WHITE PLAINS, NEW YORKMay 23, 2006-- Reckson Associates Realty Corp. (NYSE: RA) announced today the successful completion of its First 100 Days program at its recently acquired, 14-building, 1.6 million square foot office portfolio, now known as Reckson Platinum Mile. During an ambitious three-month initiative, Reckson introduced to tenants the significance of a Reckson Repositioning, as their more dynamic and efficient work environment began to evolve.

With the Company's commitment to transform its Platinum Mile portfolio into Westchester's crown jewels, the following initiatives were completed:

• RIOT Program Launches. Reckson caused an early morning RIOT (Reckson Integration and Operations Team) at many of the buildings in the park with property enhancements already in place. Tenants were welcomed with hot coffee and breakfast and given the opportunity to meet the Platinum Mile Management team.


• Installation and Integration of Professional Management Team. To provide the ultimate service, Reckson assembled a top-flight management team, with some of its best personnel and existing on-site staff including, Joe Caruso, SVP, Leasing, Westchester/Connecticut Division, with 20 years of experience helping tenants with their workspace solutions; John Lomurno, Property Manager, Westchester/Connecticut Division, a talented Reckson on-site operational pro, renowned for his expertise at repositioning 360 Hamilton Avenue in White Plains; Charles Sehring, Property Manager, Westchester/Connecticut Division, an Assistant Chief Engineer in Tarrytown when Reckson acquired the property, he continued in that position at the Tarrytown parks. His dedication was recently recognized with a promotion to Chief Engineer and a place on the Platinum Mile Team.


• Property Common Area Upgrades Begin. The modernization program for many of the properties and common areas topped the list for the 700 series buildings as well as 925 and 1025.


• I-287 Reckson Signage. Property signage quickly went into place to announce the Company's ownership to those who travel the Platinum Mile.


• Plantings around the entire business campus have been enhanced to emphasize the pastoral setting perfect for outdoor contemplation and relaxation for the warm, sunny days ahead.


• Wireless hotspots are in place in lobbies and cafes to extend workplace productivity at 2500, 1025, 707 and 711 Westchester Avenue and at 108 Corporate Drive.


• Building entries received trim new walk-offs mats, to protect the plush and luxurious new carpeting in several lobbies and elevators.


• Contemporary, distinctive, and comfortable furniture was added to distinguish the lobbies of most of the 700 series buildings along with original art.


• Upgraded fire and life-safety systems installed at every property throughout the campus.


• Reckson's Rapid Response was launched to expedite requests for building services. This advanced technology, developed by the state-of-the-art firm, market leader Angus Systems, has fueled a response program that will provide Reckson tenants with a 24/7 service that will keep pace with the fast-track environment in which they conduct business.

When we acquired the portfolio, we inherited an unsurpassed location and impressive tenant roster on the Platinum Mile, notes David Sims, Senior Vice President and Managing Director, Westchester/Connecticut. Upon closing on the transaction, we launched our First 100 Days program. Now completed, we will introduce the comprehensive repositioning plan that when implemented will assure Reckson Platinum Mile's status as the most prestigious business location in Westchester County.

Recognized as the largest repositioning effort in the County the comprehensive portfolio upgrades slated for the first phase of the repositioning will be formally announced to the business community on June 13th.

RECKSON Platinum Mile is a true jewel among our Class A, tri-state area premier portfolio and we are enthusiastically branding it as such while we implement our capital improvement program, Mr. Sims continued. We are very proud of our seamless integration of the property in its first 100 days and look forward to sharing our goals of best of class property as we continue to realize our vision, noted John Barnes, SVP, Director, Westchester/Connecticut Division.

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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 Class A office properties.

Reckson's core growth strategy is focused on properties located in New York City and the surrounding Tri-State area markets. The Company is one of the largest publicly traded owners, managers and developers of Class A office properties in the New York Tri-State area, and wholly owns, has substantial interests in, or has under contract, a total of 102 properties comprised of approximately 20.2 million square feet. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

Certain matters discussed herein, including guidance concerning the Company's future performance, 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 properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; 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, real estate taxes, security and insurance costs; repayment of debt owed to the Company by third parties; 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.

Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747 (914) 750-7200 (Phone) (914) 750-7219 (Facsimile)
Rubenstein Communications
Media Contact: Margot Olcay
(212) 843 8284 (Phone)
Contact: David Sims, SVP, Managing Director,
Westchester/Connecticut Division
John Barnes, SVP, Director,
Westchester/Connecticut Division