(MELVILLE, NEW YORKAugust 8, 2002) Reckson Associates Realty Corp. has announced that Salomon Smith Barney has leased 38,191 square feet at the recently completed 277,081 square foot Reckson Executive Park (REP), Melville. The transaction demonstrates Reckson's core strength in attracting quality companies by making tenant satisfaction its first priority and by providing the workplaces that accommodate the present and future needs of industry leaders. Salomon Smith Barney is the 6th firm to join the tenant roster at REP since the building opened in the first quarter of 2001.

Reckson has had a long-standing relationship with Salomon Smith Barney, a subsidiary of Citigroup the premier global financial services organization. This leading investment firm has over 35,000 employees worldwide providing global investment research, securities trading, investment banking and financial management and brokerage services. Salomon Smith Barney has joined other Reckson tenants such as Drake Beam Morin, OSI Pharmaceutical, and Hain Celestial Group whose growth needs and strong landlord/tenant relationships have also prompted relocation to Reckson Executive Park. At REP, Salomon Smith Barney will maintain both its workforce and continue to service its client base at a new, fully-amenitized facility that anticipates the company's business growth needs. Robert Rosenbluth of Real Estate Strategies, Jericho, New York, represented Salomon Smith Barney in this transaction.

We are proud to welcome Salomon Smith Barney to Reckson Executive Park, says Mitchell Rechler, Co-President, Reckson Associates. We value our long-established business relationship with this outstanding organization and are glad to provide the high-caliber workplace the company requires for continued success. I also acknowledge the supportive group effort from both Salomon Smith Barney and Reckson's in-house teams that brought about this long-term commitment in a still-cautious commercial market. Rechler continues: Our development plans for Reckson Executive Park continue to be validated by these successive leases with Fortune 500 companies. We have achieved 75% occupancy on a speculative property. Despite a softening market, we have continued to meet our lease-up projections for REP.

Reckson Executive Park offers a first-class office environment in a 33.5 acre campus-style office park, surrounded by 100 acres of passive parkland. Amenities include: smart-built-technology, an auditorium and high-tech conference/training facility, restaurant/café, and a state-of-the-art fitness center. In addition, the property will have over 2,100 parking spaces with additional underground parking.

Reckson Executive Park's prime location sits on the border of Nassau and Suffolk County and is located within the premier Melville business corridor. The new park's location provides immediate east and westbound access to the Expressway at Exit 48, and is convenient to hotels, restaurants and retail.

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 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 181 properties comprised of approximately 20.5 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 presentation that subsequently becomes untrue.

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