Ladenburg Thalmann Financial Services leases 22,004 Square Feet

(MELVILLE, NEW YORK-March 25, 2003) Reckson Associates Realty Corp. (NYSE: RA) has announced that Ladenburg Thalmann Financial Services (AMEX: LTS), one of the oldest investment banks in the world, has leased 22,004 square feet at the Company's Class A 538 Broadhollow Road in its Melville portfolio. This transaction demonstrates that the Reckson/tenant relationship, high-quality management standards, and state-of-the-art working facilities attracts dynamic and prestigious firms.

Ladenburg Thalmann is a full-service financial institution administering to corporate, institutional, and individual clients. The firm, established in the mid-1800s, is engaged in retail and institutional securities brokerage, investment banking and research services, and maintains a tradition based on long-term relationships, integrity and an accomplished level of service. The firm is headquartered in New York with branch offices in Florida, California, Ohio, and Nevada. Alan Rosenberg of Sutton and Edwards represented the tenant.

"We are pleased to welcome Ladenburg Thalmann to our tenant roster at 538 Broadhollow Road," stated Mitchell Rechler, Co-President on Reckson Associates. "Our emphasis on working closely with prospective tenants to meet their unique needs has given us a competitive advantage in this marketplace. At 538, we were able to provide a unique layout to meet Ladenburg's specific requirements, creating a private wing in the building off the elevator atrium lobby."

538 Broadhollow Road offers high-quality office space, and is strategically located within Long Island's Route 110 corporate office corridor. The property is situated on 7.5 landscaped acres and provides 177,000 square feet of modern workspace within its four floors. The building possesses a dramatic design, an expansive, enclosed glass atrium, and an elegant metal-clad exterior. Property amenities include 24-hour access, concierge service, high-speed broadband connectivity, garage parking and an onsite café. Major hotels, conference centers, restaurants, shopping venues, and a highly skilled, and cost-effective labor pool, populate the corridor radius.

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 20.3 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; 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; 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:
Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900