(WHITE PLAINS, NEW YORK, March 2004) - Reckson Associates Realty Corp. (NYSE: RA) recently hosted the local brokerage community at 5 International Drive, which is located in the Reckson Executive Park at the Village of Rye Brook. At the event, the Company recognized some of the Westchester/Fairfield region's finest real estate professionals with its annual 2003 awards. The event also gave Reckson the opportunity to showcase its newly completed repositioning efforts at the facility. Reckson just finished a repositioning program at the 90,000-square-foot Class A office building including a new plaza with stone pavers, lush landscaping and a revitalized lobby with travertine marble, stainless steel accents and sophisticated lighting.

Reckson's "Deal of the Year" award went to George Lambros III and Patrick Colwell of Cushman & Wakefield for the 1055 Washington Boulevard acquisition, a 181,800-square-foot, 10-story, Class A office building. This was an UPREIT transaction of the 100 percent interest in the property. Both Lambros and Colwell are senior directors with Cushman & Wakefield's Stamford office.

In addition, Reckson's 2003 "Broker of the Year" award was given to Richard Leroy of Delphi Commercial Properties for the approximately 60,000-square-foot Weston Group North America transaction at 520 White Plains Road at Reckson's Tarrytown Corporate Center. Reckson also recognized Gil Ohls of Newmark & Company Real Estate, Inc. for the 11,000-square-foot Clarus Corporation and Kanders & Company, Inc. transaction for the top floor of One Landmark Square

"One of the cornerstones of our continued success in the marketplace is our outstanding relationships with the brokerage community and we are proud to once again recognize their efforts in the Westchester/Fairfield marketplace," stated Greg Caggainello, Co-Director of Reckson's Westchester/CT Division. "We are delighted to acknowledge the achievements of George Lambros III, Patrick Colwell, Richard Leroy and Gil Ohls. In 2003, Reckson Associates was able to outperform the marketplace in large part due to the transactions executed by these top professionals."

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 86 properties comprised of approximately 15.5 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.

Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, NY 11747
(631) 622-6746 (Phone)
(631) 622-6790 (Facsimile)
Contact: Greg Caggainello, Co-Director Westchester/Ct Division
T: (914) 872-4753

Beckerman Public Relations
Contact: Mira Matic (Media)
(908) 781-6420