(Melville, New York March 4, 2003) Reckson Associates Realty Corp. (NYSE: RA) has announced that First Data (NYSE: FDC), a leader in electronic commerce and payment services, has signed agreements with Reckson for the acquisition of 19.3 acres and the construction of a 195,000 square foot companion building to 1305 Walt Whitman Road within the Company's Melville Square Corporate Center Park for an aggregate consideration of approximately $47 million. First Data is currently a tenant at four properties within the Reckson Tri-State portfolio. The transaction represents a net expansion for First Data Corporation of its Long Island operation.

This transaction underscores a very important message for our business and our community, stated Gregg Rechler, Co-President of Reckson Associates. The fact that First Data, a Denver-based world-wide operation, is committed to owning and maintaining a major presence on Long Island is a validation of the strength and quality of the Long Island workforce. Additionally, we, as a Company, are proud that we were able to bring a transaction of this magnitude to a successful closure, particularly within the current challenging market conditions.

The ground breaking is scheduled for spring of 2003. The three-story building will be constructed on a 19.3 acre site within the Melville business corridor. Gregg Rechler concludes, This Melville Square Corporate Center site represents 19 of our 338 acres of land available for development within our New York Tri-State area portfolio. This transaction represents an excellent opportunity to utilize our land while generating a favorable return to the Company.

The Melville Square I building, a 165,000 square foot, Class A property located at 1305 Walt Whitman Road is currently 100% occupied with a blue chip tenant roster that includes Merrill Lynch Pierce Fenner, Equitable Life Assurance, State Farm Insurance, and KPMG.

The Long Island office of Cushman & Wakefield advised and represented First Data Corporation in the transaction. Occupancy of the building is planned for the spring of 2004.

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 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 press release.

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