(MELVILLE, NEW YORKFebruary 11, 2002) Reckson Associates Realty Corp. has announced two major leasing transactions at the Company's Nassau West Corporate Center office park in Uniondale. Penn Mutual Life Insurance, a leading insurance carrier and Northeast Securities, a securities trading firm, have leased offices at Reckson's 50 Charles Lindbergh Boulevard and at 333 Earle Ovington Boulevard (the Omni), within the Mitchel Field submarket. Both 50 Charles Lindbergh and the Omni are part of Reckson's Class A portfolio within the Mitchel Field sub-market, where Reckson Associates' market share is over 51%. Reckson is the largest owner of office and industrial properties on Long Island, with over 118 properties totaling over 10 million square feet.

In the larger of these transactions, Penn Mutual Life Insurance, has signed for 10,974 square feet in a long-term lease at 50 Charles Lindbergh Boulevard. Penn Mutual is the second oldest mutual life insurer in the nation with more than 500,000 policyholders and more than $36 billion of life insurance in force. Neal Marchesano of Corporate National Realty served as broker for this transaction. Northeast Securities, a securities/trading firm, has joined the tenant roster at 333 Earl Ovington Boulevard, Uniondale, leasing 10,074 square feet. Northeast has provided investment opportunities for almost 15 years. Frank Pagano of Corporate National Realty, Inc., represented the tenant in this agreement.

Also at 50 Charles Lindbergh Boulevard, the financial management firm of Ryan Beck & Company, LLC, has leased 6,984 square feet at the property, establishing its Long Island regional headquarters. Roger Wooster of Cushman & Wakefield represented the tenant in this transaction. At 60 Charles Lindbergh Boulevard, Healthplex Inc. has expanded its offices an additional 7,848 square feet for a total of 33,426 square feet at the property. With over 1.2 million subscribers, Healthplex provides dental plans and administrative services for insurance companies, HMOs, schools and municipalities in New York and New Jersey. Eric Launer of Sutton & Edwards, Inc. represented the tenant in this lease agreement. And, Millenium Communications, Inc. has joined the tenant roster at 6800 Jericho Turnpike, within the North Shore Atrium Corporate Center, leasing 5,383 square feet. Rob Guido of Real Estate Strategies represented the tenant in this transaction.

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