<PAGE>

                                                                    Exhibit 10.4


                      AGREEMENT FOR EXTENSION OF EMPLOYMENT
                          AND NONCOMPETITION AGREEMENT

         AGREEMENT FOR EXTENSION OF EMPLOYMENT AND NONCOMPETITION AGREEMENT,
dated May 9, 2006, by and between Scott Rechler (the "Executive") and Reckson
Associates Realty Corp. (the "Employer").

         Reference is made to that certain (i) Amendment and Restatement of
Employment and Noncompetition Agreement (the "Employment Agreement"), dated as
of August 15, 2000, by and between the Executive and the Employer; (ii)
Agreement for Extension of Employment and Noncompetition Agreement (the "Initial
Extension Agreement"), dated September 27, 2005, by and between the Executive
and the Employer; (iii) Agreement for Extension of Employment and Noncompetition
Agreement (the "Second Extension Agreement"), dated December 6, 2005, and (iv)
Agreement for Extension of Employment and Noncompetition Agreement (the "Third
Extension Agreement"), dated February 14, 2006.

         WHEREAS, the Initial Extension Agreement extended the term of the
Employment Agreement in all respects through and including December 31, 2005;

         WHEREAS, the Second Extension Agreement extended the term of the
Employment Agreement in all respects through and including February 28, 2006;

         WHEREAS, the Third Extension Agreement extended the term of the
Employment Agreement in all respects through and including April 30, 2006;

         WHEREAS, in accordance with the terms of the Executive's Amended and
Restated Severance Agreement (the "Severance Agreement"), dated as of August 15,
2000, by and between the Executive and the Employer, the term and duration of
the Executive's Severance Agreement shall be identical to the term and duration
of the Employment Agreement;

         WHEREAS, the Executive and the Employer wish to further extend the term
of the Employment Agreement in all respects through and including June 30, 2006.

         NOW, THEREFORE, the Executive and the Employer hereby agree as follows:

         1. The term of the Employment Agreement is extended through and
including June 30, 2006. The Employment Agreement shall terminate on July 1,
2006 unless extended for such period or periods, if any, as agreed to by the
Executive and the Employer.

         2. In accordance with the foregoing, all rights, duties and obligations
set forth under the Employment Agreement shall be in full force and effect
through and including June 30, 2006.



                            [SIGNATURES ON NEXT PAGE]
<PAGE>

         IN WITNESS WHEREOF, this Agreement for Extension of Employment and
Noncompetition Agreement is entered into as of the date first set forth above.

                              RECKSON ASSOCIATES REALTY CORP.



                              By:      /s/ Jason Barnett
                                 -----------------------------------------------
                                       Name:  Jason Barnett
                                       Title:  Senior Executive Vice President--
                                               Corporate Initiatives and General
                                               Counsel



                              /s/ Scott Rechler
                              --------------------------------------------------
                              Scott Rechler


                                       2