(MELVILLE, NEW YORKApril 18, 2002) Reckson Associates has announced five recent lease agreements totaling 137,292 square feet at its Long Island office and industrial properties in Hauppauge. These transactions are for prime space at Reckson properties in the mid-Suffolk corridor, a sub-market experiencing strong leasing activity for the Company. These new leases and renewals demonstrate Reckson's ability to attract and to retain quality companies at its properties by making tenant satisfaction its first priority.

Two leading insurers have committed once again to Reckson properties in Hauppauge for 21,583 square feet. Metropolitan Life Insurance Company, the leading insurer, has expanded to 14,550 square feet at 300 Motor Parkway. In 2001, MetLife, Inc. became the seventh largest IPO ever held in the U.S. At 150 Motor Parkway, the Hartford Fire Insurance Company, the leading fire insurance carrier, renewed for 7,033 square feet. Its parent company, The Hartford Financial Services Group, Inc. has over 26,000 employees worldwide. Frank Pagano of CRESA Partners, LLC, served as broker for this lease agreement. Also at that address, Sonix Medical Resources, Inc., a management and consulting firm, has joined the tenant roster, leasing 7,494 square feet. Ray Ruiz of CB Richard Ellis, Inc., represented the tenant in this transaction.

At the heart of a dynamic industrial business corridor since the 1980s, Reckson's properties within Hauppauge Industrial Park continue to attract a wide array of companies as indicated by these latest transactions for industrial space. Humicon LLC, a cigar distributor, has leased 4,000 square feet at Reckson's 400 Oser Avenue for warehousing and distribution. Joe Bosco of Sutton & Edwards served as broker for this lease agreement. And, at 85 Nicon Court, Elm Global Logistics, Co., a freight handling company, has leased 104,000 square feet for office, warehouse and shipping. Richard Cohen of Ashlind Properties, represented the tenant in this 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 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 181 properties comprised of approximately 20.6 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 we believe 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; 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 release 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 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 is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update or supplement information contained in this press release that subsequently becomes untrue.

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