Reckson Reports Active Leasing During 4th Quarter of 2004 and Breaks Ground on Final Phase of Reckson Executive Park

MELVILLE, NY (February 15, 2005) Reckson Associates Realty Corp. (NYSE: RA) has announced it has maintained its market leadership position on Long Island during the 4th quarter in 2004. Reckson Associates' strong leasing performance throughout its Long Island, New York City, Westchester, Connecticut and New Jersey markets 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 Long Island during the fourth quarter of 2004 include:

• The groundbreaking of the second and final phase of Reckson Executive Park at 68 South Service Road in Melville, a 277,000 square foot facility, which completes the twin building, 554,000 square foot Class A office development, in Melville, Long Island. The Company hosted its topping-off ceremony in early January and expects project completion in early Fall 2005.
• The acquisition of 300 Broadhollow Road in Melville, Long Island, a 260,500 square foot, Class A office facility, situated at the intersection of Route 110 and the Long Island Expressway. In addition, Staffing Resources and Olympic Software International renewed their lease agreements at the building.
• At 48 South Service Road, UTI United States relocated within the Reckson portfolio from 1660 Walt Whitman Road, expanding its lease agreement to 13,500 square feet of space at the prestigious Melville Executive Corporate Center. The four-story, 125,372 square foot Class A building, which is located at the border of Nassau and Suffolk Counties, offers a computerized building energy system, individual HVAC zoning, high-speed broadband Internet connectivity and technologically advanced fiber optics as well as cafe, health club and conference room available.
• E-Trade Bank signed a new lease agreement for 4,692 square feet at 395 North Service Road in Melville. The four-story Class A property offers tenants a health club and café, as well as a conference/media room.
• At 6800 Jericho Turnpike at North Shore Atrium in Syosset, Reckson renewed lease agreements with Corporate Search, Erase Racism, Inc. and Long Island Planning Group. Features available at the Class A, two-building complex include two passenger elevators, full fitness center with racquetball courts, a new, four-star restaurant and café, a newly renovated lobby and a boardroom. The facility is located between Route 135 and Routes 106 and 107.

Additional leases throughout Reckson Associates' Long Island portfolio during the fourth quarter were signed by Jackson Lewis, LLP at Reckson Executive Park at 58 South Service Road, a 277,081 square foot facility within Reckson Executive Park; Park Electrochemical Corp. at 48 South Service Road; and Select Nutrition Distribution at 50 Charles Lindbergh Boulevard within the Nassau West Corporate Center in Uniondale.

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 89 properties comprised of approximately 16.3 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) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Beckerman Public Relations
Contact: Michael Beckerman (Media)
(908) 781-6420
Contact: Ken Bauer, Senior Vice President,
Co-Director LI Region
Salvatore Campofranco, Executive
Vice President & COO
Walter Smith, Senior Vice President,
Co-Director LI Region