(WHITE PLAINS, NEW YORKOctober 30, 2001) Reckson Associates has announced six new leases and renewals totaling 75,900 square feet at its Westchester holdings over the last month. This leasing activity is indicative of Reckson's focus to provide tenants with the facilities and amenities needed to meet their business goals. The Company has forged long-term tenant/landlord partnerships, evidenced by these new leases and renewals, and also maintains the ability to attract both prestigious and dynamic new firms to their Westchester portfolio. Reckson has 25 Class A properties in the county totaling 3.3 million square feet.

In the largest of these, at the six building, 540,000 square foot, Reckson Executive Park in the Village of Rye Brook, Hoenig Group, Inc. has renewed its 28,217 square foot premises at the complex. For 30 years, Hoenig Group, Inc. has provided high quality trade execution, independent research and premier client service to professional money managers and alternative investment funds throughout the world. With this lease agreement, Hoenig Group continues its long-term tenancy with Reckson on the second and third floors at 4 International Drive.

Reckson Executive Park, located in the prestigious Village of Rye Brook, encompasses a complete amenities package required by discriminating tenants. The complex is near the Rye/Greenwich border with upscale shopping and restaurants, and provides quick access to I-287, the Merritt Parkway, the Hutchinson River Parkway, I-95 and Rt. 684.

In Valhalla, at 200 Summit Lake Drive, part of Reckson's 3 building, 699,045 square foot Summit office complex, 2 renewals total 27,176 square feet. In the largest, the Prudential Insurance Company of America has renewed its lease for 21,526 square feet. Prudential is known worldwide for its insurance products and is an industry leader in issuing life, personal line, property and casualty insurance, as well as annuities. William Mooney at CB Richard Ellis served as broker for the tenant in this transaction. Also at that address, Ulico Casualty Company, also an insurance company, has renewed its lease on 5,650 square foot premises. Ulico Insurance Group is the premier property and casualty company specializing in insurance solutions for labor unions, their members and employees, jointly managed trust funds and organized employers.

The Reckson Summit office park, located on 102 wooded acres, features 3 architecturally distinct buildings with spectacular views, extensive landscaping and structured parking. The buildings offers such amenities as four-story atrium lobbies, dramatic waterfalls, 24-hour/7-day access, computerized HVAC systems, high-speed internet access, dining and catering facilities, fitness centers, shuttles to local train stations as well as quick access to 684 and the Sawmill River Parkway.

Additionally, at the Tarrytown Corporate Center, three new leases comprise 20,507 square feet. Corprette Food Cafes, Inc. has joined the tenant roster at 520 White Plains Road, leasing 17,250 square feet for a new dining facility on the first floor. At 580 White Plains Road, the Tri-State catering firm of Culinart, Inc. has opened a 2,414 foot café on the premises. At 505 White Plains Road, Gregory E. Meyer & Associates, Inc., the insurance brokers, have expanded their offices and additional 843 square feet for a total of 1,934 square feet at the property.

Reckson's Tarrytown Corporate Center consists of seven buildings totaling 708,000 square feet. The Corporate Center is located on the Route 19 corridor at the New York State Thruway interchange. The property offers tenants the ability to draw employees from New Jersey, Rockland and the Hudson Valley. The Corporate Center offers all the amenities demanded by today's growing companies. Shuttle service to the Tarrytown train station is also available with a 450-room Marriott Hotel adjacent to the property.

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 182 properties comprised of approximately 20.6 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

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
Managing Director, Westchester Division
(914) 750-7200

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