Transactions within the Tarrytown Portfolio Total 44,480 SF

(WHITE PLAINS, NEW YORKAugust 4, 2003) Reckson Associates has announced transactions totaling 44,480 square feet in new leases, expansions and renewals within the Company's Tarrytown portfolio. Tarrytown Corporate Center and Reckson Corporate Center continue to attract new businesses and renew existing tenants with a service-oriented philosophy in these properties that feature prime locations and Class A amenities.

Six leasing agreements, totaling 42,768 square feet, were signed at the five building, 710,250 square foot Tarrytown Corporate Center. The largest of these transactions is a newly signed lease for 35,796 square foot at 520 White Plains Road by Liberty Mutual Insurance Company. This Fortune 500 company is a diversified, international insurance service organization, and one of the largest multi-line insurers in the property/casualty field. Robert Schulman of Cresna Partners, LLC (in connection with Ambar Realty Group, LLC) represented Liberty Mutual during negotiations.

Other transactions within Tarrytown Corporate Center sum up to 6,972 square feet and include: a renewal at 660 White Plains Road by Comstar Interactive Corp, a New York City-based innovator of robust web-enabled wireless solutions; a new lease with TDI Group at 555 White Plains Road negotiated by Richard Rackow of Rackow Commercial Realty Group; and renewals for Wells Fargo & Company and NDSI Inc. at 505 White Plains Road.

A new lease agreement was signed by Recovery National Corporation at Reckson Corporate Center at 120 White Plains Road, for 1,712 square feet. The space will house the company's executive and administrative functions.

The focus of Reckson's long-term business strategy is to generate sustained and consistent growth, and benefiting from the actions we have taken over the last decade, our business continues to perform well. Reckon's infrastructure, high quality portfolio, and local expertise provide a significant competitive advantage, says Salvatore Campofranco, Managing Director of Westchester/Connecticut

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 20.5 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
Managing Director, Westchester Division
(914) 750-7200

Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900