Elm Freight Handlers, Inc. Signs for 104,000 SF at Reckson Property

(MELVILLE, NEW YORKOctober 3, 2002) Reckson Associates has announced 2 new leases totaling 107,000 square feet at two of its industrial properties in Suffolk County recently. These transactions represent a continuing trend, and reflect the economic strength in the commercial business sector in Hauppauge, a long-standing center of industrial activity for Reckson.

At the heart of a dynamic industrial business corridor since the 1980s, Hauppauge Industrial Park continues to attract a wide array of companies. In the larger of these lease agreements, Elm Freight Handlers, Inc., has signed a new lease for 104,000 square feet at 85 Nicon Court, within the Hauppauge Industrial Park. With over 30 years experience serving both national and international businesses, Elm offers a wide range of warehousing and shipping services. These services include cross-docking, repackaging, computerized inventory control and long and short term storage. This transaction brings Elm Freight Handlers, Inc.'s total square footage in the New York area to over one million square feet. Richard Cohen of Ashlind Properties served as broker for the tenant in this transaction.

At another Reckson Hauppauge property, 40 Oser Avenue, Medimax Instruments, Inc. has signed a lease agreement for 3,000 square feet. The company is a manufacturer and supplier of medical instruments.

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