Reckson Appoints Philip M. Waterman III -"Tod"- Managing Director Of New York City Division.

MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 22, 1999--

Former Tishman Speyer Properties Managing Director

Reckson Associates Realty Corp. (NYSE: RA) has announced the appointment of Philip M. Waterman III ("Tod") as Senior Vice President and Managing Director of Reckson's New York City division, known as Metropolitan Partners. Mr. Waterman will assume the role of senior executive in charge of Reckson's New York City operations. Reckson recently announced the acquisition of Tower Realty Trust, a New York based company which owns 2.3 million square feet of office properties in Manhattan.

Prior to joining Reckson, Mr. Waterman spent 12 years with Tishman Speyer Properties. Most recently Mr. Waterman served as a Managing Director in Tishman Speyer's New York office and was responsible for overseeing domestic leasing efforts for the Company's 38 million square foot portfolio, including 17 million square feet in New York City. During Mr. Waterman's tenure at Tishman Speyer Properties, he served in various capacities including overseeing the Los Angeles and San Francisco offices and was a member of Tishman Speyer's Management Committee which is responsible for investment decisions. Most recently, Mr. Waterman was one of two Managing Directors responsible for the repositioning, leasing and marketing of Rockefeller Center, New York City's landmark office and retail center.

"We are extremely pleased to have been able to retain such a highly experienced New York City real estate professional," commented Scott Rechler, Reckson's President and Chief Operating Officer. Rechler continued, "Our goal was to attract someone that had the New York City experience and relationships required to successfully manage a New York City real estate company. Tod's background with Tishman Speyer Properties satisfied those requirements extremely well."

Mr. Waterman is expected to join Reckson on March 1, 1999 at which time he will immediately begin to lead Reckson's integration efforts of the Tower portfolio. Mr. Waterman will also commence working with the Managing Directors of Reckson's Long Island, Westchester, Connecticut and New Jersey divisions to coordinate efforts to realize leasing and other operating efficiencies between these markets. Mr. Waterman received a B.A. from the University of Michigan. He is a member of The Real Estate Board of New York, Urban Land Institute, International Development Research Council and National Association of Corporate Real Estate Executives.

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. Since the completion of its initial public offering in May 1995, Reckson has acquired or contracted to acquire approximately $1.3 billion of properties comprising approximately 17.5 million square feet of space, excluding Reckson's pending acquisition of Tower Realty Trust, Inc.

Reckson is one of the largest publicly-traded owners and managers of Class A office and industrial properties in the New York City "Tri-State" area, with 207 properties comprised of approximately 22 million square feet either owned and controlled, directly or indirectly, or under contract, excluding Reckson's pending acquisition of Tower Realty Trust, Inc.

This information contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties in the tri-state area; interest rate levels; the availability of financing; 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 which could impact the Company, reference is made to the Company's filings with the Securities and Exchange Commission.