(WHITE PLAINS, NEW YORKMarch 17, 2003) Reckson Associates has announced 22,721 square feet in new leases and renewed transactions within the Company's Valhalla and Village of Rye Brook properties. These agreements validate the Company's operating philosophy that the number-one priority is to provide Class A facilities with the service and amenities that meet tenants needs and goals. Reckson's market share is the largest in Westchester County, with 23 buildings totaling 3.2 million square feet.

Meyer Handelman Company, a financial services firm, renewed 6,181 square feet within the six-building, 540,000 square foot Reckson Executive Park in the Village of Rye Brook. Chris O'Callaghan of McCarthy O'Callaghan represented the tenant in the transaction. Reckson Executive Park is an unsurpassed business community and offers a prestigious campus-style environment. The premier office park features high-speed Internet access, an on-site conference room, a newly renovated, dynamic, full-service cafeteria and outdoor dining, a cutting-edge fitness center complete with locker rooms, and is superbly complemented by the natural beauty of its surroundings. Transportation amenities include private shuttle service to the Port Chester train station, 24-hour/7-day card access, close proximity to the Westchester County Airport and access to I-287, the Merritt, Hutchinson River Parkway and I-95.

Activity within the two-building Mount Pleasant Corporate Center on Stevens Avenue in Valhalla included a combination of new and renewed lease agreements, totaling 16,540 square feet. Pinnacle Healthcare, Inc., a six-hospital healthcare network, newly leased 2,443 square feet. Pinnacle is the largest hospital network in the tri-state region north of New York City. The legal attorneys of Shaw & Perelson, LLP, a firm that primarily represents public school districts in New York State, leased 1,154 square feet. The real estate office of Cappelli Enterprises renewed their lease totaling 12,943 square feet. The Mount Pleasant Corporate Center totals 178,000 square feet and is situated on five landscaped acres. The site features superior quality construction, a covered parking facility, a fitness center including sauna, massage, and personal trainer, and an impressive corporate tenant roster.

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:
Salvatore Campofranco
Managing Director, Westchester Division
(914) 750-7200

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