Arrow
Electronics Leases Entire 169,450-Square-Foot Facility at 50 Marcus
Drive

(WHITE PLAINS, NEW YORK - February 6, 2001) Reckson Associates has announced that its newly-repositioned, 169,450-square-foot Melville Technology Center at 50 Marcus Drive, Farmingdale, is a fully-leased property. Arrow Electronics, Inc. (NYSE: ARW), the world's largest distributor of electronic components and computer products, has signed a long-term lease for the entire premises, which it will occupy as an addition to its nearby corporate headquarters on Hub Drive in Melville. For Reckson, Melville represents a cornerstone of the company's portfolio, where Reckson owns a 55% share of the Melville-Route 110 corridor Class A sub-market.

With 1999 sales topping $9.3 billion, Arrow Electronics remains firmly in its position as the largest public corporation on Long Island and continues to record rapid growth. The company's success has brought with it a need for more operational space and room to accommodate personnel. As a result, Arrow began searching for suitable expansion room.

"The growth of our business has resulted in larger space requirements. The Melville Technology Center, which is located just minutes away from our headquarters, will allow us to meet our current and future expansion needs," said Edward LaGrassa, Arrow Electronics' Vice President of Real Estate and Facilities.

"We welcome Arrow Electronics, the world's largest distributor of electronic components and computer products, to one of our newest properties, the Melville Technology Center," noted Mitchell Rechler, Co-Chief Operating Officer, Reckson Associates. "Everybody benefits. Arrow Electronics gains a new state-of-the-art building; 50 Marcus Drive acquires a world-class tenant; Melville and Long Island can boast that they are the home of a global industry leader."

The two-story, 169,450-square-foot Melville Technology Center has undergone a multi-million dollar repositioning, transforming an outmoded property into a technologically advanced Class A office building. This value-creation project represents a key Reckson strategy of uncovering under-valued, under-performing properties and repositioning them to meet the needs of the new commercial consumer. Completely renovated within a short one-year time frame, Melville Technology Center offers Arrow Electronics the design elements and amenities that are the Reckson signature, plus technologically advanced systems for high-speed Internet connectivity and fiber optics, plus a computerized building management system. It offers a prime location in one of Long Island's premier office sub-markets, parallel to Route 110 and convenient to the Long Island Expressway and Northern State Parkway.

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 office and industrial properties. Reckson's core strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners and managers of Class A office and industrial properties in the New York Tri-State area, with 186 properties comprised of approximately 20.8 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.

About Arrow Electronics Arrow Electronics is the world's largest distributor of electronic components and computer products, with 1999 sales of $9.3 billion. Headquartered in Melville, New York, Arrow serves as a supply channel partner for more than 600 suppliers and 175,000 original equipment manufacturers, contract manufacturers and commercial customers through more than 225 sales facilities and 19 distribution centers in 38 countries. Detailed information on Arrow's operations can be found at www.arrow.com.

This information contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties in the New York Tri-State area; interest rate levels; continued strength of rental rate levels in the company's markets; the availability of financing; 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 is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update information contained in this press release.

Contact:

Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900

Tom Thorson
Vice President, Marketing Communications Arrow Electronics
(516) 391-1608