Growing Economy and Flight to Quality Generates Results

STAMFORD, CT (August 16, 2004) Reckson Associates Realty Corp. (NYSE: RA) has reported substantial leasing activity during the first half of 2004, having closed a significant number of transactions, representing 250,709 square feet of space within its Connecticut portfolio.

By offering our tenants the best workplace environments in the market, we continue to successfully attract and retain tenants throughout our Connecticut portfolio, said Senior Vice Presidents and Co-Directors of the Company's Connecticut region, Greg Caggainello and John Barnes. Our leasing results during the first half of 2004 clearly reflect that the economy is gaining momentum and with the demand increasing, we are experiencing a decline in our vacancy rates. Reckson, as the Landlord of Choice in the region, is perfectly positioned to take advantage of this very favorable business environment.

Highlights recorded for the first half of 2004:

• Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), an international law firm, renewed its lease for 62,000 square feet of space at 1055 Washington Boulevard in Stamford. 1055 Washington Boulevard is a 10-story, Class A office facility, offering tenants a number of desirable amenities, including 24/7 access and security, an outdoor plaza and conference center, private tenant shuttle to commuter rail and unparalleled views of downtown Stamford and Mill River.

• At Four Landmark Square in Stamford, part of the Landmark Square office complex spanning approximately 800,000 square feet in six buildings, Watson Wyatt & Company, a global consulting firm focused on human capital and financial management, is renewing its 22,450-square-foot lease. The facilities feature first-class amenities, including on-site management, 24/7 access and security with concierge services, full-service health club and gourmet café, private tenant shuttle service to commuter rail, tailor, dry cleaner and a nine-screen movie theater.

Additionally, Rosenblum & Tannenbaum renewed its lease at One Landmark Square, Outten & Golden LLP signed a new lease at Four Landmark Square, and Blaire Corporation and New York Sports Club, both renewed leases at Six Landmark Square.

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 85 properties comprised of approximately 15.4 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.

Reckson Associates Realty Corp.
Four Landmark Square
Stamford, CT 06901
(203) 363-2500 (Phone)
(203) 328-7977 (Facsimile)

Contact: Greg Caggainnello, SVP,
Co-Director, Westchester Division
John Barnes, SVP, Co-Director,
Westchester Division
Contact: Anna Ciringione (Media)
Beckerman Public Relations
(908) 781-6420