MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 18, 2004--Reckson Associates Realty Corp. (NYSE: RA) announced today that the Company's Board of Directors appointed Scott Rechler, Reckson's President, Chief Executive Officer and member of the Board of Directors, as Chairman of the Board, to fill the vacancy created by the recent resignation of Donald Rechler.

In tendering his resignation, as non-executive Chairman and a member of the Board of Directors, Donald indicated his desire to pursue non-business interests and his confidence in the leadership abilities of the Company's current management team. Donald's resignation comes approximately one year after the sale of the Company's Long Island industrial portfolio and the related restructuring of the Company in which Donald stepped down from his position as Co-Chief Executive Officer of Reckson. Donald is one of Reckson's co-founders and has served as Chairman of the Company's Board of Directors since its Initial Public Offering.

Donald Rechler, Reckson's former Chairman of the Board, stated, "I have dedicated myself to the growth of Reckson for over 40 years and I am extremely proud of what we have accomplished. A little over a year has passed since I ceased to be Co-Chief Executive Officer of Reckson and I have enjoyed my new found free time during this past year. I recently turned 70 and I am looking forward to spending more time on personal interests including extensive travel." Mr. Rechler continued, "I believe the Company is in capable hands with a strong business plan and is poised for future growth. I therefore feel that it is a perfect time to resign as a member and Chairman of the Board of Directors of Reckson."

Scott Rechler, Reckson's President and Chief Executive Officer, stated, "We are extremely grateful to Donald for his years of leadership and creativity which helped build Reckson into one of the premier owners and developers of Class A office properties in the New York Tri-State area. Donald has dedicated his career to the success of Reckson, the well-being of our employees and the betterment of the communities in which we do business." Mr. Rechler continued, "I want to thank Donald for serving as a role model for me as I have grown in my role at Reckson over the last 15 years. He has demonstrated the importance of building our Company on a strong foundation of core values and taking a long-term approach to operating our business."

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 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 properties in the New York Tri-State area, with 87 properties comprised of approximately 15.9 million square feet either owned or controlled, 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, 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 (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: Reckson Associates Realty Corp.
Scott Rechler, CEO/Michael Maturo, CFO
Phone: 631-694-6900
Fax: 631-622-6790
or
Beckerman Public Relations
Media:
Anna Ciringione, 908-781-6420
SOURCE: Reckson Associates Realty Corp.