(MELVILLE, NEW YORKDecember 24, 2001) Reckson Associates Realty Corp. has announced its 2001 Broker of the Year awards at its 277,081 square foot Class A property, Reckson Executive Park at 58 South Service Road in Melville. The gala event was well-attended by over 250 dignitaries and industry professionals.

Each year, Reckson Associates recognizes the best in real estate professionalism in each of its regions- key persons who contribute to our Company's success, notes Mitchell Rechler, Co-President, Reckson Associates. The 2001 Broker of the Year awards acknowledge these outstanding efforts.

Reckson selected James Frank of Insignia/ESG for the successful long-term office lease transaction with Hain Celestial Group at 58 South Service Road. Hain, the natural and organic food company, had been a long-term Reckson tenant at 50 Charles Lindbergh Boulevard, Uniondale. The company's merger with another industry leader, Celestial Seasonings, brought about a need for expansion. After a comprehensive search, the company relocated to Reckson Executive Park, doubling its previous space requirements. Martin Lomazow, also of Insignia/ESG, partnered with James Frank on this transaction.

Richard Cohen of Ashlind Properties won his industrial Long Island Broker of the Year award for representing Genco Auto Electric, who leased Reckson's entire 65,000 square foot 42 Windsor Place, in Central Islip for its headquarters. Genco manufactures, warehouses and distributes electrical automobile components.

The Broker of the Year awards were presented by Kenneth W. Bauer, Senior Vice President, Reckson Associates. Reckson values the expertise and creative-thinking that Jim, Marty and Richard have demonstrated in skillfully negotiating the Hain Celestial and Genco lease agreements, Bauer notes. Their talents and dedication have produced successful transactions.

Reckson Executive Park offers a first-class office environment in a 33.5 acre campus-style office park, surrounded by 100 acres of passive parkland. Amenities discriminating tenants require include: an on-site Internet server connection, technologically advanced fiber optics, hi-tech conference/training facility, restaurant/café, and a state of the art fitness center. In addition, the property will have 2,172 parking spaces with 51 underground spaces per building.

Reckson Executive Park's prime location sits on the border of Nassau and Suffolk County and is located within the premier Melville business community. The new park's location will provide immediate east and westbound access to the Expressway at Exit 48, and is convenient to hotels, restaurants and retail.

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 182 properties comprised of approximately 20.6 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

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:

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