(Melville, New York January 21, 2003) Reckson Associates Realty Corp. has announced that TechSmart will become the exclusive occupant of 2004 Orville Drive within the Reckson Business Center at Airport International Plaza. Reckson received the 2000 Developer of the Year Award from the Commercial Industrial Brokers Society (CIBS) of Long Island for the project development of this 4-building, 517,000 square foot industrial park. The center was designed as a next generation of multi-use, office/industrial space and recognized by the CIBS for its forward-thinking design and superb flex environment. The transaction provides TechSmart with a quality real estate solution beyond the scope of industrial space commonly available on Long Island.

TechSmart, the market leader in management, reconditioning, disposition, and remarketing of off-lease, pre-owned, and surplus office-technology assets, selected AIP 2004 for expansion purposes. The company provides a complete, single-source solution for asset recovery and markets directly to end-user buyers of technology equipment over its proprietary web site, SmartMart, as well as through leading web partners such as eBay and uBid. Richard Cohen of Ashlind Realty represented TechSmart in this leasing transaction.

2004 Orville Drive features a steel frame construction with a clear ceiling height of 24 feet to low point, column space of 25 by 40 feet, a 5-inch reinforced concrete floor, and 8 by 8-foot loading dock doors. The Class A Reckson Business Park provides immediate access to MacArthur Airport, all major Long Island roadways, and convenient proximity to restaurants, hotels, and retail.

The success of the Reckson Business Center at Airport International Plaza has been highly recognized. With steady leasing momentum at AIP 2004, 2003, and 2002, the last remaining parcel is 2001. Construction of this 72,000 square foot facility is complete with the official unveiling and ribbon-cutting ceremony slated for February, 2003. We are pleased to provide this pioneer facility to Long Island, said Mitchell Rechler, Executive Vice President at Reckson. It's a winning situation for all involved. We're certain that the addition will offer an innovative, productive environment for years to come.

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