(MELVILLE, NEW YORK-June 13, 2001) Reckson Associates has announced that Transamerica, the global financial services company, has continued the leasing momentum at the Company's new 277,000 square foot development, Reckson Executive Park, Melville, signing a long-term lease for 24,099 square feet. Transamerica joins Drake Beam Morin, a career transition services firm, and OSI Pharmaceutical, Inc., as the first tenants at the firm's new world-class corporate park in Melville. For Reckson, Melville represents a cornerstone of the Company's portfolio where the Company owns a 55% share of the Melville-Route 110 corridor Class A sub-market.

Transamerica's Real Estate Tax Services, Inc. will occupy part of the second floor at the property. Transamerica is the nation's market leader in providing property tax services to the mortgage lending industry. Transamerica Real Estate Tax Services, Inc., is a division of Transamerica Finance Corporation, a branch of AEGON USA, the 4th largest U.S. insurance group with over $123 billion in admitted assets, and a leading provider of life and health insurance, savings and retirement, reinsurance, and other financial products. Real Estate Tax Services primarily helps lenders ensure timely property tax payments on escrow loans.

Transamerica will relocate its executive and administrative staff from EAB Plaza in Uniondale to 24,099 square feet on the second floor at the park. In Reckson Executive Park, Transamerica Real Estate Tax Services has found the business environment that best projects its corporate image. A premier location, upscale finishes and a superior amenities package including a fitness center and café are a few reasons that attracted Transamerica to the complex. Bob Bundy of The Staubach Company represented the tenant in this transaction.

Drake Beam Morin (DBM), the leading provider of strategic human resource solutions, has moved to REP from a nearby Reckson property. A Reckson tenant at 275 Broadhollow Road, Melville, the company quickly realized the business potential of REP's high-profile address on the Long Island Expressway Service Road. "DBM is continually streamlining and innovating to maintain its position of industry leadership," comments Shari Fryer, Worldwide PR & Research Director at DBM. "It is important that our employees and career transition clients have a professional and productive environment to facilitate their best performance. The move to Reckson Executive Park gives DBM the opportunity to achieve that goal, creating a productive environment that is bright, light, colorful and functional."

Discussing the building's key attraction for DBM, Fryer added: "It is a new building that allows DBM to have a 'clean slate' to create a functional space plan that fully meets its needs. The location and accessibility is a key element in our searches, and REP meets all of these requirements." Drake Beam Morin has leased 4,870 square feet for its Executive office on the first floor at Reckson Executive Park. The lease agreement was completed by the brokerage firm Insignia/ESG and Joe Cabrera served as the broker.

"We are proud to welcome Transamerica and Drake Beam Morin to Reckson Executive Park," comments Mitchell Rechler, Co-Chief Operating Officer. "Melville remains a strong link within our chain of Long Island properties and these recent transactions indicate our ability to attract new tenants as well as maintain the relationships we enjoy within our existing tenant base."

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: an on-site Internet server connection, technologically advanced fiber optics, hi-tech conference/training facility, restaurant/café, and a state of the art fitness center. In addition, the property will have 2,172 parking spaces with 102 underground spaces.

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 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 188 properties comprised of approximately 21.3 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.

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; downturns in 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