(MELVILLE, NEW YORKOctober 15, 2001) Reckson Associates Realty Corp. has announced that it has completed a long-term lease agreement with Aramis Inc., an Estee Lauder Company, for its 140,000 sq. ft. property, 1516 Motor Parkway, at the gateway to the Hauppauge Industrial Park. The renewal continues a long-standing tenant-landlord relationship- Estee Lauder maintains premises in several Reckson buildings throughout the Company's Long Island portfolio, leasing in excess of 400,000 square feet. The Estee Lauder commitment again demonstrates both the high degree of tenant loyalty and the responsiveness to tenant needs that is a Reckson trademark.

Since 1946, Estee Lauder Companies, Inc. has produced highly successful skincare, makeup and fragrance products that are sold in over 100 countries. Its product lines include many of the industry's top performing brands. The 1516 Motor Parkway building will be used for assembly, storage, warehousing and distribution of Aramis products.

Four area leases total an additional 49,600 square feet signed at Reckson properties. At 360 Oser Avenue in the Hauppauge Industrial Park, one of the nation's largest industrial campuses, Suissa Realty Corp./Trade Show Fabrications, a marketing firm, has renewed its lease on the entire 23,000 square foot property. Also, at the 164,936 square foot 400 Oser Avenue, Dimension Data, a telecommunications, network solutions and Internet service provider, has signed a new lease for 8,100 square feet. Richie Cohen of Ashland Properties served as broker for the tenant. Also, at 30 Oser Avenue, Hauppauge, Artistic Gymnastics, Inc. has renewed its lease for 7,000 square feet. And, at the same property, All County Cookies has renewed its tenancy leasing 11,500 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 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 184 properties comprised of approximately 20.7 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.