Company closes over 60,000 SF of leasing transactions

STAMFORD, CT (November 5, 2004) Reckson Associates Realty Corp. (NYSE: RA) continued its strong leasing performance in the Connecticut marketplace during the third quarter of 2004. In total, Reckson Associates closed 64,342 square feet of leases within its Connecticut portfolio during the third quarter, which brings the total leasing activity in the Connecticut region to 315,051 square feet in 2004. Reckson Associates' outstanding leasing performance throughout its Connecticut, New York City, Long Island, Westchester and New Jersey markets, which totals over 2.2 million square feet to date in 2004, 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 Connecticut during the third quarter include:

• Finn Dixon renewed its 19,000-square-foot lease at One Landmark Square in Stamford. In addition, Asbury Auto signed a renewal at One Landmark Square, and InSearch Worldwide Corporation signed a renewal and expansion, as well. One Landmark Square is a 299,000-square-foot office building spanning 22 floors and offers tenants 24/7 access and security, award-winning Reckson Associates on-site management, concierge services and easy access to Interstate 95 and Merritt Parkway.
• Silgan Holdings, Inc. signed an early renewal and expansion to total 12,060 square feet at Four Landmark Square in Stamford. Spanning five floors and totaling 104,446 square feet of space, Four Landmark Square offers on-site, award-winning management, a full-service health club, as well as a nine-screen movie theater and is located in close proximity to Interstate 95 and Merritt Parkway.

Additionally, at Three Landmark Square, Dennis Associates, Inc. signed a renewal and expansion and John Lasko, CPA signed a lease here. In addition, D&D Partners; Wind River Associates; Collinson Howe and C.L. Frates Reinsurance all signed leases at 1055 Washington Boulevard in Stamford.

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 87 properties comprised of approximately 15.9 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: Greg Caggainnello, SVP,
Contact: Anna Ciringione (Media)
Co-Director, Westchester/Connecticut
(908) 781-6420
John Barnes, SVP, Co-Director,
Westchester/Connecticut
Salvatore Campofranco, Executive
Vice President & COO