(WHITE PLAINS, NEW YORKOctober 22, 2002) Reckson Associates has announced 81,970 square feet in new leases, expansions and renewals at Reckson Corporate Center at 120 White Plains Road in Tarrytown, New York and throughout its five-building, 710,250 square foot, Tarrytown Corporate Center. These transactions represent the size and diversity of companies who appreciate the amenities and features, location and employee pool that these well-established, prime business campuses offer. Countywide, Reckson's portfolio is over 95% occupied, the Company's Westchester Class A marketshare is the largest in the County, with 21 buildings totaling over 3 million square feet.

At the Company's 203,500 square foot Reckson Corporate Center, Ibex Capital Markets, Inc. has joined the tenant roster. The financial services firm will be occupying 8,557 square feet. Scott Benson of Benson Commercial Realty represented the tenant in the transaction. The Class A property offers exceptional corporate presence with a strategic location, an array of amenities and an infrastructure that supports advanced communication.

Six recent lease transactions at 660 White Plains Road, total 13,977 square feet. New to the property is Linde Holdings, which has leased 1,002 square feet for its executive and administrative offices. Stephanie Bruker of Harper Lawrence represented Linde in this lease agreement. The marketing firm of Curry Rockefeller Group, LLC, has expanded its offices, now leasing a total of 4,451 square feet. Exberry Application Laboratories' GNT USA, Inc. Division, a research and product development firm, has renewed 2,104 square feet and expanded for a total of 4,209 square feet. GNT uses high quality, natural food colors and ingredients in its product development efforts for the food and beverage industry.

Also expanding at the building is the insurance company, MMZ Associates, Inc., which now leases a total of 6,255 square feet. Sales Recruiters International, Ltd., an executive search firm, has renewed its 2,060 square foot premises.

Aegis Mortgage Company, the mortgage brokerage firm has leased 2,471 square feet at 555 White Plains Road for its executive offices. Eric Launer of Sutton & Edwards represented Aegis in this transaction. At 505 White Plains Road, Elliot Associates, Inc., an executive search firm specializing in the hospitality and service industry has joined the tenant roster, leasing 1,357 square feet for its offices. Gary Herbst of Buyer's Edge Realty, Inc. represented the tenant in the transaction. Also at the building, U.S. Satellite Laboratory, Inc., has renewed their lease for 658 square feet. At 580 Whites Plains Road, Cyrk, Inc. has joined the tenant roster. The advertising firm has signed a 2,640 lease for its offices. Also at 580 White Plains Road, DLC Management Corp., a real estate firm, has signed a new lease for 6,340 square feet for its offices. Richard Leroy of Delphi Commercial Properties represented the tenant in this transaction.

At 560 White Plains Road, four leases total 45,970 square feet. The largest of these transactions is with the Oracle Corporation, a Reckson tenant relocating from Reckson Summit. Oracle will be leasing 29,428 square feet. Mark Ezra from the Ezra Company and Harold Wagner of the Wagner Group represented the tenant. In another large transaction, ENT Allergy & Associates, LP, a physician management agency, leased 12,495 square feet for its offices. ALSAC/St Jude's Children's Hospital's administrative offices are expanding for a total of 2,307 square feet. The international advertising agency, Saachi & Saachi has renewed its lease for 1,740 square feet.

The Tarrytown Corporate Center is located on the Route 119 corridor at the New York State Thruway interchange with immediate access to the Westchester parkway system and Tappan Zee exchange. The property offers tenants the ability to draw employees from New Jersey, Rockland and the Hudson Valley. The Corporate Center offers all the amenities required by today's growing companies. Shuttle service is also available and a 450-room Marriot Hotel is 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 178 properties comprised of approximately 20.4 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 the Company believes 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; credit of our tenants; 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 re-lease 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 and insurance 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 undertakes no responsibility to update or supplement information contained in this press release.

Contact:
Salvatore Campofranco
Managing Director, Westchester Division
(914) 750-7200

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