(MELVILLE, NEW YORKOctober 25, 2001) Reckson Associates Realty Corp. has announced three tenant expansions at its Melville properties over the last 25 days. These transactions underscore both tenant loyalty and Recksons ability to both attract and to retain long-time tenants. The lease agreements are for prime office space in Recksons Class A properties within the Melville-Route 110 submarket- where Reckson has a 55% marketshare. Reckson is the largest owner of office and industrial properties on Long Island, with over 115 properties totaling over 10 million square feet.

In the largest of these lease transactions, American Home Mortgage Corp. -a subsidiary of American Home Mortgage Holdings (NASDAQ: AHMH), one of the nations largest mortgage banking firms- has expanded its premises by 13,863 square feet and renewed its existing premises in a long-term lease for a total of 57,063 square feet at 520 Broadhollow Road, Melville. 520 Broadhollow Road is the headquarters for this mortgage lender, which has experienced record growth since 1999 increasing its loan originations for homebuyers by 245%. Brian Lee of B.D.L. Affiliates, Inc. represented the tenant in their expansion and extension.

Ameriquest Mortgage Company has also expanded within the Reckson portfolio, leasing 3,028 square feet on the second floor at 35 Pinelawn Road, Melville. A mortgage lender for over 20 years, and with 185 offices nationwide, Ameriquest also maintains local offices at Recksons 6800 Jericho Turnpike, Syosset, and 50 Charles Lindbergh Boulevard, Uniondale, leasing a total of 11,137 square feet of office space. Steve Cooperman of Steve Cooperman Associates served as broker for the tenant.

At 275 Broadhollow Road, Melville, North Fork Bank, another long-term tenant, has expanded its headquarter operation by an additional 1,337 square feet on the fourth floor. North Fork Bank has received the number one ranking among the nations top bank and thrift companies by U.S. Banker, a leading industry publication, in their annual survey. North Fork was also ranked fourth among the top 100 banking companies that include all types of financial services companies.

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 184 properties comprised of approximately 20.7 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:

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