(WHITE PLAINS, NEW YORK- October 10, 2002) Reckson Associates has announced that European banking giant Commerzbank Aktiengesellschaft, has leased 31,520 square feet at 6 International Drive, part of the 6-building, 540,000 square foot Reckson Executive Park in the prestigious Village of Rye Brook. This transaction underscores Reckson Associates core priority -to provide the facilities and amenities tenants require to meet business goals- in addition to the ability to attract dynamic and prestigious firms to its properties.

With consolidated total assets of approximately 500 billion Euro dollars, Commerzbank, founded in 1870, is one of Germany and Europe's leading private sector banks. Commerzbank has over 40,000 employees worldwide, 7,700 are outside Germany. The bank has a base of 5.7 million customers. Commerzbank will house its disaster relief unit, affiliated with the bank's capital credit division, in over a third of the 90,000 square foot building on the second floor. Commerzbank was represented by Gerry Lees and John Cefaly of Cushman & Wakefield in this transaction.

We welcome Commerzbank to Reckson Executive Park, says Salvatore Campofranco, Managing Director, Westchester/Connecticut Division. The prestigious location of the park, its amenities and excellent access for employees, combined with the tremendous focus on service for which Reckson is known, were the competitive advantages the park offered.

Reckson Executive Park in the Village of Rye Brook is a Class A corporate complex on 76 acres on the Westchester/Greenwich border. The complex is fully-amenitized and offers a superior location with accessiblity to all major interstates and highways, such as I-287, the Merritt, Hutchinson River Parkway and I-95. The property is adjacent to the Doral Arrowwood Conference Facility and is surrounded by a world-class list of corporate neighbors such as IBM, PepsiCo, Swiss Re, Pfizer, MasterCard, MBIA, and Transamerica.

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 20.4 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; credit of our tenants; 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 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 and insurance 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 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