(STAMFORD, CONNECTICUTMay 10, 2002) Reckson Associates Realty Corp. has announced 11 new leases and renewals totaling 33,124 square feet at the Company's
6-building Landmark Square in Stamford, its flagship Southern Connecticut property. These recent transactions reflect the Company's strength in building solid tenant relationships and underscore the impact of Reckson's multi-million dollar major repositioning of the Landmark Square complex.

At One Landmark Square, 5 transactions total 15,656 square feet. In the largest of these, the Southwestern Area Commerce & Industry Association, Inc., a non-profit organization, has renewed its lease for 6,956 square feet. The Association benefits from a central location in the heart of the Stamford business district and its close proximity to all major transit and commutation options. Also renewing for 3,069 square feet at the building, is Novogen, Inc. The pharmaceutical firm is the world leader in isoflavonoid drug technology, developing drugs to combat degenerative diseases. Terry Brown of Cushman & Wakefield represented the tenant in this transaction.

Also at One Landmark, Burgo North America, Inc., a paper manufacturer, has joined the tenant roster, leasing 3,037 square foot premises for its regional office. David H. White at D. H. White Commercial Real Estate served as broker for this lease agreement. David White again represented the tenant in another new lease at the property. He served as broker for the investment firm of 1 to 1 Venture Partners, which has leased 1,520 square feet. And, on the ground floor, Ritz Camera, the well-known camera and electronics retail chain, has renewed its lease for 1,074 square feet.

At Two Landmark Square, the Regional Plan Association, a non-profit organization has renewed its lease for 1,860 square feet. The research and development firm, Research International, USA, Inc. has joined the tenant roster at Three Landmark Square, leasing 6,500 square feet. Also at Three Landmark, the commercial real estate brokers, D.H. White Commercial Real Estate Service & The Mattimore Group, have renewed for 1,349 square foot offices. An employment firm, RJS Associates of Stamford, LLC, has moved to Four Landmark Square, leasing 3,139 square feet. John Stoddard of Albert B. Ashforth, Inc. represented the tenant in this transaction. The business recruitment firm of Locate In Scotland- A Division of Scottish Enterprise, has renewed 2,900 square feet for its offices at the property as well. Jody Dostal of Cushman & Wakefield represented the tenant in this transaction. J. H. McCann & Company, LLC, an executive search company, has joined the tenant roster at the building, signing for 1,720 square foot offices. Alan Murphy of New England Land Company, Ltd., served as the broker for the tenant.

In 2000, the six-building Landmark Square underwent a $15 million repositioning project. Upgrades to the complex included a new façade at One Landmark and a landscaped exterior plaza and public spaces. A new vehicular entry, allows tenants and visitors to drive directly into the complex and utilize its valet parking service. Other amenities include a computerized Building Energy Management System; high-speed Internet connectivity; 24-hour, seven day a week access; a full-service health club complete with squash courts, pool and aerobic room; full-service restaurants; and on-site retail, including a printing shop, one-hour photo shop, barber shop, tailor/dry cleaner, and money exchange. Additionally, Reckson provides a proprietary shuttle service to and from the train station for its Stamford tenants. The property is located in the heart of the Stamford Central Business District, near I-95 and the Merritt Parkway.

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 20.5 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:

Salvatore Campofranco
Senior Vice President
Managing Director
Westchester &
Southern Connecticut Divisions
(203) 328-2500

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