OSI Pharmaceutical Expands Offices at Reckson Executive Park, Melville

(MELVILLE, NEW YORKMarch 5, 2002) Reckson Associates has announced two transactions totaling 26,144 square feet for prime office space at the Company's properties within the Melville-Route 110 submarket- a longstanding region of concentrated leasing activity for Reckson. Eckerd, the drug store chain with 2,640 stores in 20 states, has leased 12,640 square feet at Reckson's 1660 Walt Whitman Road for its Long Island regional headquarters. And, OSI Pharmaceutical, Inc., which last year became the first tenant at Reckson Executive Park, also in Melville, has expanded its offices again at the complex. These lease agreements demonstrate Reckson's ability to attract and to retain quality companies at its properties by making tenant satisfaction its first priority.

A J. C. Penney subsidiary, Eckerd Drug has over 75,000 associates, including 8,000 pharmacists. In 1999, Eckerd moved into the region by acquiring 140 Genovese Drug stores in the New York Metropolitan area. This acquisition prompted a need for new office space. As a result, the company recently relocated its regional headquarters into 12,640 square feet at the Reckson property. The move resolves space issues for Eckerd while retaining its employee base that draws primarily from the Melville corridor. Distance and timing became ancillary concerns and were key in reducing the list of potential sites to a short list of one: 1660 Walt Whitman Road. Robert Godfrey of CB Richard Ellis represented the tenant in this long-term lease.

Also in Melville at Reckson Executive Park, OSI Pharmaceutical, which moved its headquarters to the property last year, has leased an additional 13,504 square feet for a total of 36,309 square feet. OSI, which researches and develops pharmaceutical products, has been a leading stock on both NASDAQ and NYSE in recent years.

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 20.6 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