Reckson Closes Substantial Lease for Designer Amscan in 4th Quarter

WESTCHESTER, NY (FEBRUARY 15, 2005) Reckson Associates Realty Corp. (NYSE: RA) continued its strong leasing performance in the Westchester marketplace during the fourth quarter of 2004. Reckson Associates' outstanding leasing performance throughout its Westchester, Long Island, New York City, Connecticut and New Jersey markets reflects its ability to effectively and aggressively meet tenants' requirements and validates its market leadership position as the Landlord of Choice in the region.

Highlights of Reckson Associates' performance in Westchester in the fourth quarter include:

• Amscan, a designer, manufacturer and distributor of party goods, renewed its lease at 100 Grasslands Road and 80 Grasslands Road in Elmsford, signing renewals for 57,171 square feet and 60,240 square feet, respectively.
• ITOCHU Chemicals America Inc. (formerly ITOCHU Specialty Chemicals) renewed and expanded for 10,220 square feet at 360 Hamilton Avenue in White Plains.
• Schmersal, LLC, a leading distributor of industrial safety products, signed a lease expansion agreement for 2,502 square feet at 660 White Plains Road at the Tarrytown Corporate Center.
• Westcon Group, an existing tenant at 520 White Plains Road in Tarrytown Corporate Center in Tarrytown, signed a new lease agreement for an additional 2,176 square feet of space at the facility.

Additional lease renewals were signed in the fourth quarter by A&K Forwarding, Inc. at Tarrytown Corporate Center at 660 White Plains Road in White Plains; The Guardian Life Insurance Co. of America at 6 International Drive at Reckson Executive Park in the Village of Rye Brook; and Normarv Realty Corp. at Mount Pleasant Corp. Center at 115 Stevens Avenue in Valhalla.

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 Class A office 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 properties in the New York Tri-State area, with 89 properties comprised of approximately 16.3 million square feet either owned or controlled, or under contract. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

Certain matters discussed herein, including guidance concerning the Company's future performance, 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 properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; 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, real estate taxes, 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.

SOURCE: Reckson Associates Realty Corp.
Four Landmark Square
Stamford, CT 06901
(203) 363-2500 (Phone)
(203) 328-7977 (Facsimile)
Beckerman Public Relations
Contact: Michael Beckerman (Media)
(908) 781-6420
Contact: Greg Caggainello, SVP,
Co-Director, Westchester Division
John Barnes, SVP, Co-Director,
Westchester Division
Salvatore Campofranco, Executive
Vice President & COO