SIGNS 20,400 SF LEASE AT 120 WHITE PLAINS ROAD, TARRYTOWN

(WHITE PLAINS, NEW YORKApril 28, 2003) Reckson Associates (NASDQ: RA) announced today that Fujicolor Processing, Inc. will relocate its headquarters from Taxter Road, in Elmsford, to the Class A 197,785 square foot Reckson Corporate Center, located at 120 White Plains Road. The commitment is the second major transaction by the company to a property within the Reckson Westchester portfolio in less than a year. Reckson Corporate Center has a reputation as one of the highest quality buildings in the County. With an incredible marble-clad lobby, landscaping and views of the Tappan Zee Bridge and Hudson River, the building's outstanding qualities initially attracted this high profile company.

Fujicolor had very demanding requirements and showed a keen interest in the level of services and amenities typical to the Reckson portfolio, commented Salvatore Campofranco, Managing Director of Reckson's Westchester region. The success of an earlier leasing transaction with Fujicolor's parent company, Fuji Photo Film (NASDQ: FUJIY), relocated Fujiphoto headquarters to 200 Summit Lake Drive in Valhalla and established a strong relationship. This was the deciding factor for Fujicolor to relocate to another Reckson-owned property, concludes Campofranco. Reckson takes great pride in the company's ability to meet the needs of a tenant like Fuji and the strong relationship Reckson has built with this company.

Fujicolor will occupy 20,400 square feet of the fourth floor at 120 White Plains Road. The building, which has won numerous awards for its design, is located on the landscaped grounds of a former estate. The prime location is immediately accessible to the NYS Thruway and Tappan Zee Bridge. The Reckson Corporate Center, headquarters for many prestigious companies, is serviced by the Bee Line shuttle service, which transports tenants and visitors to the Metro North Commuter Rail.

The CB Richard Ellis team of Paul Myers, Al Gutierrez, Frank Tomasulo and Paul Hoffmann represented Fujifilm in the negotiation.

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 178 properties comprised of approximately 20.3 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 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; 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.

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

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