2,000 Tenants to be Greeted with Piano Recital and Full Continental Breakfast

(MELVILLE, NEW YORK, July 17, 2006) Reckson Associates Realty Corp. (NYSE: RA) As part of the Company's multi-million dollar capital improvement plan to revitalize its trophy Uniondale property, Reckson Plaza, to its preeminent status as Long Island's finest office property, Reckson will unveil its dramatically repositioned Winter Garden on July 20. The magnificent, new sprawling glass space, encompassing over 7,000 square feet, features a soaring 50' tall atrium and unique water feature, surrounded by graceful trees, a setting destined to be enjoyed by the property's tenants as well as the general public. Carefully conceived to maximize the light, air and sheer expanse of space, the Winter Garden, is a key component in the grand revitalization of the 1.1 million square foot Class A office complex. The Winter Garden is the one of the exciting centerpieces of this exquisite corporate environment, with many more new amenities planned, for blue-chip tenants where many of the region's leading firms are headquartered.

In celebration of the grand reopening of Long Island's landmark Winter Garden, Reckson is sparing no detail to ensure tenants experience the freshly invigorated public space in all its refinement and grandeur. As they enter the elegantly appointed, stylized lobby and adjacent Winter Garden on July 20, tenants will be invited to enjoy a fully catered Continental Breakfast served to the accompaniment of a live grand piano performance. Such is the private club ambiance of Reckson Plaza, where every possible amenity has been woven into corporate life, from gourmet food service to serving the full business needs of its tenants.

Kenneth Bauer, Senior Vice President and Co-Director of the Long Island division, commented, We are delighted to present this important amenity to our valued tenants. This space, so peaceful and light, stylish yet comfortable, is genuinely one of the key attractions of Reckson Plaza and one that we expect our distinctive community of tenants will thoroughly enjoy whether working in the new Wi-Fi environment, dining, or just relaxing. Our redesign of this center of calm and contemplation set against the activity of our day to day business lives, is a key example of our commitment to elevating the quality of life in the workplace through innovation, design excellence and premier service.

Consisting of two landmark 15-story office towers connected by a three-story mezzanine, lobby and retail concourse, Reckson Plaza is situated on 28 acres and has superior building finishes including an exterior façade of distinctive blue-green reflective glass. In addition to its dramatic Winter Garden, the complex is notable for its impressive lobby, consisting of granite floors and walls, with its atrium roof that reaches 75 feet at its highest point. Rounding out the sleek design of the complex, Reckson recently began installation of new elevator cabs designed in rich wood and stainless steel finishes, and has debuted a wall of flat screen television monitors to ensure tenants and visitors can keep abreast of the day's news even as they enjoy the peace and calm of Reckson Plaza's elegant lobby and Winter Garden.

Surpassing all expectations and raising the bar to set a new benchmark for corporate luxury, Reckson Plaza offers outstanding amenities more often associated with the world's great hotels. In keeping with the upscale workday environment for which Reckson is renowned, luxury amenities include the personalized attention of a full service concierge, four-story, covered parking structure and access and security on a 24/7 basis, as well as some of the every day necessities more commonly found closer to home, such as dry cleaner, cyber café, coffee bar, sundries shop, daycare center, florist, Citibank branch, U.S. Post Office, and Federal Express/Kinkos. A state of the art health and fitness center is also planned. Heightening the uniqueness of Reckson Plaza and its strength of identity with the community is its outdoor skating rink, which Reckson maintains as the heart of the local holiday culture by hosting Long Island's best-known annual Holiday Tree Lighting, a tradition Reckson is proud to maintain.

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.
225 Broadhollow Road
Melville, NY 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact:
Kenneth Bauer, Senior Vice President and Director, Long Island
Walter Smith, Senior Vice President and Director, Long Island

Rubenstein Communications
Media Contact: Margot Olcay
(212) 843-8284 (Phone)