SHORT HILLS, NJ (May 26, 2005) Reckson Associates Realty Corp. (NYSE: RA) has announced that it has experienced an extremely strong first quarter throughout its New Jersey portfolio with over 172,000 square feet of new leases signed. Reckson's outstanding results in New Jersey are a validation of its market leadership position as the Landlord of Choice in the region and the company's aggressive acquisition and repositioning program throughout the New Jersey market.

During the first quarter of 2005, Reckson Associates' leasing performance in New Jersey included a 150,000-square-foot lease with Schering Corporation for the entire One Giralda Farms building in Madison, New Jersey. Schering will continue to utilize this space as its corporate headquarters. One Giralda Farms is a superior quality, four-story, Class A office building, situated within the highly desirable Giralda Farms Corporate Campus, a 1.25 million-square-foot complex of Class A office buildings located in Madison/Chatham Townships. One Giralda Farms contains high-grade finishes while featuring amenities that include a café, corporate dining facility, conference facilities and below-grade parking. In addition, Reckson plans to embark on a $10 million repositioning of the facility. Giralda Farms Corporate Campus is strategically located with direct access to Route 24 and Interstate 287, minutes from the express trains to New York City and approximately 25 miles from both the Holland and Lincoln Tunnels.

In Essex County, leases were signed with Action International at 100 Executive Drive; Dennis Cipriano at 200 Executive Drive; and First Data Merchant Services at 300 Executive Drive in the Reckson Executive Hill Office Park in West Orange. Within the award-winning Reckson Office Center in Short Hills, leases were signed with Gartmore Global Investments and Wells Fargo Bank at 51 JFK Parkway; Citicorp North America Inc., Franklin Mutual Advisors, and GLL Management at 101 JFK Parkway. The three-building Class A Reckson Office Center is strategically located at the interchange of Route 24, and just minutes to the convergence of the Garden State Parkway, I-78 and I-287. Reckson Office Center amenities within the park include café, health club, multi-dimension conference facility, on-site management, 24-Hour/7-Day access, shuttle service to the train, five-diamond Short Hills Hilton and the prestigious Mall at Short Hills.

In New Jersey, Reckson Associates currently owns a portfolio of 3 million square feet of Class A office space of which approximately 93% is leased. Reckson Associates has been extremely active on the acquisition front in the New Jersey market. In the past 10 months, the Company has acquired over 700,000 square feet in the region. During the first quarter of 2005, Reckson Associates acquired two trophy assets at Giralda Farms; the Class-A One 150,000 square foot Giralda Farms and the 141,000 square foot Three Giralda Farms.

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 90 properties comprised of approximately 17.7 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; 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.

SOURCE:
Reckson Associates Realty Corp.
51 JFK Parkway
Short Hills, NJ 07078
(973) 313-3300 (Phone)
(973) 313-3301 (Facsimile)
Contact:
Salvatore Campofranco
Chief Operating Officer
Todd Rechler, Corporate Senior VP
Managing Director, New Jersey