GVA WILLIAMS EXPANDS ITS LEASE AT RECKSON OFFICE PARK AT CHERRY HILL IN PARSIPPANY, NJ

SHORT HILLS, NJ, JULY 11, 2003 - Reckson Associates has announced the completion of a long-term lease commitment with the real estate firm of GVA Williams at the Company's two-building, 188-974 square foot Reckson Office Park at Cherry Hill in Parsippany, New Jersey. This transaction represents a total lease commitment of 18,600 square feet, which includes the renewal of GVA William's existing space and its 6,000 square foot expansion.

"Our efforts have been focused on maintaining and delivering the highest caliber corporate business environment with the goal being to meet and exceed our tenants' needs. We are pleased to have created this workspace solution for GVA Williams at 119 Cherry Hill Road," stated Todd Rechler, Senior Vice President and Managing Director of Reckson's New Jersey Division. "We take great pride in our ability to build strong relationships with our tenants. To us, the GVA Williams lease is another validation of the quality of our product, especially when an industry associate with knowledge of the marketplace selects our property for its business address."

With regional headquarters in Parsippany, New Jersey, GVA Williams employs a staff over 250 professionals in the Tri-State region. GVA Williams is a full-service real estate firm, which serves the needs of owners, investors and tenants, offering expertise in leasing, investment sales, mortgage brokerage, property management, construction management, asset management and corporate services. GVA Williams currently manages over 200 commercial properties occupying 19.1 million square feet in the Tri-State region.

Reckson Office Park at Cherry Hill provides a tranquil campus setting with mature trees, ponds and outdoor public seating. The park features commanding architecture, broad entry plazas and sophisticated appointments. 119 Cherry Hill Road, one of the properties within the park, is a three-story, 95,724 square foot Class A office building featuring a newly renovated lobby with marble floors and millwork, new storefront entry, and 24 hour/7 day access. The facility, located at the interchange of Interstate 80, is convenient to all major highways and close to hotels, restaurants and retail shops.

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 20.4 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