World's Largest Beer Importer To Occupy 63,436 Square Feet

(TARRYTOWN,NEW YORK August 1, 2000) - Reckson Associates Realty Corp. has announced that its flagship Westchester building Reckson Metro Center, at 360 Hamilton Avenue, has become the new United States headquarters for Heineken USA Inc. The company, America's largest beer importer, has leased 63,436 square feet; the entire 11th and 12th floors at Reckson Metro Center. This transaction marks the 10th substantial lease within the 380,000 square foot building, and brings the property to an 85 percent occupancy level within only eight months since its opening last December. Reckson's Class A portfolio in Westchester, is the largest in the County, with 29 properties totaling 3.6 million square feet.

The transaction at Reckson Metro Center gives Heineken much needed additional space for its U.S. headquarters, noted Dan Tearno, Vice President of Corporate Affairs. The company will set up its new U.S. headquarters and regional sales office at Reckson Metro Center with approximately 100 employees and expects to grow substantially within the next five years, approximately doubling that staff size. Heineken USA is a wholly owned subsidiary of Heineken NV of the Netherlands. Heineken NV is the world's second largest brewer.

The location of Reckson Metro Center was a prime selling factor for the company, which for the past five years has leased space elsewhere in White Plains, Tearno added. "We think of White Plains as our corporate home," he said. Tearno noted that Heineken is happy to have found the space they need in White Plains, within a state of the art building utilizing a much more efficient layout.

Tearno added that the strong technological capabilities of Reckson Metro Center was also an attractive point for Heineken, as was the upscale atmosphere. Bob Giglio, Senior Director of Cushman & Wakefield, noted that his company shares Heineken's enthusiasm for Reckson Metro Center. "We believe 360 Hamilton provides the greatest opportunity for future growth," Giglio said. "This is a first-class building in an excellent location and offers attractive tenant amenities including media and conference rooms, a health club and an upscale restaurant."

The growing tenant roster has consistently contained high-profile companies, including The Prudential Insurance Company of America, Redi Corporation; Metromedia Fiber Network Services, Inc. (MFN); Merrill Lynch, Pierce, Fenner & Smith, Inc.; Gelco Information Network, Inc.; NorthEast Optic Network, Inc. (NEON); and CMGI Solutions, Inc.

"The momentum at Reckson Metro Center has been incredible," said Salvatore Campofranco, Managing Director of Reckson's Westchester region. "In the space of just nine months, signed leases and commitments total over 85% of the building. We are equally impressed with the quality of tenants coming to Reckson Metro Center. All of our new tenants will be in occupancy by October 2000. This is a very exciting time for Reckson and the City of White Plains seeing this building come alive after being empty for more than ten years."

Reckson Metro Center has been recreated from the inside out through Reckson's $50 million dollar value creation project, which included $15 million earmarked for construction and renovation. Among the building's new features, is a sophisticated new streetscape utilizing three tones of granite and arched accents, and serving as an anchor to the 12-story reflective glass tower that rises above it.

The building's other new features include a newly created lobby, incorporating incredible finishes and sophisticated designs, as well as an interactive multi-media data center for visitors. The list of other amenities at Reckson Metro Center include meeting rooms equipped with global video conferencing, high-speed Internet access, a teleconferencing auditorium with seating for 140, a private VIP boardroom. Tenants can also benefit from concierge services, 24-hour access, excellent broad bandwidth and riser capacity, a state-of-the-art energy management system, full-service health club, cafe and executive dining in two distinct areas.

Reckson Metro Center provides tenants with a prime location, in the heart of White Plains' Central Business District, within walking distance of entertainment, dining, arts and shopping opportunities. To enhance Metro Center's accessibility, Reckson will offer tenants private shuttle service to the Trans Center, and other downtown amenities.

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in acquisition, leasing, financing, management and development of office and industrial properties.

Reckson's core growth strategy is focused on the suburban markets surrounding and including New York City. Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire or developed approximately $2.1 billion of properties comprising approximately 15.8 million square feet of space.

Reckson Associates is one of the largest publicly-traded owners and managers of Class A suburban office and industrial properties in the New York City "Tri-State" area, with 185 properties comprised of approximately 20.3 million square feet either owned and controlled, directly or indirectly, or under contract. For additional information on Reckson Associates Realty Corp. please visit the Company's Web site at www.reckson.com

Contact:

Salvatore Campofranco
Managing Director
Westchester Division
(914) 332-0600

or

Mitchell Rechler
Co-Chief Operating Officer
(631) 694-6900