UNIONDALE, N.Y.--(BUSINESS WIRE)--Sept. 28, 2005--The Lighthouse Development Group and Reckson Associates Realty Corp. (NYSE: RA) today announced a partnership to develop the proposed Lighthouse Project at Long Island. The announcement was made jointly by Lighthouse Development Group founder and New York Islanders owner Charles Wang and Reckson President & CEO Scott Rechler.

The parties have agreed jointly to develop residential, commercial and retail components of the plan that will transform the area surrounding the Nassau Veterans Memorial Coliseum, home to Wang's two major professional sports franchises, the New York Islanders (NHL) and New York Dragons (AFL). The project also will include a planned sports technology center, a state of the art conference facility and the Lighthouse tower. The proposed development will turn the area into a next-generation community where people can live, work and play. In conjunction with this project will be the transformation of the Coliseum and associated state-of-the-art athletic complex and sports training facilities.

In making today's announcement, the partners emphasized the advantages of pulling together the 77-acre Coliseum site with the 14-acre Marriott Hotel site -- which Wang currently is under contract to acquire, located in the immediate vicinity of approximately 2.6 million square feet of Class A office space owned by Reckson including the landmark EAB Plaza which Reckson is currently under contract to acquire.

Scott Rechler, Reckson's President and Chief Executive Officer, stated, "This project is a crucial part of the future of Nassau County and Long Island. By creating a 24/7 core community at this best-possible location, this new partnership will be serving the interests of generations to come. We look forward to working with a man like Charles Wang - a man with a proven track record and who has demonstrated time and again that he cares about Long Island. We are proud to join with him."

"Scott Rechler and Reckson are the best that Long Island has to offer when it comes to development," said Mr. Wang, founder of the Lighthouse Project. "Reckson has over 45 years of successful development experience on Long Island. I was impressed by Scott's recognition of what the Lighthouse Project represents and his sincere desire to help do what is best for Long Island. Islanders and Dragons fans and all Long Islanders will benefit from this partnership."

About The Lighthouse Development Group

The mission of The Lighthouse Development Group is to create next generation communities integrating the principles of mixed-use development, the latest advances in technology, green building and smart growth concepts. For more information about the Lighthouse project, please visit www.lighthouseli.com.

About Reckson

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 Class A office 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 properties in the New York Tri-State area, and wholly-owns, has substantial interests in, or has under contract, a total of 90 properties comprised of approximately 19.0 million square feet. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

CONTACT: The NY Islanders
Chris Botta, 516-501-6735
or
The Lighthouse Group
Laurene Gros-Daillon, 516-501-6870
or
Rubenstein Communications (for Reckson)
Rick Matthews, 212-843-8267

SOURCE: Reckson Associates Realty Corp.