REIT Continues Strong Leasing Performance Throughout Tri-State Region

STAMFORD, CT (August 11, 2004) Reckson Associates Realty Corp. (NYSE: RA) reports Paul, Hastings, Janofsky & Walker LLP, a global law firm with an international network of 15 offices linking the world's leading financial and commercial centers, has renewed and expanded its lease at 1055 Washington Boulevard in Stamford, Connecticut. Paul Hastings expanded its 54,710-square-foot lease to now occupy a total of 61,570 square feet, on a portion of the 8th floor and the entire 9th and 10th floors, at the first-class office facility.

We are pleased to announce the long-term lease transaction consummated with Paul Hastings. This lease renewal and expansion reflects the Company's commitment to meeting its tenants' ongoing facility needs by providing Class A office buildings in highly-sought after locations with superb amenity packages, stated Greg Caggainello, Senior Vice President and Co-Director of Company's Westchester/Connecticut region.

Reckson continues to strengthen its portfolio by acquiring premier buildings in the most strategic locations, added John Barnes, Senior Vice President and Co-Director of the Westchester/Connecticut region. 1055 Washington Blvd is representative of that quality of acquisition, featuring outstanding architectural details and a superior location. This lease transaction at 1055 reaffirms our leadership position in Connecticut and our ability to retain and attract prestigious tenants. Ted Lane of Trammell Crow was the broker for the transaction.

In addition to the lease on behalf of Paul Hastings, lease renewals at the property have also been signed by Poseidon Resources Corporation for 4,281 square feet and HCL Technologies for 3,360 square feet. Additionally, the hedge fund, Vinya Capital, has joined the tenant roster with a new 3,855 square foot lease.

Totaling 181,805 square feet, 1055 Washington Boulevard is a 10-story, Class A office facility, offering tenants a number of desirable amenities, including a full-service cafeteria with both indoor and outdoor seating, an indoor parking garage, conference center, sundry shop, 24/7 access and security, an outdoor plaza for corporate entertaining, a private shuttle to the Stamford Transportation Center, easy access to I-95 and all major roadways and unparalleled views of downtown Stamford and Mill River.

Reckson's portfolio in Connecticut totals 1.7 million square feet in 10 buildings.

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 85 properties comprised of approximately 15.4 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.

Contact:
Beckerman Public Relations
Contact: Anna Ciringione (Media)
(908) 781-6420
Source: Reckson Associates Realty Corp.
Four Landmark Square
STAMFORD, CT 06901
(203) 363-2500 (Phone)
(203) 328-7977 (Facsimile)
Contact: Greg Caggainnello, SVP,
Co-Director, Westchester/Connecticut
John Barnes, SVP, Co-Director,
Westchester/Connecticut