(STAMFORD, CONNECTICUTFebruary 26, 2003) Reckson Associates Realty Corp. has announced eight lease transactions totaling 26,232 square feet in Stamford, Connecticut. Seven of these transactions were within the Company's flagship Southern Connecticut property at Landmark Square. These new leases, renewals and expansions reflect Reckson's ability to attract and maintain valued tenants and provide workplace solutions that drive success.

As part of Reckson's continued commitment and on-going investment at Landmark Square, the Company's multi-million dollar repositioning of the property has produced the revitalization of the Broad Street retail sector. The design and construction for Landmark's retail component includes newly canopied storefronts and refinished masonry, continuing the superb design language of the One Landmark Square tower. Completed transactions in this sector include a new lease with State Farm Mutual, for 1,524 square feet. With one out of every five automobiles in the U.S. insured by State Farm, this firm is the nation's number one insurer of cars. George Bagley from Sound Commercial was the broker for this transaction. Another retail transaction was completed with Travelex Currency Services, Inc., which renewed its 1,000 square foot lease. Since its formation, Travelex has evolved from an innovative bureau de change operator into a diversified worldwide money business. With the construction of Café Tango underway, the sophisticated Broad Street café will soon open to offer a gourmet coffee bar and menu assortment in contemporary surroundings. Café Tango promises to provide a welcome respite for tenants and community alike.

Also at One Landmark Square, the financial firm, GarMark Advisors, LLC, has joined the tenant roster, leasing 4,250 square feet. Ted Lane from Trammel Crow represented the tenant in the transaction

Four other transactions totaling 16,212 square feet round out activity within Landmark Square. The financial consulting firm, Aladdin Capital Holdings, Inc., has expanded its office to Three Landmark Square, to occupy 7,360 square feet. The architectural service firm of Michael A. Fromm has renewed 1,182 square feet at Two Landmark Square. Locate in Scotland, a division of Scottish Development International, renewed 2,900 square feet of office space at Four Landmark Square. Stamford Downtown Special Services District, a not-for-profit organization with the mission to promote a quality environment for the community while enhancing the economic vitality of Stamford Downtown, has renewed its occupancy of 4,770 square feet at Five Landmark Square.

Located between Atlantic and Broad Street, the Landmark Square complex occupies 820,300 square feet and is recognized as the most prestigious business address in downtown Stamford. Ongoing repositioning at the Square includes the $600,000 brand new installation of the Landmark Café. The complex also offers a wide range of amenities including private tenant shuttle service to the Metro North and Amtrak rail station, covered and secured valet parking, and a full-service health club. The building features fiber optic communications, computerized energy management system, and concierge service. The Square is conveniently connected to the Stamford Town Center Mall by a pedestrian corridor.

At the northern tower of the 325,000 square foot Stamford Towers, 750 Washington Boulevard, Morgan Samuels Company, Inc., executive search consultants, has renewed its lease commitment, totaling 3,337 square feet. The 11-story, 192,000 square foot North Tower is centrally located with immediate access to I-95 and all connecting highways. Amenities include 24-hour security surveillance and building access, underground parking, fiber-optic communications, and a full-service cafeteria.

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