WEST ORANGE, NJ, OCTOBER 25, 2002 Reckson Associates has announced that Verizon Directory Services, a division of Verizon Communications, has leased 35,855 square feet at the prestigious four-building, 391,382 square foot Reckson Executive Hill Office Park in West Orange, New Jersey. Reckson Associates currently maintains above industry occupancy levels throughout its entire two million square foot, Class A office portfolio in New Jersey.

Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 135.1 million access line equivalents and 30.3 million Verizon Wireless customers. Verizon is also the largest directory publisher in the world. With more than $67 billion in annual revenues and approximately 241,000 employees, Verizon's global presence extends to more than 40 countries in the Americas, Europe, Asia and the Pacific.

"We are pleased to welcome Verizon Directory Services to our New Jersey portfolio," stated Todd Rechler, Managing Director and Senior Vice President of Reckson's New Jersey Division. "Verizon is a tenant in multiple properties across our Tri-State portfolio and we have been able to forge a strong business relationship with their team. We look forward to providing the same excellent service and property management that they have received as a Reckson tenant in our other markets. To us, this new lease at 200 Executive Drive demonstrates both a high degree of tenant loyalty and landlord responsiveness that validates our philosophy that tenant satisfaction is our first priority."

Verizon Directory Services will be located on the second floor at 200 Executive Drive within Reckson Executive Hill Office Park. Verizon Directory Services was represented by Edward DaCosta, Senior Vice President of CB Richard Ellis in this transaction.

Joseph Caridi, Reckson's Senior Vice President of Leasing for New Jersey, commented, "Reckson Executive Hill Office Park presented the ideal fit for Verizon. We were able to develop an exciting workspace solution to meet Verizon's current needs and growth strategies. The high quality of the park, its amenities and excellent location combined to yield a win-win situation for Verizon and for us as well."

Situated within the Class A Reckson Executive Hill Office Park, 200 Executive Drive is a four-story, 102,630 square foot office facility. Conveniently located with direct access to Route 280, New Jersey Turnpike and Garden State Parkway, 200 Executive Drive features a newly renovated lobby and offers tenants individually-controlled HVAC, high-speed broadband Internet connectivity, after-hours access system, conference facilities and food service. In addition, numerous restaurants and retail stores are nearby at the Essex Green Shopping Center.

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 178 properties comprised of approximately 20.4 million square feet either owned or controlled.

For additional information on Reckson Associates Realty Corporation, please contact Todd Rechler, Senior Vice President and Managing Director of Reckson Associates' New Jersey division, at its Short Hills, New Jersey headquarters at 973-313-3300, or visit the company's website 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.