(WESTCHESTER, NY, May 21, 2004) Reckson Associates Realty Corp. (NYSE: RA) announced that its strong leasing activity in Westchester County is a reflection of tenants' continued flight to quality. With over 180,000 square feet of leases signed throughout the Company's Westchester Class A office portfolio in the first quarter of 2004, Reckson Associates continues to maintain its market leadership position. Reckson's Westchester Class A market share is the largest in the County, with 25 buildings totaling 3.3 million square feet. Highlights recorded in Westchester County in the first quarter of 2004 by Reckson Associates include:

• A 78,000-square-foot lease with Kraft Foods Inc. (NYSE: KFT), comprising two floors at Reckson Corporate Center located at 120 White Plains Road in Tarrytown, New York. The relocation will be completed in July. This lease brings Reckson Corporate Center to 100 percent occupancy.
  
  
• Westcon Group, an existing tenant at 520 White Plains Road in Tarrytown Corporate Center in Tarrytown, signed two lease renewals totaling 60,706 square feet. The tenant was represented by Richard Leroy, Delphi Commercial Properties, Inc. Tarrytown Corporate Center offers tenants on-site banking, conference room with A/V equipment, an exercise facility, café and storage capability within the park.
  
  
• Amscan, a designer, manufacturer and distributor of party goods, expanded its premises at 100 Grasslands Road in Elmsford, signing a new lease agreement for 10,600-square-feet. The Amscam sales organization will operate out of this headquarters location.
  
  
• Schmersal, an existing tenant relocated within the Reckson portfolio, signing a lease agreement at 660 White Plains Road at the Tarrytown Corporate Center.
  
  

Additional lease renewals were signed in the first quarter by Premier Home Health Care at Reckson Metro Center at 360 Hamilton Avenue in White Plains, Citistreet Associates at 80 Grasslands Road in Elmsford, Comstar Interactive Corp. and SKA Information Services, both at Tarrytown Corporate Center's 660 White Plains Road, Navigators Management Corp. at 6 International Drive at Reckson Executive Park in the Village of Rye Brook and Recovery National Corporation, New England Life Insurance and Mutual of America at 120 White Plains Road in Tarrytown.

In an environment where tenants are placing a premium on quality and efficient work environments, Reckson Associates is generating strong leasing results in an otherwise challenging marketplace. We are very pleased with the leasing performance during the first quarter of 2004, stated Reckson's Westchester Co-Directors John Barnes and Greg Caggainello. The success we are experiencing across our portfolio in the County continues to validate our market position as the Landlord of Choice' in the New York Tri-State area.

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 84 properties comprised of approximately 15.3 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:
Greg Caggainnello, SVP, Co-Director, Westchester Division
John Barnes, SVP, Co-Director, Westchester Division
Telephone: 914-872-7200
Fax: 914-750-7219