SHORT HILLS, NJ, JUNE 27, 2003 The Building Owners and Managers Association (BOMA) has awarded Reckson Associates two prestigious 2003 TOBY (The Office Building of the Year) Awards for two properties in its New Jersey portfolio. In the 100,000 249,999 square foot office building category, Reckson Associates accepted this honor on behalf of 1255 Broad Street in Clifton, New Jersey. Reckson was also awarded a TOBY in the Suburban Building Mid-Rise Division category for 101-103 JFK Parkway at Reckson Office Center in Short Hills.

The TOBY awards were recently presented at the Annual Night at The Races awards dinner held at the Meadowlands Racetrack in East Rutherford, New Jersey. Presented by BOMA, the TOBY award is one of the most highly coveted honors awarded throughout the real estate industry. It recognizes excellence in building management, operating efficiency, tenant retention, emergency planning and community impact.

1255 Broad Street, originally the headquarters of the BASF Corporation, was redesigned by Reckson in 1998. The Company's site planning and development team repositioned the property to meet the standards of a Class A office building. The expansive footprint provided for the engineering of a distinctive lobby area, reconfigured from an outdoor courtyard that once had been part if the original structure. The lower level was re-purposed into a full-service amenity level, including a fitness facility, cafe, and team room. Critical to the success of this plan was the improvement of the traffic flow around the property and the enhancement of the parking ratio to accommodate office usage.

Repositioning at 101 and 103 JFK Parkway within the Reckson Office Center in Short Hills included a multimillion dollar capital improvement program that elevated the properties to the Class A status of 51 JFK Parkway, a 2002 TOBY award recipient and the flagship property of Reckson Office Center. The centerpiece of the renovation program involved a dramatic new plaza, a handsomely landscaped courtyard, and a double-height, glass-clad entry lobby with high-grade finishes of granite, wood, and chrome. The buildings were repositioned to maximize operating efficiency and provide forward-thinking business environments. Both facilities are situated across from the prestigious Mall at Short Hills and next to the five-star Short Hills Hilton. Strategically located at the interchange of Route 24, 101 and 103 JFK Parkway are minutes from the Garden State Parkway, I-78 and Route 287. Newark Airport, as well as the Holland and Lincoln Tunnels are within 20 minutes drive. NJ Transit train service is minutes away.

Through these awards we acknowledge the true spirit of teamwork and partnership that is at the core of the Company's philosophy. Special thanks to the Reckson team for their outstanding efforts, said Todd Rechler, Senior Vice President and Managing Director, New Jersey. Looking forward into the future, the Reckson development pipeline and strong divisional team will continue to provide distinct opportunities for the New Jersey marketplace.

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; 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.