(MELVILLE, NEW YORKMay 30, 2002) Reckson Associates has announced a major lease transaction with Forest Laboratories, Inc., the pharmaceutical company, totaling 57,050 square feet, at 400 Moreland Road in Hauppauge. The Company will convert the property from industrial to office usage as part of a long-term lease commitment that meets Forest Labs' expansion needs. This transaction demonstrates Reckson's ability to attract foremost companies to its properties, providing workplace solutions, and, once again, utilizing the Company's proven value creation skills.

Forest Laboratories develops, manufactures and sells both branded and generic pharmaceutical products. The company's common stock is traded on the New York Stock Exchange under the symbol: FRX. Within the newly repositioned facility, Forest will combine from separate units, its entire national Information Technology Division.

For Forest, Reckson is retrofitting an industrial property with a low parking ratio into a state-of-the-art R & D office property with ample parking. The property will be re-sited and receive a new skin. Inside, warehouse space will be converted to offices with amenities such as full utility backup. Additionally, energy and environmental systems will feature fully redundant capabilities. When finished, the property will provide Forest Labs with a full-blown computer center featuring office support, in the desirable Hauppauge business corridor. Bob Godfrey of CB Richard Ellis represented the tenant in this transaction.

We welcome Forest Laboratories and are pleased to provide a customized property meeting their present and future needs, said Mitchell Rechler, Co-President, Reckson Associates. By tailoring a property to Forest's specifications, we are assisting the company to both commit to and expand on Long Island. Everyone benefits.

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 181 properties comprised of approximately 20.5 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 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:

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