(MELVILLE, NEW YORKMarch 7, 2002) Reckson Associates has announced a major lease transaction, totaling 70,000 square feet, in its newest Long Island property, Reckson Executive Park in Melville. This transaction is indicative of both Reckson's ingenuity to structure effective leasing solutions that meet any tenants' individual and unique re-quirements, in concert with the Company's innovative thinking in property development. Zurich American Insurance Company, an international insurance firm, has signed a long-term lease at 58 South Service Road for two of its divisions. This transaction also underscores Reckson's ability to attract businesses to its properties by providing the services and amenities leading companies require.

After an extensive search that included Long Island's leading and most select commercial developments, Zurich American Insurance has leased the entire third floor at Reckson Executive Park. Through a co-operative effort involving Zurich, its representative, and Reckson's full-service, in-house design and architecture, construction, property management and leasing team, a transaction was drafted to meet Zurich's specialized needs. Reckson's reputation for putting its tenants first as well as creating value for them, influenced Zurich to choose Reckson as its landlord.

The new workplace will accommodate over 300 Zurich associates in its legal and claims divisions. Zurich is relocating these divisions from two separate Long Island locations, one in Westbury and the other in Hauppauge, to the complex. National Realty Advisors of Chicago conducted the search and represented Zurich in this transaction.

We are pleased to provide the creative thinking and the trophy property leading companies such as Zurich Insurance require, said Mitchell Rechler, Co-President, Reckson Associates. Lending our core competencies' expertise to a team effort, we were able to structure a transaction that yielded a win-win situation for all parties.

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: smart-built-technology, an auditorium and high-tech conference/training facility, restaurant/café, and a state-of-the-art fitness center. In addition, the property will have over 2,100 parking spaces with additional underground parking.

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 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 181 properties comprised of approximately 20.6 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 we believe 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; 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 release 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 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 is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update or supplement information contained in this press release that subsequently becomes untrue.

Contact:

Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900