Company reports nearly 600,000 square feet in completed transactions for 2003

(MELVILLE, NEW YORK, January 6, 2004) Reckson Associates Realty Corp. (NYSE: RA) recently held its annual holiday gala at Reckson Executive Park, 58 South Service Road in Melville, New York. This event, which was attended by more than 265 of the region's most respected industry professionals, corporate executives and municipal leaders, celebrated Reckson Associates' successful year in 2003. The Company's Long Island offices generated significant results recording nearly 593,000 square feet of lease transactions.

Reckson Associates presented its annual Deal of the Year award to Jerry Guerra of Paragon Group, LLC. Guerra negotiated the complex, 45,699 square-foot three-phase expansion on behalf of State Farm Mutual at 1305 Walt Whitman Road in Melville, Long Island. State Farm will eventually occupy over 106,000 square feet at the property.

In addition, Carmine Inserra of NAI Long Island was recognized as Reckson Associates' Broker of the Year for the successful completion of a new lease representing Congdon, Flaherty, O'Callaghan, Reid, Donlon, Travis & Fishlinger & Wright Risk Management Company, Inc., for 54,780 square feet at the Company's flagship OMNI property, located at 333 Earle Ovington Boulevard in Mitchell Field, Long Island.

We congratulate and wish to recognize both Jerry Guerra and Carmine Inserra on their successful transactions and their continued commitment to the industry. At Reckson Associates, one of the cornerstones of our business philosophy is our relationships in the commercial real estate industry and we are proud to host this event to recognize their achievements and ongoing support.

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 15.6 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 and industrial/R&D 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, 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.

Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, NY 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: Ken Bauer, SVP, Co-Director LI Region

Beckerman Public Relations
Media Contact: Mira Matic
(908) 781-6420 (phone)
mira@beckermanpr.com