(MELVILLE,
NEW YORK - July 12, 2001) Reckson Associates Realty Corp. has
announced eight lease transactions totaling 66,062 square feet throughout
its Long Island office portfolio during the last 60 days. These
transactions range from prime office space in Mineola to Reckson's
Class A properties within the Melville-Route 110 submarket. Reckson
is the largest owner of office and industrial properties on Long
Island, with over 120 properties totaling over 10 million square
feet.

In addition to the 51,774 square feet leased by Transamerica Corporation, OSI Pharmaceutical, Inc. and Drake Beam Morin, another 16,500 square feet has been leased at 6 Reckson office properties, Island-wide. In the largest of these lease agreements, Stone Caterers has extended its lease for 17,029 square feet at Reckson's 575,000 square foot flagship, The Omni, at 333 Earle Ovington Boulevard, in Uniondale.

At 120 Mineola Boulevard, Mineola, Winthrop University Hospital has extended its long-term lease for 4,527 square feet. David Leviton of Cushman & Wakefield served as broker for the transaction. And, at 400 Garden City Plaza, Garden City, the law firm of Scully, Scott, Murphy & Presser, P.C. has expanded its premises, leasing an additional 4,186 square feet for its offices.

In East Meadow, at 90 Merrick Avenue, 3 tenants have leased a total of 5,754 square feet. Martin, Clearwater & Bell have relocated to lease 1,849 square feet for their offices. Also at that address, J.A.R. Advisors has joined the tenant roster, signing a long-term lease for 2,337 square feet for their offices. Eric Launer of Sutton & Edwards, Inc. represented the tenant in this lease agreement. Also joining the roster at that address is the employment firm of Uniforce Staffing Services, Inc., who are leasing 1,568 square feet for their offices. Neal Marchesano of Corporate National Realty, Inc. was the broker for this transaction.

In Melville, at 35 Pinelawn Road, the accounting firm of Cohen & Pesce, C.P.A, P.C. has renewed their lease for 2,185 square feet. Nearby, at 1660 Walt Whitman Road, Verizon Wireless has renewed its lease for 4,980 square feet.

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, managers and developers of Class A office and industrial properties in the New York Tri-State area, with 188 properties comprised of approximately 21.3 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; downturns in 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:

Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900