Extensive Leasing Activity at Reckson's Westchester Class A Portfolio

(TARRYTOWN, NEW YORK-September 26, 2000) Reckson Associates Realty Corp. has announced twelve recent lease transactions totaling 263,234 square feet at their properties in the County. After leasing a year-to-date total of over 680,000 RSF, for an over 30% share overall of Westchester's leasing activity, Reckson has brought their portfolio in the County to over 95% occupancy. Reckson's Westchester Class A marketshare, is the largest in the County, with 29 buildings totaling 3.6 million square feet.

Recent leasing activity at the 699,045 square foot Reckson Summit office park totaled 86,728 square feet in renewals and new lease agreements. With a focus on providing tenants with the facilities and amenities needed to meet their business goals, Reckson has forged long-term tenant/landlord partnerships, evidenced by numerous renewals and Reckson's 70% market share in the Valhalla market. In the largest of the ten lease transactions, Nortel Networks, Inc. a world-wide leader in wireless Internet solutions, is continuing their tenancy, leasing 57,458 square feet at 200 Summit Lake Drive, Valhalla. Carl Austin of Austin Properties & Fischer & Company, represented Nortel in the transaction.

Tradeout.Com, a business to business surplus merchandise broker, has joined the tenant roster at 100 Summit Lake Drive leasing a total of 56,869 square feet on the second and third floors. Dean Shapiro and Jon Gershman of Insignia/ESG, Inc. were the brokers for the lease agreement. And Lucent Technologies, another long-term tenant, has renewed its lease for 22,045 square feet at the same location. Leslie Smith and Greg Frisoli of Cushman and Wakefield represented the tenant in the negotiation. Globalserve Computer Services, Ltd., a leading computer services firm that has automated PC component procurement world-wide, has joined the tenant roster at 200 Summit Lake Drive. Globalserve has leased 7,225 square feet of the second floor. The firm based its selection of the property on its high quality and architectural design, full amenity package and accessible location. John Sheehan of Delmhorst & Sheehan, Inc. represented the tenant in the lease agreement.

The Reckson Summit office park, located on 102 wooded acres, features 3 architecturally distinct buildings with spectacular views, extensive landscaping and structured parking. The buildings offers such amenities as four-story atrium lobbies, dramatic waterfalls, 24-hour/7-day access, computerized HVAC systems, high-speed internet access, dining and catering facilities, fitness centers, shuttles to local train stations as well as quick access to 684 and the Sawmill River Parkway.

In Tarrytown, at the Reckson Corporate Center, CIGNA, Corp., a leading provider of employee benefits in the United States, has leased 56,152 square feet at 120 White Plains Road. 120 White Plains Road represents one of Reckson's flagship Westchester properties. The architectural award-winning building is 205, 500 RSF and is six floors. Luxurious interior appointments complement exceptional views of the Hudson River. Its grounds offer outstanding landscape features amid public spaces. Visible from both Route 119 and the New York State Thruway, Reckson Corporate Center offers amenities such as a beautifully-appointed lobby, 24 hour security, full-service cafeteria with catering service, dry cleaning, and structured parking. The location offers proximity to shopping, restaurants and banking, and easy access to the Westchester parkway system, public transportation, and shuttle service to the Tarrytown train station.

"We are pleased to continue our relationship with Nortel and Lucent, and welcome new tenants such as Tradeout.Com, Globalserve and CIGNA," comments Salvatore Campofranco, Managing Director of Reckson's Westchester Division. "Our portfolio of top-of-the-market Class A buildings offer today's leading companies exciting and dynamic work communities for their most important asset, their employees. Our buildings include technologically advanced infrastructure, excellent locations and incredible amenities that allow employers to retain and attract the best talent to grow their business."

Companies continuing their tenancy with Reckson at the Tarrytown Corporate Center include: AIG Claims Services, Inc., the insurance firm, leasing 25,826 square feet at 660 White Plains Road and Hudson Management Services Organization, Inc. which has renewed for 4,735 square feet at 580 White Plains Road; Pegasus Access Management, Inc., which has leased 2,378 square feet at 120 White Plains Road. Newmark and Company was the broker for the lease agreement. Alsac/St. Jude's Children's Hospital, relocated to 1,347 square feet at 560 White Plains Road; and General Formulation, Ltd., which has leased the 700 square feet vacated by Alsac/St. Jude's at 505 White Plains Road.

Reckson's Tarrytown Corporate Center consists of seven buildings totaling 708,000 square feet. The Corporate Center is located on the Route 19 corridor at the New York State Thruway interchange. The property offers tenants the ability to draw employees from New Jersey, Rockland and the Hudson Valley. The Corporate Center offers all the amenities demanded by today's growing companies. Shuttle service is also available; with a 450-room Marriot Hotel adjacent to the property.

In the White Plains Central Business District, Reckson has completed 2 transactions. Spherion Corp. has renewed for 2,200 square feet at 140 Grand Street, White Plains. Amy Lerner of CB Richard Ellis, Inc. represented the tenant in the transaction. ThePit.Com, an online auction house, has leased 6,284 square feet at 245 Main Street, also in White Plains.

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in acquisition, leasing, financing, management and development of office and industrial properties.

Reckson's core growth strategy is focused on the suburban markets surrounding and including New York City. Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire or developed approximately $2.1 billion of properties comprising approximately 16.1 million square feet of space.

Reckson Associates is one of the largest publicly-traded owners and managers of Class A suburban office and industrial properties in the New York City Tri-State area, with 185 properties comprised of approximately 20.6 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp. please visit the Company's Web site at www.reckson.com.

Contact:

Salvatore Campofranco
Managing Director
Westchester Division
(914) 332-0600

Mitchell Rechler

Co-Chief Operating Officer

(631) 694-6900