(WHITE PLAINS, NEW YORKJanuary 15, 2002) Reckson Associates has announced that PepsiCo., a world leader in convenience foods and beverages, has leased 75,090 square feet at 100 Summit Lake Drive, at its three building, 699,051 square foot Reckson Summit office complex in Valhalla. PepsiCo. employs over 135,000 worldwide, and last year posted revenues of $26 billion. Reckson Associates core priority- to provide the facilities and amenities tenants require to meet their business goals- attracts dynamic and prestigious firms to its properties. Reckson's Westchester Class A marketshare is the largest in the County, with 25 buildings totaling 3.3 million square feet.

PepsiCo. will lease over a third of the 249,551 square foot property for its Information Technology division. The company consists of the Frito-Lay snack businesses; the beverage businesses of Pepsi-Cola NA, Gatorade/Tropicana NA and PepsiCo Beverages International; and Quaker Foods NA, its cereals and other food products division. PepsiCo brands are available in nearly 200 countries and territories. PepsiCo.'s staff will appreciate the Summit's amenities package, and the complex's accessible location. The Summit offers immediate access to the Saw Mill River, Taconic State, and Bronx River Parkways, and I-684 and I-287 and is 40 miles from Manhattan, 20 minutes from Stamford, and 10 minutes from Greenwich. Located close to the Westchester County Airport, the complex additionally provides a private shuttle service to Metro North serving White Plains commuter rail station. Tenants at Reckson Summit draw from the well-educated employee pool in Manhattan as well as from Westchester, Fairfield, Rockland, Orange and Dutchess Counties and Danbury, Connecticut. PepsiCo's occupancy is slated for February 2002. Robert Bundy of the Staubach Company of New York, LLC, represented the tenant in this transaction.

We welcome PepsiCo. to Reckson Summit, said Salvatore Campofranco, Managing Director of Reckson's Westchester and Connecticut Divisions. The location worked well for their employment base and the outstanding qualities the property offers were attractive to PepsiCo. We are pleased to have PepsiCo. join our family of tenants and begin a great relationship with this outstanding company.

Reckson Summit in Valhalla is fully-amenitized and features fiber optic communications, 24-hour/7-day access, a fitness center and dining facility.

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:

Salvatore Campofranco
Managing Director,
Westchester/Connecticut Division
(914) 750-7200

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