MELVILLE, N.Y. - (December 14, 2005) - Reckson Associates Realty Corp (NYSE:RA) has announced that Verizon New York has signed a 175,737-square-foot lease renewal at the prestigious Reckson Summit Office Park in Valhalla, N.Y.

Verizon is one of the original tenants to occupy Reckson Summit's three-building, Class A office complex set on 102 landscaped acres. The office park is recognized as one of Westchester County's premier office properties, featuring extraordinary architectural design and distinctive features such as indoor waterfalls, covered parking and a full range of valued amenities. Tenants enjoy the highest level of tenant services, for which Reckson has become known throughout the Tri-State region.

Salvatore Campofranco, Executive Vice President and Chief Operating Officer, for Reckson, commented, "We are very pleased that Verizon continues to be one of our largest tenants in the portfolio. Our long-term relationship has been built on outstanding service and the quality of the property, and those were the key components in Verizon's decision to stay at Reckson Summit. The fact that they never considered another property speaks to the quality of their experience as a Reckson tenant."

Verizon was represented by C.B. Richard Ellis' Amy Pearlman and William Cuddy.

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 103 properties comprised of approximately 20.1 million square feet. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

Certain matters discussed herein, including guidance concerning the Company's future performance, 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; financial condition of our tenants; changes in the supply of and demand for office properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; 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, real estate taxes, security and insurance costs; repayment of debt owed to the Company by third parties; risks associated with joint ventures; liability for uninsured losses or environmental matters; 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
Salvatore Campofranco, COO
(631) 694-6900

Rubenstein Communications
Media Contact: Rick Matthews
(212) 843-8267