(STAMFORD, CONNECTICUTNovember 13, 2003) Reckson Associates has announced the completion of a lease transaction with Kanders & Company and a publicly-traded affiliate for the entire top floor of 11,500 square feet at One Landmark Square in Stamford, Connecticut. The prestigious space, previously occupied by the Landmark Club, encompasses the top story of Fairfield County's tallest building and possesses magnificent views of the Long Island Sound and New York City. The transaction is indicative of the positive impact of Reckson's multi-million dollar major repositioning of the Class A, six-building Landmark Square complex.

I am pleased to have Kanders & Company and its affiliate join Reckson's prominent list of tenants. We expected that the top floor at One Landmark Square would draw an entrepreneurial tenant with the vision to create its own business environment in Fairfield County's most prestigious address. Reckson's ability to be creative and flexible in structuring the transaction helped us meet the business needs of Kanders, says Salvatore Campofranco, Managing Director, Westchester/Connecticut Division.

Kanders & Company, a private investment firm, and its publicly-traded affiliate will be relocating from Greenwich, Connecticut and selected Landmark Square based on the property's premier amenities, quality of service, strategic location, and community atmosphere. Located in the heart of the Stamford Central Business District, easily accessible to the wide variety of business services, retail and entertainment venues available in the CBD, Landmark Square offers a full range of amenities and services including a full-service health club, new café with indoor and outdoor dining, private shuttle service to Stamford Transportation Center, a full-time concierge, restaurants, a central entry driveway allowing tenants and visitors to drive directly onto the plaza to utilize its valet parking service, and on-site retail, directly connected to the Stamford Town Center.

Warren B. Kanders, President of Kanders & Company, added, We are thrilled to be moving into the redesigned Landmark Square complex and commend Reckson for their ability to work with us to accommodate our particular requirements for the new space.

Gil Ohls of Newmark & Company negotiated the long-term transaction.

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 88 properties comprised of approximately 15.8 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, including guidance concerning the Company's future performance, 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; financial condition of our tenants; changes in the supply of and demand for office and industrial/R&D properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; 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, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; liability for uninsured losses or environmental matters; 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
Executive Vice President, Chief Operating Officer
Westchester & Southern Connecticut Divisions

Scott Rechler
President and Chief Executive Officer, Reckson Associates
(631) 694-6900