Document:

Exhibit 10.1

                           AMENDMENT NO. 2 TO THIRD
                           ------------------------
                     AMENDED AND RESTATED CREDIT AGREEMENT
                     -------------------------------------

     This AMENDMENT NO. 2 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this
"Amendment No. 2") is made as of June 20, 2005 by and among (a) Reckson
Operating Partnership, L.P. (the "Borrower"), (b) the Lenders party hereto,
and (c) JPMorgan Chase Bank, N.A. (f/k/a JPMorgan Chase Bank) as
Administrative Agent (in such capacity, the "Administrative Agent") for the
Lenders.

     WHEREAS, the Borrower, the Lenders and the Administrative Agent are
parties to a Third Amended and Restated Credit Agreement dated as of August 6,
2004, as amended by Amendment No. 1 to Third Amended and Restated Credit
Agreement, dated as of May 11, 2005 (as so amended, the "Credit Agreement"),
pursuant to which the Lenders have agreed to make loans to the Borrower on the
terms and conditions set forth therein; and

     WHEREAS, the Borrower has requested that the Lenders amend certain
provisions of the Credit Agreement, and the Lenders party hereto are willing
to so amend certain provisions of the Credit Agreement on the terms and
conditions set forth herein;

     NOW, THEREFORE, in consideration of the foregoing premises, and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and fully intending to be legally bound by this Amendment
No. 2, the parties hereto agree as follows:

     1. Definitions. Capitalized terms used herein without definition shall
have the meanings assigned to such terms in the Credit Agreement.

     2. Amendments to Credit Agreement. As of the Effective Date (as defined
in ss.4 hereof) the Credit Agreement is amended as follows:

          2.1. Amendments to Section 1.1. Section 1.1. is hereby amended as
     follows:

               2.1.1. The definition of the term "Adjusted Unencumbered NOI"
          is hereby amended by restating the proviso at the end of such
          definition to read as follows:

               "provided, clause (ii) above shall not exceed twenty percent
          (20%) of Adjusted Unencumbered NOI; clause (iii) above shall not
          exceed ten percent (10%) of Adjusted Unencumbered NOI; and clause

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                                     -2-

          (iv) above shall not exceed fifteen percent (15%) of Adjusted
          Unencumbered NOI."

               2.1.2. The definition of the term "Applicable Margin" is hereby
          amended by deleting the table set forth therein in its entirety and
          substituting the following table in place thereof:

                      Range of                 Applicable        Applicable
                   the Borrower's           Margin for Euro      Margin for
                   Credit Rating              Dollar Loans        Base Rate
                    (S&P/Moody's             (% per annum)          Loans
                  or other Ratings)          -------------      (% per annum)
                  -----------------                             -------------

          A-/A3 or their equivalent or             0.50               0
          higher
          BBB+/Baa1 or their equivalent           0.525               0
          BBB/Baa2 or their equivalent             0.60               0
          BBB-/Baa3 or their equivalent            0.80               0
          Below BBB-/Baa3 or their                 1.10               0
          equivalent or unrated

               2.1.3. The definition of the term "Base Rate Loan" is hereby
          amended by inserting the words "or a Swingline Loan" at the end of
          clause (i) of such definition after the words "Section 5.1(a)".

               2.1.4. The definition of the term "Capital Expenditure Coverage
          Reserve Amounts" is hereby amended by inserting the words ";
          provided that all properties that are subject to a Triple Net Lease
          shall be excluded from the foregoing calculation of the Capital
          Expenditure Coverage Reserve Amounts" at the end of such definition
          after the word "Assets".

               2.1.5. The definition of the term "Capital Expenditure
          Valuation Reserve Amounts" is hereby amended by inserting the words
          "; provided that all properties that are subject to a Triple Net
          Lease shall be excluded from the foregoing calculation of the
          Capital Expenditure Valuation Reserve Amounts" at the end of such
          definition after the word "Assets".

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               2.1.6. The definition of the term "Indebtedness" is hereby
          amended by inserting the words ", other than any undrawn letter of
          credit to the extent that such letter of credit supports any
          Contractual Obligation with a term of less than ninety (90) days,"
          at the end of clause (a)(iii) of such definition.

               2.1.7. The definition of the term "Lender" is hereby amended by
          inserting the following sentence at the end of such definition:

               "Unless the context otherwise requires, the term "Lenders"
          includes the Swingline Lender."

               2.1.8. The definition of the term "Loans" is hereby amended and
          restated in its entirety as follows:

               ""Loans" means Committed Loans, Competitive Bid Loans and
          Swingline Loans."

               2.1.9. The definition of the term "New York City Asset" is
          hereby amended and restated in its entirety as follows:

               ""New York City Asset" means (i) Real Property which is Class A
          office property located in the borough of Manhattan, New York, New
          York or (ii) Real Property which is Class A office property located
          in any other borough of New York, New York and is substantially
          similar to Class A office properties located in the borough of
          Manhattan, New York, New York, and in each case which is owned or
          ground-leased by one of the Consolidated Businesses or Joint
          Ventures."

               2.1.10. The definition of the term "Note" is hereby amended and
          restated in its entirety as follows:

               ""Note" means any of the Borrower Notes, the Designated Lender
          Notes and any promissory notes issued to the Swingline Lender;
          "Notes" means, collectively, all of such Notes outstanding at any
          given time."

               2.1.11. The definition of the term "Revolving Credit
          Commitment" is hereby amended by inserting the words "and Swingline
          Loans" after the words "Letters of Credit" in the second line of
          such definition.

               2.1.12. The definition of the term "Revolving Credit
          Obligations" is hereby amended by inserting the words ", plus (iv)
          the

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          outstanding principal amount of the Swingline Loans at such time" at
          the end of such definition immediately after the word "time".

               2.1.13. The definition of the term "Revolving Credit
          Termination Date" is hereby amended by deleting the date "August 6,
          2007" in the first line of such definition and replacing it with the
          date "August 6, 2008".

               2.1.14. The definition of the term "Total Unencumbered Value"
          is hereby amended by restating the second sentence of the second
          paragraph of such definition to read as follows:

               "Clause (iii) shall not exceed ten percent (10%) of Total
          Unencumbered Value."

               2.1.15. The definition of the term "Total Value" is hereby
          amended and restated in its entirety as follows:

               ""Total Value" means (a) the sum of (i) Valuation NOI divided
          by (A) seven and one-half percent (7.50%) for all New York City
          Assets, (B) eight and three-quarter percent (8.75%) for all other
          office Real Property, and (C) nine percent (9.00%) for industrial
          Real Property; (ii) the Investment in office and industrial Projects
          owned or ground-leased by the Consolidated Businesses for less than
          four fiscal quarters; (iii) unrestricted Cash and Cash Equivalents;
          (iv) land cost (at book value) and Construction Asset Cost, which
          credit will be limited to fifteen percent (15%) of Total Value
          (exclusive of build-to-suit Projects that are seventy-five percent
          (75%) pre-leased or Projects which are less than seventy-five
          percent (75%) pre-leased but have a pro-forma yield of ten percent
          (10%) or more, based upon executed leases and the cost of
          acquisition plus the estimated cost to complete the same, which
          estimated cost to complete shall be determined in a manner
          reasonably acceptable to the Administrative Agent and the
          Syndication Agent); (v) NOI from all other Real Property not
          otherwise set forth in this definition, divided by twelve percent
          (12%); (vi) Servicing EBITDA of the Management Company or other such
          service companies for the immediately preceding four (4) consecutive
          quarters, divided by twenty percent (20%); (vii) any investment in
          or loan to (based on the actual cash investment in or loan to),
          directly or indirectly, an affiliated or unaffiliated operating
          company and investments in or loans to Investment Funds either
          directly or indirectly or joint venture arrangements with Investment
          Funds, which credit will be limited to $100,000,000 (valued at the
          lower of cost or market in accordance with GAAP), other than (x)
          investments in, loans to, or joint venture arrangements with Joint
          Ventures and (y)

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                                      -5-

          Performing Notes; (viii) Performing Notes, which credit will be
          limited in the aggregate to fifteen percent (15%) of Total Value;
          and (ix) Eligible Cash 1031 Proceeds;

               less (b) the quotient of the Capital Expenditure Valuation
          Reserve Amounts for such period, divided by (A) seven and one-half
          percent (7.50%) for all New York City Assets, (B) eight and
          three-quarter percent (8.75%) for all other office Property, and (C)
          nine percent (9.00%) for industrial Property;

               provided, the sum of items (a) (iv), (vii) and (viii) above
          shall not exceed twenty-five percent (25%) of Total Value."

               2.1.16. The following new definitions shall be inserted in
          Section 1.1. in proper alphabetical order:

               ""Swingline Lender" means JPMorgan Chase Bank in its capacity
          as the lender of Swingline Loans hereunder, and its successors in
          such capacity."

               ""Swingline Loan" means a Loan made pursuant to Section 2.7."

               ""Triple Net Lease" means a Lease representing all or
          substantially all of the rentable area of a Property where the
          tenant is responsible for real estate taxes and assessments, repairs
          and maintenance, insurance and other expenses relating to such
          Property provided, that adequate insurance is maintained for such
          Property either by the tenant, the Borrower, the Company, a
          Subsidiary or a Joint Venture."

          2.2. Amendments to Section 2.1. Section 2.1. is hereby amended as
     follows:

               2.2.1. Subsection 2.1(a) is hereby amended by inserting the
          following sentence after the last sentence of Subsection 2.1.(a):

               "Each Swingline Loan shall be in an amount that is not less
          than $5,000,000."

               2.2.2. Subsection 2.1(c) is hereby amended by deleting the word
          "and" immediately before Subsection 2.1(c)(y) in the fourth line
          thereof and replacing it with a comma. Subsection 2.1(c) is hereby
          further amended by inserting the words "and (z) no later than 2:00
          p.m. (New York time) in the case of a Borrowing of Swingline Loans,
          as

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                                      -6-

          provided in Section 2.7(b)" immediately after the first reference to
          "Eurodollar Rate Loans" in the sixth line thereof.

               2.2.3. Subsection 2.1(d) is hereby amended by inserting the
          words "(or 1:00 p.m. in the case of participations in Swingline
          Loans)" after the words "12:00 noon" in the eighth line thereof.
          Subsection 2.1(d) is hereby further amended by inserting the words
          ", provided that Swingline Loans shall be made as provided in
          Section 2.7" at the end of the second sentence of such subsection.

          2.3. Section 2.7. A new Section 2.7 shall be inserted immediately
     after Section 2.6 and shall read as follows:

          "2.7. Swingline Loans. (a) Subject to the terms and conditions set
     forth herein, the Swingline Lender agrees to make Swingline Loans to the
     Borrower from time to time during the Revolving Credit Period, in an
     aggregate principal amount at any time outstanding that will not result
     in (i) the aggregate principal amount of outstanding Swingline Loans
     exceeding $50,000,000 or (ii) the Revolving Credit Obligations exceeding
     the Maximum Revolving Credit Amount; provided that the Swingline Lender
     shall not be required to make a Swingline Loan to refinance an
     outstanding Swingline Loan. Within the foregoing limits and subject to
     the terms and conditions set forth herein, the Borrower may borrow,
     prepay and reborrow Swingline Loans.

          (b) To request a Swingline Loan, the Borrower shall notify the
     Administrative Agent of such request by telephone (confirmed by
     telecopy), not later than 2:00 p.m., New York City time, on the day of a
     proposed Swingline Loan. Each such notice shall be irrevocable and shall
     specify the requested date (which shall be a Business Day and may be the
     same day as the request) and amount of the requested Swingline Loan. The
     Administrative Agent will promptly advise the Swingline Lender of any
     such notice received from the Borrower. The Swingline Lender shall make
     each Swingline Loan available to the Borrower by means of a credit to the
     general deposit account of the Borrower with the Swingline Lender by 3:00
     p.m., New York City time, on the requested date of such Swingline Loan.

          (c) The Swingline Lender may by written notice given to the
     Administrative Agent not later than 10:00 a.m., New York City time, on
     any Business Day require the Lenders to acquire participations on such
     Business Day in all or a portion of the Swingline Loans outstanding and
     unpaid in accordance with Section 14.1(e). Such notice shall specify the
     aggregate amount of Swingline Loans in which Lenders will participate.
     Promptly upon receipt of such notice, the Administrative Agent will give
     notice thereof to each Lender, specifying in such notice such Lender's
     Pro Rata Share of such Swingline Loan or Loans. Each Lender hereby
     absolutely and unconditionally agrees, upon receipt of notice as provided
     above, to pay to the Administrative Agent, for the account of the
     Swingline Lender, such Lender's Pro Rata Share of such

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                                      -7-

     Swingline Loan or Loans. Each Lender acknowledges and agrees that its
     obligation to acquire participations in Swingline Loans pursuant to this
     paragraph is absolute and unconditional and shall not be affected by any
     circumstance whatsoever, including the occurrence and continuance of an
     Event of Default or reduction or termination of the Revolving Credit
     Commitments, and that each such payment shall be made without any offset,
     abatement, withholding or reduction whatsoever. Each Lender shall comply
     with its obligation under this paragraph by wire transfer of immediately
     available funds, in the same manner as provided in Section 2.1(d) with
     respect to Loans made by such Lender (and Section 2.1(d) shall apply,
     mutatis mutandis, to the payment obligations of the Lenders), and the
     Administrative Agent shall promptly pay to the Swingline Lender the
     amounts so received by it from the Lenders. The Administrative Agent
     shall notify the Borrower of any participations in any Swingline Loan
     acquired pursuant to this paragraph, and thereafter payments in respect
     of such Swingline Loan shall be made to the Administrative Agent and not
     to the Swingline Lender. Any amounts received by the Swingline Lender
     from the Borrower (or other party on behalf of the Borrower) in respect
     of a Swingline Loan after receipt by the Swingline Lender of the proceeds
     of a sale of participations therein shall be promptly remitted to the
     Administrative Agent; any such amounts received by the Administrative
     Agent shall be promptly remitted by the Administrative Agent to the
     Lenders that shall have made their payments pursuant to this paragraph
     and to the Swingline Lender, as their interests may appear; provided that
     any such payment so remitted shall be repaid to the Swingline Lender or
     to the Administrative Agent, as applicable, if and to the extent such
     payment is required to be refunded to the Borrower for any reason. The
     purchase of participations in a Swingline Loan pursuant to this paragraph
     shall not relieve the Borrower of any default by the Borrower in the
     payment thereof."

          2.4. Amendment to Section 4.1. Section 4.1(a) is hereby amended by
     inserting the following sentence immediately before the last sentence of
     such Section 4.1(a):

          "Swingline Loans may be prepaid provided that the Borrower notifies
     the Swingline Lender of such prepayment no later than 12:00 p.m. (New
     York time) on the date of such prepayment."

          2.5. Amendment to Section 4.3. Section 4.3(a) is hereby amended by
     inserting the following sentence immediately after the first sentence of
     such Section 4.3(a):

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                                      -8-

          "The Borrower hereby promises to pay to the Swingline Lender the
     then unpaid principal amount of each Swingline Loan on or before the
     earliest of (1) the Revolving Credit Termination Date, (2) the fifth
     Business Day after such Swingline Loan is made, (3) the last day of any
     calendar quarter, and (4) each date that another Borrowing (other than a
     Swingline Borrowing) is made."

          2.6. Amendments to Section 5.1.

               2.6.1. Section 5.1(a) is hereby further amended by inserting
          the following sentence immediately before the last sentence of such
          Section 5.1(a):

               "Each Swingline Loan shall be a Base Rate Loan."

               2.6.2. Section 5.1(b) is hereby amended by inserting the words
          "(other than a Swingline Loan)" after the phrase "Interest accrued
          on each Loan" in the first line of such Section 5.1(b). Section
          5.1(b) is hereby further amended by inserting the following sentence
          at the end of such Section 5.1(b):

               "Interest accrued on each Swingline Loan shall be calculated
          and payable in arrears on the date that such Loan is required to be
          repaid."

               2.6.3. Section 5.1(c) is hereby amended by inserting the
          following sentence immediately after the last sentence of such
          Section 5.1(c)(i):

               "This Section 5.1(c) shall not apply to Swingline Loans, which
          may not be converted or continued."

          2.7. Amendment to Section 9.5. Section 9.5 is hereby amended and
     restated in its entirety to read as follows:

          "9.5. Insurance. The Borrower shall maintain for itself and its
     Subsidiaries, or shall cause each of its Subsidiaries or tenants to
     maintain, in full force and effect the insurance policies and programs
     listed on Schedule 7.1-T or substantially similar policies and programs
     or other policies and programs as are reasonably acceptable to the
     Administrative Agent. All such policies and programs shall be maintained
     (a) with insurers having an Alfred M. Best Company, Inc. rating of "A" or
     better (or if approved by the Administrative Agent, a rating of "A-") and
     a financial size category of not less than VIII or (b) in the case of (i)
     insurance maintained by tenants, pursuant to insurance programs,
     including self-insurance, supported by creditworthy entities which do not
     satisfy clause (a) above or (ii) a program by

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                                      -9-

     which a tenant (or any guarantor of tenant) undertakes obligations that
     are substantially the same as would be covered by the insurance referred
     to in this Section, by a tenant (or any guarantor) that is a creditworthy
     entity, in each case consistent with normal industry practice and
     reasonably acceptable to the Administrative Agent; provided that a tenant
     (or any guarantor) that is, or has senior unsecured long term debt that
     is, rated at least "A" (or its equivalent) by any Rating Agency shall be
     deemed to have acceptable creditworthiness by the Administrative Agent."

          2.8. Amendments to Section 10.11.

               2.8.1. Section 10.11(a) is hereby amended by restating such
          Section 10.11(a) in its entirety to read as follows:

               "(a) Indebtedness. Neither the Borrower nor any of its
          Subsidiaries shall directly or indirectly create, incur, assume or
          otherwise become or remain directly or indirectly liable with
          respect to ("Incur") any Indebtedness, except:

                    (i) Total Outstanding Indebtedness which would not exceed
               sixty percent (60%) of Total Value as of the date of
               incurrence; provided that if the Borrower or its Subsidiaries
               shall have Incurred any Indebtedness in connection with the
               acquisition of any material Real Property during the previous
               120 days, the Borrower or its Subsidiaries may Incur
               Indebtedness (the "Incurrence") that would cause Total
               Outstanding Indebtedness to exceed sixty percent (60%) of Total
               Value so long as (x) Total Outstanding Indebtedness does not
               exceed sixty-five percent (65%) of Total Value and (y) Total
               Outstanding Indebtedness is reduced to sixty percent (60%) or
               less of Total Value within 240 days after the date of the
               Incurrence (with such reduction to be certified in writing to
               the Administrative Agent by the Borrower);

                    (ii) Total Secured Outstanding Indebtedness which would
               not exceed forty percent (40%) of Total Value as of the date of
               incurrence, or

                    (iii) Total Recourse Secured Outstanding Indebtedness
               which would not exceed ten percent (10%) of Total Value as of
               the date of incurrence."

               2.8.2. Section 10.11(b) is hereby amended by deleting the words
          "the date hereof" at the end of such Section 10.11(b) and replacing
          such words with the date "June 20, 2005".

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          2.9. Amendment to Section 12.5. Section 12.5 is hereby amended by
     restating such Section 12.5 in its entirety to read as follows:

          "12.5. Indemnification. To the extent that the Administrative Agent,
     a Documentation Agent, a Co-Agent, the Syndication Agent, the Swingline
     Lender or the Issuing Bank or any Arranger is not reimbursed and
     indemnified by the Borrower, the Lenders will reimburse and indemnify
     such Agent, the Swingline Lender or the Issuing Bank for and against any
     and all liabilities, obligations, losses, damages, penalties, actions,
     judgments, suits, and reasonable costs, expenses or disbursements of any
     kind or nature whatsoever which may be imposed on, incurred by, or
     asserted against it in any way relating to or arising out of the Loan
     Documents or any action taken or omitted by such Agent, the Swingline
     Lender or the Issuing Bank under the Loan Documents, in proportion to
     each Lender's Pro Rata Share. Notwithstanding anything to the contrary
     contained herein, the Administrative Agent, a Documentation Agent, a
     Co-Agent, the Syndication Agent, the Swingline Lender, the Issuing Bank
     or any Arranger shall not be indemnified to the extent such liabilities,
     obligations, losses, damages, penalties, actions, judgments, suits, costs
     and expenses result from such Person's gross negligence, willful
     misconduct or breach of this Article XII. Such Agent, the Swingline
     Lender or the Issuing Bank agrees to refund to the Lenders any of the
     foregoing amounts paid to it by the Lenders which amounts are
     subsequently recovered by such Agent, the Swingline Lender or the Issuing
     Bank from the Borrower or any other Person on behalf of the Borrower. The
     obligations of the Lenders under this Section 12.5 shall survive the
     payment in full of the Loans, the Reimbursement Obligations and all other
     Obligations and the termination of this Agreement."

          2.10. Amendment to Section 14.1(e). Section 14.1(e) is hereby
     amended by inserting the words "and Swingline Loans" immediately after
     the words "Committed Loans" in the fourth line of such Section 14.1(e).
     Section 14.1(e) is hereby further amended by inserting the words "and
     Swingline Loans" immediately after the words "Letters of Credit" in the
     fifth line of such Section 14.1(e).

          2.11. Amendment to Section 14.7(d). Section 14.7(d) is hereby
     amended by inserting the words ", the Issuing Bank or the Swingline
     Lender" after the words "the Administrative Agent" in the sixth line of
     such Section 14.7(d). Section 14.7(d) is hereby further amended by
     inserting the words ", the Issuing Bank or the Swingline Lender, as the
     case may be," after the words "the Administrative Agent" in the seventh
     line of such Section 14.7(d).

          2.12. Amendment to Schedules. Schedule LC is hereby amended by
     adding the words "& SWINGLINE LENDER" immediately after the words
     "ADMINISTRATIVE AGENT" in the title of Section I.

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     3. Provisions Of General Application.
        ---------------------------------

          3.1. Representations and Warranties. The Borrower hereby represents
     and warrants as of the date hereof that (a) each of the representations
     and warranties of the Borrower contained in the Credit Agreement, the
     other Loan Documents or in any document or instrument delivered pursuant
     to or in connection with the Credit Agreement or this Amendment No. 2 are
     true and correct in all material respects as of the date as of which they
     were made and are true and correct in all material respects at and as of
     the date of this Amendment No. 2 (except to the extent that such
     representations and warranties expressly speak as of a different date),
     (b) no Potential Event of Default or Event of Default exists on the date
     hereof, and (c) this Amendment No. 2 has been duly authorized, executed
     and delivered by the Borrower and is in full force and effect as of the
     Effective Date, and the agreements and obligations of the Borrower
     contained herein constitute the legal, valid and binding obligations of
     the Borrower, enforceable against it in accordance with its terms, except
     to the extent that the enforcement hereof or the availability of
     equitable remedies may be limited by applicable bankruptcy,
     reorganization, insolvency, moratorium, fraudulent transfer, fraudulent
     conveyance or similar laws now or hereafter in effect relating to or
     affecting creditors' rights generally or by general principles of equity,
     or by the discretion of any court in awarding equitable remedies,
     regardless of whether such enforcement is considered in a preceding in
     equity or at law.

          3.2. No Other Changes. Except as otherwise expressly provided or
     contemplated by this Amendment No. 2, all of the terms, conditions and
     provisions of the Credit Agreement remain unaltered and in full force and
     effect. The Credit Agreement and this Amendment No. 2 shall be read and
     construed as one agreement. The making of the amendments in this
     Amendment No. 2 does not imply any obligation or agreement by the
     Administrative Agent or any Lender to make any other amendment, waiver,
     modification or consent as to any matter on any subsequent occasion.

          3.3. Governing Law. This Amendment No. 2 shall be deemed to be a
     contract under the laws of the State of New York. This Amendment No. 2
     and the rights and obligations of each of the parties hereto are
     contracts under the laws of the State of New York and shall for all
     purposes be construed in accordance with and governed by the laws of such
     State (excluding the laws applicable to conflicts or choice of law).

          3.4. Assignment. This Amendment No. 2 shall be binding upon and
     inure to the benefit of each of the parties hereto and their respective
     permitted successors and assigns.

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                                      -12-

          3.5. Counterparts. This Amendment No. 2 may be executed in any
     number of counterparts, but all such counterparts shall together
     constitute but one and the same agreement. In making proof of this
     Amendment No. 2, it shall not be necessary to produce or account for more
     than one counterpart thereof signed by each of the parties hereto.

     4. Effectiveness of this Amendment No. 2. This Amendment No. 2 shall
become effective on the date on which the following conditions precedent are
satisfied (such date being hereinafter referred to as the "Effective Date"):

          (a) Execution and delivery to the Administrative Agent by each of
     the Lenders, the Borrower, the Guarantors and the Administrative Agent of
     this Amendment No. 2.

          (b) Execution and delivery to the Administrative Agent of (i) a
     certificate of the Borrower confirming that there have been no changes to
     its charter documents since May 11, 2005, or (ii) if there have been
     changes to the Borrower's charter document since such date, a secretary's
     certificate of the Borrower certifying as to such changes.

          (c) Delivery to the Administrative Agent of an incumbency
     certificate of the Borrower and of resolutions of the board of directors
     of the general partner of the Borrower authorizing this Amendment No. 2.

          (d) Payment to the Administrative Agent, for the accounts of the
     Agents and the Lenders, as applicable, all fees due and payable on or
     before the Effective Date and all expenses due and payable on or before
     the Effective Date, including, without limitation, reasonable attorneys'
     fees and expenses and other costs and expenses incurred in connection
     with this Amendment No. 2.

          (e) Delivery to the Administrative Agent by Fried Frank Harris
     Shriver & Jacobson LLP, as counsel to the Borrower, of an opinion
     addressed to the Lenders and the Administrative Agent in form and
     substance reasonably satisfactory to the Administrative Agent.

                 [Remainder of page left blank intentionally]

<PAGE>

     IN WITNESS WHEREOF, the undersigned have duly executed and delivered this
Amendment No. 2 as of the date first set forth above.

                                       RECKSON OPERATING PARTNERSHIP, L.P.

                                       By: Reckson Associates Realty Corp.,
                                       its general partner

                                       By: /s/ Michael Maturo
                                           ----------------------------
                                           Name:  Michael Maturo
                                           Title: Chief Financial Officer

<PAGE>

                                        JPMORGAN CHASE BANK, N.A.,
                                        individually and as Issuing Bank,
                                        Swingline Lender and Administrative
                                        Agent

                                        By:/s/ Marc E. Costantino
                                           -----------------------------------
                                           Name:   Marc E. Costantino
                                           Title:  Vice President

<PAGE>

                                         CITICORP NORTH AMERICA, INC.

                                         By: /s/ Joanne M. Craig
                                             ---------------------------------
                                             Name:  Joanne M. Craig
                                             Title: Vice President

<PAGE>

             [Remainder of Signature Pages Intentionally Omitted]Exhibit 10.2

                    AMENDMENT NO. 1 TO TERM LOAN AGREEMENT
                    --------------------------------------

      This AMENDMENT NO. 1 TO TERM LOAN AGREEMENT (this "Amendment No. 1") is
made as of June 20, 2005 by and among (a) Reckson Operating Partnership, L.P.
(the "Borrower"), (b) the Lenders party hereto, and (c) Citicorp North
America, Inc., as Administrative Agent (in such capacity, the "Administrative
Agent") for the Lenders.

      WHEREAS, the Borrower, the Lenders and the Administrative Agent are
parties to a Term Loan Agreement dated as of May 12, 2005 (the "Term Loan
Agreement"), pursuant to which the Lenders agreed to make a loan to the
Borrower on the terms and conditions set forth therein;

      WHEREAS, the Borrower has requested that the Lenders amend certain
provisions of the Term Loan Agreement, and the Lenders party hereto are
willing to so amend certain provisions of the Term Loan Agreement on the terms
and conditions set forth herein;

      NOW, THEREFORE, in consideration of the foregoing premises, and for
other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and fully intending to be legally bound by this
Amendment No. 1, the parties hereto agree as follows:

      1.   Definitions. Capitalized terms used herein without definition shall
have the meanings assigned to such terms in the Term Loan Agreement.

      2.   Amendments to Term Loan Agreement. As of the Effective Date (as
defined in ss.4 hereof) the Term Loan Agreement is amended as follows:

           2.1. Amendments to Section 1.1. Section 1.1. is hereby amended as
      follows:

                2.1.1. The definition of the term "Adjusted Unencumbered NOI"
           is hereby amended by restating the proviso at the end of such
           definition to read as follows:

                "provided, clause (ii) above shall not exceed twenty percent
           (20%) of Adjusted Unencumbered NOI; clause (iii) above shall not
           exceed ten percent (10%) of Adjusted Unencumbered NOI; and clause
           (iv) above shall not exceed fifteen percent (15%) of Adjusted
           Unencumbered NOI."

<PAGE>
                                     -2-

                2.1.2. The definition of the term "Applicable Margin" is
           hereby amended by deleting the table set forth therein in its
           entirety and substituting the following table in place thereof:

                       Range of                                      Applicable
                    the Borrower's              Applicable           Margin for
                     Credit Rating            Margin for Euro        Base Rate
                     (S&P/Moody's              Dollar Loans            Loans
                   or other Ratings)           (% per annum)       (% per annum)
           ------------------------------    -----------------     -------------

           A-/A3 or their equivalent or            0.50                  0
           higher
           BBB+/Baa1 or their equivalent          0.525                  0
           BBB/Baa2 or their equivalent            0.60                  0
           BBB-/Baa3 or their equivalent           0.80                  0
           Below BBB-/Baa3 or their                1.10                  0
           equivalent or unrated

                2.1.3. The definition of the term "Capital Expenditure
           Coverage Reserve Amounts" is hereby amended by inserting the words
           "; provided that all properties that are subject to a Triple Net
           Lease shall be excluded from the foregoing calculation of the
           Capital Expenditure Coverage Reserve Amounts" at the end of such
           definition after the word "Assets".

                2.1.4. The definition of the term "Capital Expenditure
           Valuation Reserve Amounts" is hereby amended by inserting the words
           "; provided that all properties that are subject to a Triple Net
           Lease shall be excluded from the foregoing calculation of the
           Capital Expenditure Valuation Reserve Amounts" at the end of such
           definition after the word "Assets".

                2.1.5. The definition of the term "Indebtedness" is hereby
           amended by inserting the words ", other than any undrawn letter of
           credit to the extent that such letter of credit supports any
           Contractual Obligation with a term of less than ninety (90) days,"
           at the end of clause (a)(iii) of such definition.

<PAGE>
                                     -3-

                2.1.6. The definition of the term "New York City Asset" is
           hereby amended and restated in its entirety as follows:

                ""New York City Asset" means (i) Real Property which is Class
           A office property located in the borough of Manhattan, New York,
           New York or (ii) Real Property which is Class A office property
           located in any other borough of New York, New York and is
           substantially similar to Class A office properties located in the
           borough of Manhattan, New York, New York, and in each case which is
           owned or ground-leased by one of the Consolidated Businesses or
           Joint Ventures."

                2.1.7. The definition of the term "Total Unencumbered Value"
           is hereby amended by restating the second sentence of the second
           paragraph of such definition to read as follows:

                "Clause (iii) shall not exceed ten percent (10%) of Total
           Unencumbered Value."

                2.1.8. The definition of the term "Total Value" is hereby
           amended and restated in its entirety as follows:

                ""Total Value" means (a) the sum of (i) Valuation NOI divided
           by (A) seven and one-half percent (7.50%) for all New York City
           Assets, (B) eight and three-quarter percent (8.75%) for all other
           office Real Property, and (C) nine percent (9.00%) for industrial
           Real Property; (ii) the Investment in office and industrial
           Projects owned or ground-leased by the Consolidated Businesses for
           less than four fiscal quarters; (iii) unrestricted Cash and Cash
           Equivalents; (iv) land cost (at book value) and Construction Asset
           Cost, which credit will be limited to fifteen percent (15%) of
           Total Value (exclusive of build-to-suit Projects that are
           seventy-five percent (75%) pre-leased or Projects which are less
           than seventy-five percent (75%) pre-leased but have a pro-forma
           yield of ten percent (10%) or more, based upon executed leases and
           the cost of acquisition plus the estimated cost to complete the
           same, which estimated cost to complete shall be determined in a
           manner reasonably acceptable to the Administrative Agent and the
           Syndication Agent); (v) NOI from all other Real Property not
           otherwise set forth in this definition, divided by twelve percent
           (12%); (vi) Servicing EBITDA of the Management Company or other
           such service companies for the immediately preceding four (4)
           consecutive quarters, divided by twenty percent (20%); (vii) any
           investment in or loan to (based on the actual cash investment in or
           loan to), directly or indirectly, an affiliated or unaffiliated
           operating company and investments in or loans to Investment Funds
           either directly or

<PAGE>
                                     -4-

           indirectly or joint venture arrangements with Investment Funds,
           which credit will be limited to $100,000,000 (valued at the lower
           of cost or market in accordance with GAAP), other than (x)
           investments in, loans to, or joint venture arrangements with Joint
           Ventures and (y) Performing Notes; (viii) Performing Notes, which
           credit will be limited in the aggregate to fifteen percent (15%) of
           Total Value; and (ix) Eligible Cash 1031 Proceeds;

                less (b) the quotient of the Capital Expenditure Valuation
           Reserve Amounts for such period, divided by (A) seven and one-half
           percent (7.50%) for all New York City Assets, (B) eight and
           three-quarter percent (8.75%) for all other office Property, and
           (C) nine percent (9.00%) for industrial Property;

                provided, the sum of items (a) (iv), (vii) and (viii) above
           shall not exceed twenty-five percent (25%) of Total Value."

                2.1.9. The following new definitions shall be inserted in
           Section 1.1. in proper alphabetical order:

                ""Triple Net Lease" means a Lease representing all or
           substantially all of the rentable area of a Property where the
           tenant is responsible for real estate taxes and assessments,
           repairs and maintenance, insurance and other expenses relating to
           such Property provided, that adequate insurance is maintained for
           such Property either by the tenant, the Borrower, the Company, a
           Subsidiary or a Joint Venture."

           2.2. Amendments to Section 10.11.
           ---------------------------------

                2.2.1. Section 10.11(a) is hereby amended by restating such
           Section 10.11(a) in its entirety to read as follows:

                "(a) Indebtedness. Neither the Borrower nor any of its
           Subsidiaries shall directly or indirectly create, incur, assume or
           otherwise become or remain directly or indirectly liable with
           respect to ("Incur") any Indebtedness, except:

                     (i) Total Outstanding Indebtedness which would not exceed
                sixty percent (60%) of Total Value as of the date of
                incurrence; provided that if the Borrower or its Subsidiaries
                shall have Incurred any Indebtedness in connection with the
                acquisition of any material Real Property during the previous
                120 days, the Borrower or its Subsidiaries may Incur
                Indebtedness (the "Incurrence") that would cause Total
                Outstanding Indebtedness to exceed sixty percent (60%) of

<PAGE>
                                     -5-

                Total Value so long as (x) Total Outstanding Indebtedness does
                not exceed sixty-five percent (65%) of Total Value and (y)
                Total Outstanding Indebtedness is reduced to sixty percent
                (60%) or less of Total Value within 240 days after the date of
                the Incurrence (with such reduction to be certified in writing
                to the Administrative Agent by the Borrower);

                     (ii) Total Secured Outstanding Indebtedness which would
                not exceed forty percent (40%) of Total Value as of the date
                of incurrence, or

                     (iii) Total Recourse Secured Outstanding Indebtedness
                which would not exceed ten percent (10%) of Total Value as of
                the date of incurrence."

                2.2.2. Section 10.11(b) is hereby amended by deleting the
           words "the date hereof" at the end of such Section 10.11(b) and
           replacing such words with the date "June 20, 2005".

      3.   Provisions Of General Application.
           ----------------------------------

           3.1. Representations and Warranties. The Borrower hereby represents
      and warrants as of the date hereof that (a) each of the representations
      and warranties of the Borrower contained in the Term Loan Agreement, the
      other Loan Documents or in any document or instrument delivered pursuant
      to or in connection with the Term Loan Agreement or this Amendment No. 1
      are true and correct in all material respects as of the date as of which
      they were made and are true and correct in all material respects at and
      as of the date of this Amendment No. 1 (except to the extent that such
      representations and warranties expressly speak as of a different date),
      (b) no Potential Event of Default or Event of Default exists on the date
      hereof, and (c) this Amendment No. 1 has been duly authorized, executed
      and delivered by the Borrower and is in full force and effect as of the
      Effective Date, and the agreements and obligations of the Borrower
      contained herein constitute the legal, valid and binding obligations of
      the Borrower, enforceable against it in accordance with its terms,
      except to the extent that the enforcement hereof or the availability of
      equitable remedies may be limited by applicable bankruptcy,
      reorganization, insolvency, moratorium, fraudulent transfer, fraudulent
      conveyance or similar laws now or hereafter in effect relating to or
      affecting creditors' rights generally or by general principles of
      equity, or by the discretion of any court in awarding equitable
      remedies, regardless of whether such enforcement is considered in a
      preceding in equity or at law.

           3.2. No Other Changes. Except as otherwise expressly provided or
      contemplated by this Amendment No. 1, all of the terms, conditions and

<PAGE>
                                     -6-

      provisions of the Term Loan Agreement remain unaltered and in full force
      and effect. The Term Loan Agreement and this Amendment No. 1 shall be
      read and construed as one agreement. The making of the amendments in
      this Amendment No. 1 does not imply any obligation or agreement by the
      Administrative Agent or any Lender to make any other amendment, waiver,
      modification or consent as to any matter on any subsequent occasion.

           3.3. Governing Law. This Amendment No. 1 shall be deemed to be a
      contract under the laws of the State of New York. This Amendment No. 1
      and the rights and obligations of each of the parties hereto are
      contracts under the laws of the State of New York and shall for all
      purposes be construed in accordance with and governed by the laws of
      such State (excluding the laws applicable to conflicts or choice of
      law).

           3.4. Assignment. This Amendment No. 1 shall be binding upon and
      inure to the benefit of each of the parties hereto and their respective
      permitted successors and assigns.

           3.5. Counterparts. This Amendment No. 1 may be executed in any
      number of counterparts, but all such counterparts shall together
      constitute but one and the same agreement. In making proof of this
      Amendment No. 1, it shall not be necessary to produce or account for
      more than one counterpart thereof signed by each of the parties hereto.

      4.   Effectiveness of this Amendment No. 1. This Amendment No. 1 shall
become effective on the date on which the following conditions precedent are
satisfied (such date being hereinafter referred to as the "Effective Date"):

           (a)  Execution and delivery to the Administrative Agent by each of
      the Lenders, the Borrower, the Guarantors and the Administrative Agent
      of this Amendment No. 1.

           (b)  Execution and delivery to the Administrative Agent of (i) a
      certificate of the Borrower confirming that there have been no changes
      to its charter documents since May 12, 2005, or (ii) if there have been
      changes to the Borrower's charter document since such date, a
      secretary's certificate of the Borrower certifying as to such changes.

           (c)  Delivery to the Administrative Agent of an incumbency
      certificate of the Borrower and of resolutions of the board of directors
      of the general partner of the Borrower authorizing this Amendment No. 1.

           (d)  Payment to the Administrative Agent, for the accounts of the
      Agents and the Lenders, as applicable, all fees due and payable on or
      before the Effective Date and all expenses due and payable on or before
      the Effective Date, including, without limitation, reasonable attorneys'
      fees and expenses

<PAGE>
                                     -7-

      and other costs and expenses incurred in connection with this Amendment
      No. 1.

           (e)  Delivery to the Administrative Agent by Fried Frank Harris
      Shriver & Jacobson LLP, as counsel to the Borrower, of an opinion
      addressed to the Lenders and the Administrative Agent in form and
      substance reasonably satisfactory to the Administrative Agent.

                 [Remainder of page left blank intentionally]

<PAGE>

      IN WITNESS WHEREOF, the undersigned have duly executed and delivered
this Amendment No. 1 as of the date first set forth above.

                                       RECKSON OPERATING PARTNERSHIP, L.P.

                                       By: Reckson Associates Realty Corp.,
                                           its general partner

                                       By: /s/ Michael Maturo
                                           ------------------------------------
                                           Name:   Michael Maturo
                                           Title:  Chief Financial Officer

                                       CITICORP NORTH AMERICA, INC.,
                                       as Administrative Agent and as Lender

                                       By: /s/ Jeanne M. Craig
                                           ------------------------------------
                                           Name: Jeanne M. Craig
                                           Title: Vice President

Each of the undersigned Guarantors hereby acknowledges the foregoing Amendment
No. 1 and reaffirms its guaranty of the Guaranteed Obligations (as defined in
the Guaranty executed and delivered by such Guarantor) under the Credit
Agreement and the other Loan Documents, each as amended hereby or in
connection herewith, in accordance with the Guaranty executed and delivered by
such Guarantor.

                                       RECKSON ASSOCIATES REALTY CORP.

                                       By: /s/ Michael Maturo
                                           ------------------------------------
                                             Name:   Michael Maturo
                                             Title:   Chief Financial Officer

             [Remainder of Signature Pages Intentionally Omitted]

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