(WHITE PLAINS,
NEW YORK, March 8, 2001) - Reckson Associates
Realty Corp. has announced thirteen recent lease and renewal transactions
totaling 129,142 square feet at their properties in Westchester
County where Reckson has a marketshare of over 30%. Reckson has
29 Class A properties in Westchester totaling 3.6 million square
feet. The Company's Westchester portfolio is over 95% occupied.

In Rye Brook, at Reckson Executive Park, two lease agreements total 33,808 square feet. At 3 International Drive, MCI WorldCom, Inc. has expanded their renewed space by 30,000 square feet. And, at 6 International Drive, Marine Transport Corporation has joined the tenant roster leasing 3,808 square feet. Tom Weinstock and Robert Gold of Grub and Ellis represented the tenant in this transaction.

The 6-building 540,000 square foot Reckson Executive Park located in the prestigious Village of Rye Brook on the border of Greenwich offers amenities that address the needs of today's fastest-growing corporate sectors. Adjacent to the Doral Arrowwood Conference facility and providing easy access to I-287, the Merritt, Hutchinson River parkway and I-95, Reckson Executive Park attracts and retains both high-tech and high-profile companies.

Recent lease activity at Tarrytown Corporate Center has produced five transactions totaling 26,237 square feet. In the largest of these, at 560 White Plains Road, Ikon Office Solutions has leased 9,432 square feet. At the same property, the popular electronics stores, Best Buys, has leased 4,976 square feet. At 660 White Plains Road, Americans for Financial Independence Corp. has relocated its premises, leasing a total of 6,083 square feet. Jeff Howard of Ripco Real Estate Corp. represented the tenant in this transaction. And, J. Pandis, Inc. has expanded its premises for 4,034 square feet of space at 580 White Plains Road. E-Lectrade.com, Inc., a software design company, has leased 1,712 square feet of office space at 120 White Plains Road.

Reckson's Tarrytown Corporate Center consists of seven buildings totaling 708,000 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 demanded by today's growing companies. Shuttle service is also available; with a 450-room Marriot Hotel adjacent to the property.

Recent leasing activity at the 699,045 square foot Reckson Summit office park totals 11,092 square feet in renewals and new lease agreements. With a focus on providing tenants with the facilities and amenities needed to meet their business goals, Reckson has forged long-term tenant/landlord partnerships, evidenced both by tenant renewals and Reckson's 70% market share in the Valhalla market. At 100 Summit Lake Drive, WC Capital Management has renewed its lease for 3,015 square feet, and at 200 Summit Lake Drive, Lothrop Associates has renewed its lease for 6,565 square feet for their design headquarters. Harold Wagner of Wagner Group Associates represented the tenant in the transaction. And, at the same property, Louis J Galgano, III, an attorney, has leased 1,512 square feet for his law practice.

The Reckson Summit office park, located on 102 wooded acres, features 3 architecturally distinct buildings with spectacular views, extensive landscaping and structured parking. The buildings offers such amenities as four-story atrium lobbies, dramatic waterfalls, 24-hour/7-day access, computerized HVAC systems, high-speed internet access, dining and catering facilities, fitness centers, shuttles to local train stations as well as quick access to 684 and the Sawmill River Parkway.

At the newly repositioned 49,000 square foot 100 Grasslands Road in Elmsford, three transactions have brought the property close to 100% occupancy. In the largest of these, Amscan, Inc., which manufactures and distributes party goods, has leased 16,980 square feet at the property. Swissray America, Inc., a manufacturer and distributor of X-ray equipment, has leased 11,981 square feet for a sales and training facility. Barry Synnot and Angela Mortensen of Coldwell Banker Commercial, NRT, Inc. brokered the transaction. And Schmersal, Inc. has leased 10,570 square feet for its premises. Richard Novak of McCarthy O'Callaghan represented the tenant in this lease agreement. Also, Liberty Mutual Insurance Company renewed a long-term lease for 18,474 square feet at 80 Grasslands Road, Elmsford.

"Our recent leasing activity exemplifies our commitment to "tenant satisfaction" both on a new and continuing basis," comments Salvatore Campofranco, Managing Director of Reckson's Westchester Division. "Our portfolio of top-of-the-market Class A buildings offer today's leading companies exciting and dynamic work communities for their most important asset, their employees. Our buildings include technologically advanced infrastructure, excellent locations and incredible amenities that allow employers to retain and attract the best talent to grow their business."

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
Mitchell Rechler
Co-Chief Operating Officer