity Dolby theatre. Further, the first of its kind, state of the art distributed generation system targeted to increase power reliability and to meet tenants' emerging back-up power demands came on line in early summer.

In the two short months since leading funds, Highbridge Capital Management and Peter Schoenfeld Asset Management moved to 1350 Avenue of the Americas, with combined leases in excess of 22,000 square feet, making official the building's transformation to elite location for boutique asset management and financial services firms, Reckson has closed four further lease deals within the building. The company is also close to finalizing agreements regarding some 24,000 square feet with a number of other financial services firms looking to relocate to an address of prominence within midtown Manhattan.

Highlights of the four new leases include:

• Artisan Partners Limited Partnership, a Milwaukee based investment management firm with over $47 billion in assets under management, recently took 4,616 square feet on part of the 30th floor of 1350 Avenue of the Americas. Founded in 1995, Artisan focuses on high-value-added investment strategies. In addition to the New York and Milwaukee offices, Artisan Partners also has offices in San Francisco and Atlanta.
• Concordia Advisors, a London based hedge fund with over $2 billion in assets under management, expanded into 2,258 square feet on part of the 31st floor of 1350 Avenue of the Americas. With its newly expanded office, Concordia now occupies approximately 12,258 square feet in the building. In addition to its London and New York offices, Concordia has offices in Bermuda.
• The Martell Agency, a New York based literary agency, took 1,798 square feet on part of the 12th floor at 1350 Avenue of the Americas. The Martell Agency represents writers of all genres and has been in the business for over 20 years.
• Jackson Hole Management, a New York based foundation that funds, primarily, communities of color, education programs, medical research and social and human services, recently expanded into 3,764 square feet on part of the 12th floor at 1350 Avenue of the Americas. With its office expansion, Jackson Hole Management now occupies 8,264 square feet in the building.

"With the level of leasing activity that we are currently experiencing at 1350 Avenue of the Americas, it is both exciting and gratifying to see our plans to reinvigorate this tremendous, midtown property come to fruition and with such a prestigious tenant roster," commented William Elder, Senior Vice President and Director of New York City Division. "When Reckson drew up plans to reposition 1350 Avenue of the Americas, it was to transform it into one of New York's leading business addresses. Clearly, our capital improvement program for the building, including impressive redecoration and amenities upgrades, has been very well received in the market. While we welcome our newest, valued tenants, Artisan Partners and the Martell Agency, and look forward to sharing with them Reckson's committed approach to the highest standard of tenant service, we are also extremely proud that outstanding tenants, Concordia Capital and Jackson Hole Management have chosen to expand their existing operations within 1350 Avenue of the Americas, and by so doing continue to make Reckson their long-term Landlord of Choice."

Situated in its prime midtown Manhattan location on the Avenue of the Americas between 54th and 55th Streets -- the center of New York's 'Corporate Row' corridor, which also boasts some of New York's leading 'power' dining establishments -- the 35-story, 547,000 square foot, Class A, premier 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.

Reckson 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 101 properties comprised of approximately 20.2 million square feet. For additional information on Reckson, 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.

Reckson Associates Realty Corp.
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: William Elder,
Senior Vice President and Director
New York City Division
Rubenstein Communications
Media Contact: Margot Olcay
(212) 843 8284 (Phone)