Merrill Lynch, Metro Media Fiber Continue at 360 Hamilton Avenue, White Plains

(WHITE PLAINS, NEW YORK - February 23, 2001) Reckson Associates Realty Corp. has announced that two prominent original tenants have leased 45,862 square feet of additional space at the Class A Reckson Metro Center, at 360 Hamilton Avenue in White Plains. Metro Media Fiber Network Services, Inc. and Merrill Lynch, Pierce, Fenner & Smith, Inc., had been among the building's original tenants, leasing space before Metro Center reopened, following an extensive, multi-million dollar repositioning.

The fifth tenant to sign before Reckson's Metro Center's grand reopening, Metro Media Fiber Network Services, Inc. (MFN), has again expanded, recently signing for an additional 32,339 square feet on the third floor, now leasing a total of 112,075 square feet on several floors at the property. MFN, a leading provider of end-to-end optical network and Internet infrastructure solutions, is experiencing substantial growth and is projected to bring over 550 high-tech jobs to the area.

One of the first tenants to sign on in 1999, Merrill Lynch, Pierce, Fenner & Smith, Inc., the securities brokerage firm, originally brought over 115 employees to Reckson Metro Center. The brokerage firm has found that the Reckson Metro Center serves their business needs exceptionally well, and the company has now decided to bring in another division to the property, signing a long-term lease for an additional 13,523 square feet on the third floor. Merrill Lynch employees use Metro Center's accommodations for client meetings with ample private conference rooms available and advanced state-of-the-art technology. A prominent financial management and advisory company, Merrill Lynch operates offices in 43 countries.

"Reckson values the relationships it has with Metromedia Fiber Network and Merrill Lynch and will continue to work hard to provide the ultimate in tenant satisfaction to retain that trust," said Salvatore Campofranco, Managing Director of Reckson's Westchester region. "Tenants expanding their lease terms at the building validates our vision for creating a sophisticated and technologically intelligent property, for high-quality technology and financial services firms such as these."

Reckson's $50 million value creation project at Reckson Metro Center, encompassed the installation of an advanced infrastructure with the newest generation of technology in addition to a new exterior granite facade and the inclusion of a wide scope of amenities and interior improvements.

Reckson Metro Center also offers tenants such amenities as meeting rooms equipped with global video conferencing, high-speed Internet access, a teleconferencing auditorium with seating for 140, plus a private VIP boardroom. The building has concierge services along with 24-hour access, excellent broad bandwidth and riser capacity, a state-of-the-art energy management system, full-service health club, café and executive dining in two distinct areas. The new lobby incorporates incredible finishes and sophisticated designs, as well as a multi-media data center for visitors.

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
(914)332-0600

Mitchell Rechler
Co-Chief Operating Officer
(914)694-6900