(WHITE PLAINS, NEW YORKNovember 19, 2001) Reckson Associates Realty Corp. has announced that Quaker Foods & Beverages, a division of PepsiCo., has leased 23,495 square feet, at the Companys 265,000 square foot, 660 White Plains Road in the Tarrytown Corporate Center. This long-term lease again indicates Reckson's focus on providing tenants with the facilities and amenities needed to meet their business goals, thereby attracting dynamic and prestigious firms to its properties. Recksons Westchester Class A marketshare is the largest in the County, with 25 buildings totaling 3.3 million square feet.

About 100 of Quakers sales and regional logistics operations staff will occupy half of the second floor at 660 White Plains Road. Chicago-based, Quaker Foods & Beverages was recently acquired by PepsiCo., the beverage giant, creating the fifth largest food and beverage company worldwide, with sales exceeding $25 billion annually. Quaker produces and distributes brands holding the #1 position in their respective categories, such as Tropicana®, Gatorade®, Quaker® Oats, Quaker® rice cakes, Rice-A-Roni® and Aunt Jemima® syrups and mixes. Quaker is the fourth largest cereal manufacturer, with leading brands such as Capn Crunch® and Life®. The company appreciates the amenities package offered at Tarrytown Corporate Center, as well as the well-educated local employee pool, and the incredible access to major highways the location offers. Occupancy is slated for January, 2002. Carl Austin of Austin Corporate Properties, Inc., represented the tenant in this transaction.

We are pleased to have such a prestigious and well-known company as Quaker Foods & Beverages at 660 White Plains Road, said Salvatore Campofranco, Managing Director of Recksons Westchester division. The building offers Quaker, along with its other tenants, a business environment that complements the prestige of its tenancy and offers the technology and quality services these leading companies require.

Campofranco commented that Reckson continually improves as well as maintains its properties. Recent upgrades at the Tarrytown Corporate Center include a new health facility at 560 White Plains Road featuring Cybex® and Lifestyle® equipment, lockers and showers; a new café with extended hours of operation at 580 White Plains Road. These amenity upgrades and Recksons renowned property management are key reasons the complex continues to attract and to retain quality businesses.

Recksons Tarrytown Corporate Center consists of six buildings totaling 875,000 square feet. The Corporate Center is located on the Route 119 corridor at the New York State Thruway interchange. The property offers tenants the ability to draw employees from New Jersey, Rockland and the Hudson Valley. The Corporate Center offers all the amenities required by todays growing companies. Shuttle service to the Tarrytown and White Plains rail stations is also available; a 444-room Marriot Hotel is adjacent to the property.

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. Recksons 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 182 properties comprised of approximately 20.6 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp. please visit the Companys 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 Recksons 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 Division
(914) 750-7200

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