(SHORT HILLS, NJ, February 6, 2004) Paper Mill Playhouse has recently announced that Todd Rechler, Corporate Senior Vice President and a Managing Director of Reckson Associates Realty Corp. (NYSE: RA), has been appointed to its Board of Trustees.

For over 60 years as one of the country's leading musical regional theatres, Paper Mill Playhouse, a not-for-profit arts organization, is supported in part by grants from the New Jersey State Council on the Arts/Dept. of State, a partner agency of the National Endowment for the Arts, in addition to contributions from many corporations, foundations, businesses and individuals. Paper Mill is a member of the Theatre Communications Group, the National Alliance for Music Theatre, the Council of Stock Theatres, and the New Jersey Theatre Alliance.

Reckson is a leading supporter of the arts in all of its regions, which perfectly complements Todd Rechler's involvement in philanthropic organizations. He has been active in several philanthropic, non-profit and civic organizations and is currently a Board Member of the Westmont Montessori School and chairs its Long-Range Planning Committee, an avid supporter of the New Jersey Make-A-Wish Foundation, as well as of the children's charitable organization, "All-Stars Program".

Todd Rechler heads up the New Jersey division of Reckson Associates Realty Corp., one of the largest publicly traded REITs in the New York Tri-State area. Based in the New Jersey Division's headquarters in Short Hills, Mr. Rechler oversees the Company's 2.3 million square foot New Jersey portfolio. Additionally, Mr. Rechler serves on the Company's Operating Committee, which charts Reckson Associates Realty Corp.'s future direction. Mr. Rechler holds a Bachelor of Science from Roger Williams University as well as both the RPA (Real Property Administrator) degree from BOMI and CPM (Certified Property Manager) degree from New York University. Mr. Rechler is married with two children and resides in Mendham, New Jersey.

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, with 86 properties comprised of approximately 15.5 million square feet either owned or controlled, or under contract. 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 and industrial/R&D 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, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); 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.