(STAMFORD, CONNECTICUTSeptember 4, 2002) Reckson Associates Realty Corp. has announced 9 lease transactions totaling 28,909 square feet at the Company's 6-building Landmark Square in Stamford, its flagship Southern Connecticut property. The significant number of new leases, renewals and expansions has occurred over the last 90 days. These transactions reflect Reckson's ability to attract new high-caliber tenants as well as work with its existing tenants to provide workplace solutions to help their businesses grow.

At One Landmark Square, Aon RE, the world's largest reinsurance broker, is expanding its offices for a total of 18,013 square feet. The company operates in more than 120 countries and is a major leader in virtually every market it serves. Known for fostering solidarity among its staff, communication between offices was of paramount importance. While under the same roof, Aon's offices are on several different floors necessitating a creative solution to ease network communication needs. A key requirement of the build-out was to provide connectivity between the Aon offices on the 4th, 20th and 21st floors. This was accomplished by wiring a shaftway between the higher and lower floor offices. By understanding and accommodating its tenants' needs, Reckson has brought about a win-win situation for all parties. Hayes Clark of Jones Lang LaSalle represented the tenant in this transaction.

Several additional transactions have taken place at One Landmark Square. Joining the tenant roster at One Landmark is the telecommunications firm of Singapore Telecom USA, Inc. which has leased 3,450 square foot premises for its Stamford office. Abstoss International Steel Holding, Inc., has signed another lease and will maintain 2,349 square foot executive and administrative offices at the building. Renewing its 1,959 square foot executive offices at One Landmark is the law firm of Neville, Shaver, Hubbard & McClean. Also renewing is Pitney-Bowes, Inc., the office-machine company, which will retain its 1,303 square foot premises at the building. Brown Printing Company renewed its lease for 1,020 square feet and has relocated to the 8th floor.

Two companies at Three Landmark Square have expanded and now lease a total of 35,193 square feet. NBC Olympics has renewed its lease and expanded an additional 8,612 square feet for a total of 16,774 square feet at the building. Asbury Automotive Group, LLC, the nation's fourth largest owner of automotive dealerships, has reinforced its lease commitment by expanding the company's executive offices at the property by 3,060 square feet. The firm now leases 18,419 square feet at Landmark Square.

A new amenity as well as a welcome stop during the workday will be the new Café Tango, a gourmet coffee bar leasing 2,583 square feet at Landmark. Construction will begin soon. Gene Berkowitz of ERA Shays Real Estate served as broker for this lease agreement. In Reckson's continuous effort to constantly improve its properties, Café Tango will be joined in late September by a completely new and upgraded café on the plaza at Four Landmark Square. The café will double in size and an expanded menu is planned.

Another recent upgrade for all Reckson's Stamford tenants is the new proprietary shuttle service to and from the train station Reckson provides for its Stamford tenants. Just prior to these improvements, Reckson completed a $15 million repositioning project at the office complex. Upgrades to the complex included a new façade at One Landmark and a landscaped exterior plaza and public spaces. A new vehicular entry, allows tenants and visitors to drive directly into the complex and utilize its valet parking service. Other amenities include a computerized Building Energy Management System; high-speed Internet connectivity; 24-hour, seven day a week access; a full-service health club complete with squash courts, pool and aerobic room; full-service restaurants; and on-site retail, including a printing shop, one-hour photo shop, barber shop, tailor/dry cleaner, and money exchange. The property is located in the heart of the Stamford Central Business District, near I-95 and the Merritt Parkway.

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 178 properties comprised of approximately 20.4 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 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; credit of our tenants; 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 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 and insurance 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 undertakes no responsibility to update or supplement information contained in this press release.

Contact:
Salvatore Campofranco
Senior Vice President
Managing Director
Westchester & Southern Connecticut Divisions
(203) 328-2500