(WHITE PLAINS, NEW YORKMay 14, 2002) Reckson Associates has announced 64,572 square feet in new leases and renewals at the Company's Valhalla and Village of Rye Brook properties. For Reckson, tenants are priority one. Both the new lease transactions and renewals with Fortune 100 as well as cutting-edge firms underscore this commitment. Countywide, Reckson's portfolio is over 95% occupied. Reckson's Westchester Class A marketshare is the largest in the County, with 25 buildings totaling 3.3 million square feet.

In Valhalla, at the 3 building, 699,045 square foot, Reckson Summit, Philips Electronics North America Corporation has joined the tenant roster at 100 Summit, leasing 20,866 square feet. Philips rates ninth on Fortune's list of global top electronics corporations, and is a world leader in digital technology. The company's management appreciates the Reckson Summit's Class A amenities as well as its easy access to all major transportation routes. Esio Berrettini of Berco Realty, Inc., represented the tenant for this transaction. At 200 Summit Lake Drive, Hartford Fire Insurance Company, the leading fire insurance carrier, has renewed its lease for 4,940 square feet. Colin Reilly of Insignia/ESG served as broker in this lease agreement. Also in Valhalla, at 115 Stevens Avenue, the educational services firm of Provant Vertical Market Solutions has signed a new lease for 4,123 square feet. The company resolves performance-based corporate challenges by providing customized integrated solutions. The company will benefit from the high-caliber corporate enclave in the region and will also draw from the well-educated local employee pool.

The Reckson Summit office park, located on 102 wooded acres, features three architecturally distinct buildings with spectacular views, extensive landscaping and structured parking. The buildings offers such amenities as four-story atrium lobbies, dramatic waterfalls, 24-hour/7-day access, computerized HVAC systems, high-speed internet access, dining and catering facilities, fitness centers, shuttles to local train stations as well as quick access to 684 and the Sawmill River Parkway.

At Reckson Executive Park, Village of Rye Brook, The Compass Group, a large-scale banquet and concession caterer has renewed its lease for 31,844 square feet at 3 International Drive. Maureen O'Boyle of Cushman & Wakefield represented the tenant in this transaction. And, at 6 International Drive, The Guardian Life Insurance Company of America, has renewed its lease for 2,799 square feet.

Reckson Executive Park in the Village of Rye Brook is a 6-building, Class A corporate complex on 76 acres on the Westchester/Greenwich border. The complex is fully-amenitized and easily accessible to all major interstates and highways, such as I-287, the Merritt, Hutchinson River Parkway and I-95. The property is adjacent to the Doral Arrowwood Conference Facility and is surrounded by a world-class list of corporate neighbors such as Pepsico, IBM, MBIA and Transamerica.

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 181 properties comprised of approximately 20.6 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 we believe 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; changes in the supply of and demand for office and industrial 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 release 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 costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; 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 is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update or supplement information contained in this press release that subsequently becomes untrue.

Contact:

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

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