(WHITE PLAINS, NEW YORKMarch 24, 2003) Reckson Associates has announced 51,349 square feet in ten lease transactions, including new leases, expansions, and renewals within the five building, 710,250 square foot Tarrytown Corporate Center and the 197,785 square foot Reckson Corporate Center at 120 White Plains Road. Focused on providing tenants with the facilities and amenities that meet their corporate goals, Reckson's dedicated tenant/landlord partnerships continue to forge strong relationships, resulting in attracting new tenants and renewing existing leases.

In the largest of these transactions, at the Tarrytown Corporate Center at 560 White Plains Road, Oracle Corporation has repositioned themselves within the Company's portfolio and signed 29,428 square feet of the building's total 126,471 square feet. Oracle has been developing enterprise solutions for 25 years and continues to create cost-effective, secure, and complete systems for the management of critical business data.

Two new tenants have joined the roster at 560 White Plains Road, leasing 5,325 total square feet. GlobalSpec, Inc., a firm that connects engineers and technical buyers with products and services through their business-to-business web site, has leased 4,071 square feet. Asahi Breweries, Ltd., planning to focus on its core businesses and expand in scale and competitive strength, has leased 1,254 square feet for its sales office.

At the Class A 265,000 square foot 660 White Plains Road, four transactions, totaling 11,319 square feet, have been completed. Fortune 500-company Archer Daniels Midland, a forerunner in the agricultural sector, renewed 7,417 square feet. Three other companies round out activity at 660 White Plains Road. Benson Commercial Realty, Inc. has renewed their executive and administrative office space. Linde Holdings, Inc., newly leased office space for their legal firm. The marketing offices of Genova Partners, Inc., have leased 2,146 square feet.

Also within the Tarrytown Corporate Center, Sponsor Direct, LLC, has leased 3,224 square feet for their executive and administrative offices at the 170,726 square foot 580 White Plains Road property. Nasi Consulting, Inc., a global multi-media search firm covering the financial, Internet, cable, radio, and print sectors for over ten years, has relocated administrative personnel to the 26,468 square foot 505 White Plains building.

The Tarrytown Corporate Center offers tenants on-site banking and an exercise facility. The park also features fiber optic communications, 24-hour building access, and accessibility to the parkway system, local restaurants and shopping, and public transportation.

SourceCode, Inc., has joined the tenant roster at Reckson Corporate Center at 120 White Plains Road. This premier software solutions provider specializes in onsite, offsite and offshore software development services. 120 White Plains Road has continued to successfully draw tenants with services such as 24-hour/7-day building access, a full service cafeteria with catering service, and a beautifully appointed lobby with concierge service. The building offers a computerized HVAC system, fiber optics, undercover parking, and proximity to the Westchester parkway system, hotels, and neighboring restaurants and retail.

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 20.3 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; financial condition of our tenants; changes in the supply of and demand for office and industrial/R&D 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, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; liability for uninsured losses or environmental matters; 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