PARSIPPANY, NJ, NOVEMBER 22, 2002 Reckson Associates has announced two lease transactions totaling 26,636 square feet at the Company's two-building, 188,974 square foot Reckson Office Park at Cherry Hill in Parsippany, New Jersey. These transactions represent Reckson's strategy of maintaining the highest quality corporate office facilities and meeting its existing tenants' needs, as well as attracting new, high-caliber companies to its portfolio.

At 99 Cherry Hill Road, York Insurance Services Group, Inc., a leading insurance provider, has doubled its existing space on the premises taking an additional 7,300 square feet on the second floor. The Company has also extended its lease terms and now occupies over 15,000 square feet at the property. CH2M, an engineering firm and existing tenant at 99 Cherry Hill Road, has relocated its operations within the facility signing a new lease for 11,322 square feet. Reckson's workplace solutions strategy created the optimal space configuration for CH2M. CH2M was represented by Greenfield LLP and Strategic Alliance Partners in this transaction.

Reckson Office Park at Cherry Hill provides a tranquil campus setting with mature trees, ponds and outdoor public seating. The park features commanding architecture, broad column entry plazas and sophisticated appointments. 99 Cherry Hill Road, one of the buildings at the office park, is a three-story, 93,250 square foot Class A office facility. 99 Cherry Hill Road is fully-amenitized and provides all the features discriminating tenants require including an integrated energy management system, 24-hour/7-day building access and on-site property management. As part of an on-going effort to improve building amenities and services, a full-service café and multi-dimensional conference room are being incorporated. Conveniently located at the interchange of Route 80, the park is easily accessible from all major highways and is within a one-hour drive of Manhattan. Numerous hotels, restaurants and retail are nearby.

We are pleased to report continued leasing activity at Reckson Office Park at Cherry Hill, stated Todd Rechler, Senior Vice President and Managing Director of Reckson Associates' New Jersey division. Our Company's emphasis on working closely with existing and prospective tenants to help meet their unique occupancy needs has given Reckson a strong competitive advantage in the marketplace. At Reckson, tenant satisfaction is our number one priority, Rechler added.

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.