(WHITE PLAINS, NEW YORK - January 10, 2001) Reckson Associates Realty Corp. has announced that PerkinElmer Instruments, LLC., the analytic instruments company, has signed a long-term lease and will relocate to Reckson's 452,414 square foot office and industrial building at 710 Bridgeport Avenue, in Shelton, Connecticut. The move to Shelton ends PerkinElmer's nearly 50-year tenure in the greater Norwalk area.

PerkinElmer, Inc., a $1.7 billion high technology company based in Boston, will relocate nearly 600 employees from Norwalk and Wilton to Shelton by mid-year. Recent corporate acquisitions left the company at two locations. The move to 710 Bridgeport Avenue accommodates both consolidation and future growth. The company has leased over 130,000 square feet allocated for office space and 115,000 square feet allocated for warehouse space for a total of 245,704 square feet. The space will be customized to support instrument operations, the core of PerkinElmer's business strategy. PerkinElmer Instruments manufactures systems that identify and quantify chemicals, materials and biochemicals.

"We welcome PerkinElmer Instruments, LLC. to our Shelton facility and look forward to a long-term relationship with this technology company," notes Salvatore Campofranco, Managing Director, Reckson's Westchester Division. "This transaction is a great example of how Reckson works creatively with tenants in meeting their long-term goals."

710 Bridgeport Avenue is a 452,4124 square foot, multi-use facility in Shelton. It is located within minutes of Merritt Parkway, I-95 and Route 8, public transportation, shopping, restaurants and entertainment.

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 strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners and managers of Class A office and industrial properties in the New York Tri-State area, with 186 properties comprised of approximately 20.8 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp. please visit the Company's web site at www.reckson.com.

This information contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties in the New York Tri-State area; interest rate levels; continued strength of rental rate levels in the company's markets; the availability of financing; 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 information contained in this press release.

Contact:

Salvatore Campofranco
Managing Director, Westchester Division
(914) 332-0600

Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900