Genco Auto Electric Inc. Signs for 65,000 SF at Reckson Property

(MELVILLE, NEW YORKJanuary 22, 2002) Reckson Associates has announced 134,980 square feet in signed or completed leases at several of its industrial properties in Suffolk County within the last 30 days. These 9 transactions represent a continuing trend, and are indicative of economic strength in both the manufacturing and start-up business sectors in Islandia and Hauppauge, two locations that are long-standing centers of industrial activity for Reckson.

In the largest of these long-term lease agreements, Genco Auto Electric, which manufactures, warehouses and distributes automobile electrical components, will move to 42 Windsor Place in Islandia. The company plans to consolidate its operations, eliminating multiple locations and expanding its premises more than 20%. Richard Cohen of Ashlind Properties, Inc., represented the tenant in this transaction.

Eight companies have joined the tenant rosters at five Oser Avenue properties at Reckson's Hauppauge Industrial Park, leasing a total of 64,000 square feet. At the heart of a dynamic industrial business corridor since the 1980s, Hauppauge Industrial Park continues to attract a wide array of companies as indicated by these latest transactions. Players Computer Inc., which offers computer-related services, will occupy Reckson's 185 Oser Avenue. As with Genco, this move is expansion-driven, and the tenant will relocate its entire operations to the building as well. Jeff Nemshin of Alliance Partners, LLC, represented the tenant in this transaction. Nearby, at 180 Oser Avenue, Gisco Equipment, Inc., a metal fabrications company, will lease 8,280 square feet for its premises. At the same address, G & L Precision products, a machine shop, has leased 4,000 square feet. Leonard Gold of Finch Realty served as broker for this lease agreement. Austin & Williams, a full-service advertising agency, has moved its office to 59,800 square foot 40 Oser Avenue, signing for 6,200 square feet.

Also at Reckson's Hauppauge Industrial Park, at 400 Oser Avenue, Tri-Focus Printing has signed for 4,000 square feet for its operations. United Panel Technologies, Corp. which manufactures paneling for numerous applications, has signed for half of the building at 611 Old Willets Path, leasing 10,000 square feet for its operations. NBF Enterprises, Inc. will open a 5,000 square foot restaurant facility at 631/641 Old Willets Path. And, Sensory Lighting and Sound, Inc., which leases production lighting and sound equipment, will expand its premises an additional 2,500 square feet for a total of 7,500 square feet at Reckson's 651/661 Old Willets Path.

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 181 properties comprised of approximately 20.6 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 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 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 or supplement information contained in this press release that subsequently becomes untrue.

Contact:

Mitchell Rechler

Co-President, Reckson Associates

(631) 694-6900