Document:

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                                                                 Exhibit 10.11

                     SUPPLEMENT TO THE AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                       RECKSON OPERATING PARTNERSHIP, L.P.
                          ESTABLISHING 2005 LTIP UNITS
                                       OF
                          LIMITED PARTNERSHIP INTEREST

         In accordance with Sections 4.2 and 14.1.B (2), (3) and (4) of the
Amended and Restated Agreement of Limited Partnership, dated as of June 2, 1995,
as amended on December 6, 1995, April 13, 1998, April 20, 1998, June 30, 1998,
May 24, 1999, June 2, 1999, October 13, 2000, August 7, 2003 and December 27,
2004 (the "Partnership Agreement"), the Partnership Agreement is hereby
supplemented (the "Supplement") to establish a class of units of limited
partnership interest of Reckson Operating Partnership, L.P. (the "Partnership"),
which shall be designated "2005 LTIP Units," having the rights, powers,
privileges and restrictions, qualifications and limitations as set forth below
and which shall be issued to the parties and in the amounts set forth on
SCHEDULE A hereto. Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in the Partnership Agreement, including the
Supplement thereto, dated December 27, 2004, establishing LTIP Units of limited
partnership interest.

         WHEREAS, the Partnership desires to provide for equity incentives to
certain employees of the Company who provide services for the benefit of the
Partnership ("Grantees").

         WHEREAS, pursuant to Section 4.2 of the Partnership Agreement, the
Partnership is issuing 2005 LTIP Units to the Grantees with the rights, powers,
privileges and restrictions, qualifications and limitations as set forth below.

         WHEREAS, pursuant to Section 4.2 and Sections 14.1.B (2), (3) and (4),
the General Partner is amending the Partnership Agreement to facilitate the
issuance of the 2005 LTIP Units.

         NOW THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1. Issuance of 2005 LTIP Units

         (a) Pursuant to Section 4.2 of the Partnership Agreement, the
Partnership hereby issues 272,100 Partnership Interests (the "2005 LTIP Units")
to the Grantees and in the amounts set forth on SCHEDULE A hereto. The 2005 LTIP
Units shall have the rights, powers, privileges, restrictions, qualifications
and limitations (including, but not limited to, limitations on transfer) of
Limited Partners under the Partnership Agreement, as supplemented and amended by
the rights, powers, privileges, restrictions, qualifications and limitations
specified in EXHIBIT I hereto.

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         (b) The admission of the Grantees as Additional Limited Partners of the
Partnership shall become effective as of the date of this Supplement, which
shall also be the date upon which the names of the Grantees are recorded on the
books and records of the Partnership, and Exhibit A to the Partnership Agreement
is amended to reflect such admission.

SECTION 2. Amendments to Partnership Agreement.

                  Pursuant to Section 14.1.B(3) of the Partnership Agreement,
the General Partner, as general partner of the Partnership and as
attorney-in-fact for its Limited Partners, hereby amends the Partnership
Agreement as follows:

                  (a) Article 1 of the Partnership Agreement is hereby amended
by inserting the following definitions in alphabetical order:

                        "2005 LTIP Units" means the units of the class of
                        limited partnership interest initially issued on March
                        11, 2005, having the rights, powers, privileges,
                        restrictions, qualifications and limitations set forth
                        in the Supplement to the Partnership Agreement dated as
                        of such date.

                  (b) Section 6.1E of the Partnership Agreement is hereby
amended by replacing the text thereof with the following:

                        E. Notwithstanding the provisions of Section 6.1.A
                        above, but subject to the prior allocation of income and
                        gain under clauses A(i), (ii) and (iii) above and to the
                        terms of any Partnership Unit Designation in respect of
                        any class of Partnership Interests ranking senior to the
                        LTIP Units and the 2005 LTIP Units with respect to
                        return of capital or any preferential or priority
                        return, any Liquidating Capital Gains shall first be
                        allocated to the holders of LTIP Units and next to
                        holders of 2005 LTIP Units until the Economic Capital
                        Account Balances of such holders, to the extent
                        attributable to their ownership of LTIP Units or 2005
                        LTIP Units, as applicable, are equal to (i) the Common
                        Unit Economic Balance, multiplied by (ii) the number of
                        their LTIP Units or 2005 LTIP Units, as applicable;
                        provided that no such Liquidating Capital Gains will be
                        allocated with respect to any particular LTIP Unit or
                        2005 LTIP Unit, as applicable, unless and to the extent
                        that the Common Unit Economic Balance exceeds the Common
                        Unit Economic Balance in existence at the time such LTIP
                        Unit or 2005 LTIP Unit, as applicable, was issued. For
                        this purpose, "Liquidating Capital Gains" means net
                        capital gains realized in connection with the actual or
                        hypothetical sale of all or substantially all of the
                        assets of the Partnership, including but not limited to
                        net capital gain realized in connection with an
                        adjustment to the Carrying Value of Partnership assets
                        under Section 704(b) of the Code. The "Economic Capital
                        Account Balances" of the holders of LTIP Units or 2005
                        LTIP Units, as applicable, will be equal to their
                        Capital Account balances, plus the amount of their
                        shares of any Partner Minimum Gain or Partnership
                        Minimum Gain, in either case to the extent attributable
                        to their

                                       2
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                        ownership of LTIP Units or 2005 LTIP Units, as
                        applicable. Similarly, the "Common Unit Economic
                        Balance" shall mean (i) the Capital Account Balance of
                        the Company, plus the amount of the Company's share of
                        any Partner Minimum Gain or Partnership Minimum Gain, in
                        either case to the extent attributable to the Company's
                        ownership of Common Units and computed on a hypothetical
                        basis after taking into account all allocations through
                        the date on which any allocation is made under this
                        Section 6.1.E, divided by (ii) the number of the
                        Company's Common Units. Any such allocations shall be
                        made first among the LTIP Unitholders and next among the
                        2005 LTIP Unitholders in proportion to the amounts
                        required to be allocated to each under this Section
                        6.1.E. The parties agree that the intent of this Section
                        6.1.E is to make the Capital Account Balance associated
                        with each LTIP Unit and 2005 LTIP Unit economically
                        equivalent to the Capital Account Balance associated
                        with the Company's Common Units (on a per-Unit basis),
                        but only if the Capital Account Balance associated with
                        the Company's Common Units has increased on a per-Unit
                        basis since the issuance of the relevant LTIP Unit or
                        2005 LTIP Unit, as applicable.

                  (c) Section 8.6A is hereby amended by replacing the text of
the final sentence thereof with the following:

                        Notwithstanding the foregoing, the Redemption Right
                        shall not be exercisable with respect to any Common Unit
                        issued upon conversion of an LTIP Unit or a 2005 LTIP
                        Unit, as applicable, until on or after the date that is
                        two years after the date on which the LTIP Unit or 2005
                        LTIP Unit, as applicable, was issued, provided however,
                        that the foregoing restriction shall not apply if the
                        Redemption Right is exercised by an LTIP Unitholder or a
                        2005 LTIP Unitholder, as applicable, in connection with
                        a transaction that falls within the definition of a
                        "change-in-control" under the agreement or agreements to
                        which the LTIP Units or the 2005 LTIP Units, as
                        applicable, were issued to him or her.

                  (d) The term "transfer" as used in Article 11 of the
Partnership Agreement shall not include any conversion of 2005 LTIP Units into
Common Units.

SECTION 3.        Continuation of Partnership Agreement

                  The Partnership Agreement and this Supplement shall be read
together and shall have the same force and effect as if the provisions of the
Partnership Agreement and this Supplement (including EXHIBIT I hereto) were
contained in one document. Any provisions of the Partnership Agreement not
amended by this Supplement shall remain in full force and effect as provided in
the Partnership Agreement immediately prior to the date hereof.

                                       3
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         IN WITNESS WHEREOF, the parties hereto have executed this Supplement to
the Partnership Agreement as of the 11th day of March, 2005.

                             GENERAL PARTNER:

                             RECKSON ASSOCIATES REALTY CORP.

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

                             EXISTING LIMITED PARTNERS:

                             By: Reckson Associates Realty Corp.,
                                   as Attorney-in-Fact for the Limited
                                   Partners

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

                             GRANTEES:

                             *Individual Counterpart Signature Pages Attached.

                                       4
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                       RECKSON OPERATING PARTNERSHIP, L.P.

                         Limited Partner Signature Page

         The undersigned, desiring to become one of the within named Limited
Partners of Reckson Operating Partnership, L.P. (the "Partnership") hereby
becomes a party to the Amended and Restated Agreement of Limited Partnership,
dated as of June 2, 1995 and amended through the date hereof, of the
Partnership, by and among Reckson Associates Realty Corp. and such Limited
Partners. The undersigned agrees that this signature page may be attached to any
counterpart of said Amended and Restated Agreement of Limited Partnership.

Date:                                ------------------------------------------
                                     Name of Limited Partner (please print)

                                     ------------------------------------------
                                     Signature

                                     ------------------------------------------
                                     Address

                                       5
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                                    EXHIBIT I

                       RECKSON OPERATING PARTNERSHIP, L.P.

                 DESIGNATION OF THE RIGHTS, POWERS, PRIVILEGES,
                  RESTRICTIONS, QUALIFICATIONS AND LIMITATIONS
                             OF THE 2005 LTIP UNITS

         The following are the terms of the 2005 LTIP Units established pursuant
to this Supplement:

         1. Number. The maximum number of authorized LTIP Units shall be
272,100.

         2. Vesting.

                  (a) Vesting, Generally. LTIP Units may, in the sole discretion
of the General Partner, be issued subject to vesting, forfeiture and additional
restrictions on transfer pursuant to the terms of an award vesting or other
similar agreement (a "Vesting Agreement"). The terms of any Vesting Agreement
may be modified by the General Partner from time to time in its sole discretion,
subject to any restrictions on amendment imposed by the relevant Vesting
Agreement or by the terms of any plan pursuant to which the 2005 LTIP Units are
issued, if applicable. 2005 LTIP Units that have vested under the terms of a
Vesting Agreement are referred to as "Vested 2005 LTIP Units"; all other LTIP
Units shall be treated as "Unvested 2005 LTIP Units." Subject to the terms of
any Vesting Agreement, a holder of 2005 LTIP Units shall be entitled to transfer
his or her 2005 LTIP Units to the same extent, and subject to the same
restrictions as holders of Common Units are entitled to transfer their Common
Units pursuant to Article 11 of the Agreement.

                  (b) Forfeiture or Transfer of Unvested 2005 LTIP Units. Unless
otherwise specified in the Vesting Agreement, upon the occurrence of any event
specified in a Vesting Agreement as resulting in either the right of the
Partnership or the Company to repurchase 2005 LTIP Units at a specified purchase
price or some other forfeiture of any 2005 LTIP Units, then if the Partnership
or the Company exercises such right to repurchase or upon the occurrence of the
circumstances resulting in such forfeiture, then the relevant 2005 LTIP Units
shall immediately, and without any further action, be treated as transferred to
the Company, if applicable, or cancelled and no longer outstanding for any
purpose. Unless otherwise specified in the Vesting Agreement, no consideration
or other payment shall be due with respect to any 2005 LTIP Units that have been
forfeited, other than any distributions declared with respect to a Distribution
Payment Record Date (as defined below) prior to the effective date of the
forfeiture. In connection with any repurchase or forfeiture of 2005 LTIP Units,
the balance of the portion of the Capital Account of the holder that is
attributable to all of his or her 2005 LTIP Units shall be reduced by the
amount, if any, by which it exceeds the target balance contemplated by Section
6.1.E of the Partnership Agreement, calculated with respect to the Holder's
remaining 2005 LTIP Units, if any.

                                    Exh. I-1
<PAGE>

                  (c) Legend. Any certificate evidencing a 2005 LTIP Unit shall
bear an appropriate legend indicating that additional terms, conditions and
restrictions on transfer, including without limitation any Vesting Agreement,
apply to the 2005 LTIP Unit.

3. Distributions.

                  (a) 2005 LTIP Distribution Amount. Commencing from the date on
which any 2005 LTIP Units are first issued (each, a "2005 LTIP Issue Date"), for
any quarterly period holders of such 2005 LTIP Units shall be entitled to
receive, if, when and as authorized by the General Partner out of funds legally
available for the payment of distributions, cash distributions in an amount per
unit equal to the distribution payable on the Common Units for the corresponding
quarterly period (the "2005 LTIP Distribution Amount"). Distributions on the
2005 LTIP Units, if authorized, shall be payable quarterly in arrears on such
dates as may be authorized by the General Partner (any such date, a
"Distribution Payment Date"). In addition, 2005 LTIP Units shall be entitled to
receive, if, when and as authorized by the General Partner out of funds or other
property legally available for the payment of distributions, any special,
extraordinary or other distributions payable on the Common Units which may be
made from time to time in an amount per unit equal to the amount of any special,
extraordinary or other distributions payable on the Common Units. Distributions
will be payable to the holder of the 2005 LTIP Units with respect to the 2005
LTIP Units held at the close of business on the applicable record date, which
shall be such date designated by the General Partner for the payment of
distributions that is not more than 30 nor less than 10 days prior to such
Distribution Payment Date (each, a "Distribution Payment Record Date"). With
regard to any distribution to the 2005 LTIP Units, the Distribution Payment Date
shall be the same date as the date fixed for the payment of distributions to
holders of Common Units and the Distribution Payment Record Date shall be the
same date set for the record date for holders of Common Units. In the event that
distributions to holders of Common Units for any period are paid on other than a
quarterly basis, for example, on a monthly basis, then distributions to holders
of the 2005 LTIP Units shall also be paid on that alternate basis.

                  (b) Prohibited Distributions. No distributions on the 2005
LTIP Units shall be authorized by the General Partner or be paid or set apart
for payment by the Partnership at such time as the terms and provisions of any
agreement of the Partnership, including any agreement relating to its
indebtedness, prohibits such authorization, payment or setting apart for payment
or provides that such authorization, payment or setting apart for payment would
constitute a breach thereof or a default thereunder, or if such authorization or
payment shall be restricted or prohibited by law.

                  (c) Noncumulative Distributions. Distributions on the 2005
LTIP Units will be noncumulative. If the General Partner does not authorize a
distribution on the 2005 LTIP Units payable on any Distribution Payment Date
while any 2005 LTIP Unit is outstanding, then the holder of the 2005 LTIP Units
will have no right to receive a distribution for that Distribution Payment Date,
and the Partnership will have no obligation to pay a distribution for that
Distribution Payment Date with respect to the 2005 LTIP Units.

                                    Exh. I-2
<PAGE>

                  (d) Parity with Common Units. No distributions, whether in
cash, securities or property, will be authorized or paid or set apart for
payment to holders of Common Units for any period unless for each 2005 LTIP Unit
outstanding, a distribution equal to the 2005 LTIP Distribution Amount with
respect to such period has been or contemporaneously is authorized and paid or
authorized and a sum sufficient for the payment thereof is set apart for such
payment to the holders of the 2005 LTIP Units for the then current distribution
period.

                  (e) Definition of Set Apart for Payment. As used in this
Section 3, "set apart for payment" shall be deemed to include, without any
further action, the following: the recording by the Partnership in its
accounting ledgers of any accounting or bookkeeping entry which indicates,
pursuant to an authorization of a distribution by the General Partner, the
allocation of funds to be so paid on any series or class of units of the
Partnership.

         4. Adjustments.

The Partnership shall maintain at all times a one-to-one correspondence between
2005 LTIP Units and Common Units for conversion, distribution and other
purposes, including without limitation complying with the following procedures.
If an Adjustment Event (as defined below) occurs, then the General Partner shall
make a corresponding adjustment to the 2005 LTIP Units to maintain a one-for-one
conversion and economic equivalence ratio between Common Units and 2005 LTIP
Units. The following shall be "Adjustment Events": (A) the Partnership makes a
distribution on all outstanding Common Units in Partnership Units, (B) the
Partnership subdivides the outstanding Common Units into a greater number of
units or combines the outstanding Common Units into a smaller number of units,
or (C) the Partnership issues any Partnership Units in exchange for its
outstanding Common Units by way of a reclassification or recapitalization of its
Common Units. If more than one Adjustment Event occurs, the adjustment to the
2005 LTIP Units need be made only once using a single formula that takes into
account each and every Adjustment Event as if all Adjustment Events occurred
simultaneously. For the avoidance of doubt, the following shall not be
Adjustment Events: (x) the issuance of Partnership Units in a financing,
reorganization, acquisition or other similar business transaction, (y) the
issuance of Partnership Units pursuant to any employee benefit or compensation
plan or distribution reinvestment plan, or (z) the issuance of any Partnership
Units to the Company in respect of a capital contribution to the Partnership of
proceeds from the sale of securities by the Company. If the Partnership takes an
action affecting the Common Units other than actions specifically described
above as "Adjustment Events" and in the opinion of the General Partner such
action would require an adjustment to the 2005 LTIP Units to maintain the
one-to-one correspondence described above, the General Partner shall have the
right to make such adjustment to the 2005 LTIP Units, to the extent permitted by
law and by the terms of any plan pursuant to which the 2005 LTIP Units have been
issued, in such manner and at such time as the General Partner, in its sole
discretion, may determine to be appropriate under the circumstances. If an
adjustment is made to the 2005 LTIP Units as herein provided the Partnership
shall promptly file in the books and records of the Partnership an officer's
certificate setting forth such adjustment and a brief statement of the facts
requiring such adjustment, which certificate shall be conclusive evidence of the
correctness of such adjustment absent manifest error. Promptly after filing of
such certificate, the Partnership shall mail a notice to each holder of 2005
LTIP Units setting forth the adjustment to his or her 2005 LTIP Units and the
effective date of such adjustment.

                                    Exh. I-3
<PAGE>

         5. Ranking.

         The 2005 LTIP Units shall rank on parity with the Common Units in all
respects.

         6. No Liquidation Preference.

         The 2005 LTIP Units shall have no liquidation preference.

         7. Right to Convert 2005 LTIP Units into Common Units.

                  (a) Conversion Right. On or after the date that is two (2)
years after the 2005 LTIP Issuance Date a holder of 2005 LTIP Units shall have
the right (the "Conversion Right"), at his or her option, at any time to convert
all or a portion of his or her Vested 2005 LTIP Units into Common Units;
provided, however, that a holder may not exercise the Conversion Right for fewer
than one thousand (1,000) Vested 2005 LTIP Units or, if such holder holds fewer
than one thousand Vested 2005 LTIP Units, all of the holder's Vested 2005 LTIP
Units. Holders of 2005 LTIP Units shall not have the right to convert Unvested
2005 LTIP Units into Common Units until they become Vested 2005 LTIP Units. The
General Partner shall have the right at any time to cause a conversion of Vested
2005 LTIP Units into Common Units. In all cases, the conversion of any 2005 LTIP
Units into Common Units shall be subject to the conditions and procedures set
forth in this Section 7.

                  (b) Number of Units Convertible. A holder of Vested 2005 LTIP
Units may convert such Units into an equal number of fully paid and
non-assessable Common Units, giving effect to all adjustments (if any) made
pursuant to Section 4. Notwithstanding the foregoing, in no event may a holder
of Vested 2005 LTIP Units convert a number of Vested 2005 LTIP Units that
exceeds (x) the Economic Capital Account Balance of such holder, to the extent
attributable to its ownership of 2005 LTIP Units, divided by (y) the Common Unit
Economic Balance, in each case as determined as of the effective date of
conversion (the "Capital Account Limitation").

                  (c) Notice. In order to exercise his or her Conversion Right,
a holder of 2005 LTIP Units shall deliver a notice (a "Conversion Notice") in
the form attached as EXHIBIT A to this Supplement (with a copy to the General
Partner) not less than 10 nor more than 60 days prior to a date (the "Conversion
Date") specified in such Conversion Notice; provided, however, that if the
General Partner has not given to the 2005 LTIP Unitholders notice of a proposed
or upcoming Transaction (as defined below) at least

                                    Exh. I-4
<PAGE>

thirty (30) days prior to the effective date of such Transaction, then holders
of 2005 LTIP Units shall have the right to deliver a Conversion Notice until the
earlier of (x) the tenth (10th) day after such notice from the General Partner
of a Transaction or (y) the third business day immediately preceding the
effective date of such Transaction. A Conversion Notice shall be provided in the
manner provided in Section 15.1 of the Partnership Agreement. Each Holder of
2005 LTIP Units covenants and agrees with the Partnership that all Vested 2005
LTIP Units to be converted pursuant to this Section 7 shall be free and clear of
all liens. Notwithstanding anything herein to the contrary, a Holder of 2005
LTIP Units may deliver a Redemption Notice pursuant to Section 8.6 of the
Partnership Agreement relating to those Common Units that will be issued to such
holder upon conversion of such 2005 LTIP Units into Common Units in advance of
the Conversion Date; provided, however, that the redemption of such Common Units
by the Partnership shall in no event take place until the Conversion Date. For
clarity, it is noted that the objective of this paragraph is to put a holder of
2005 LTIP Units in a position where, if he or she so wishes, the Common Units
into which his or her Vested 2005 LTIP Units will be converted can be redeemed
by the Partnership simultaneously with such conversion, with the further
consequence that, if the Company elects to assume the Partnership's redemption
obligation with respect to such Common Units under Section 8.6 of the
Partnership Agreement by delivering to such holder REIT Shares rather than cash,
then such holder can have such REIT Shares issued to him or her simultaneously
with the conversion of his or her Vested 2005 LTIP Units into Common Units. The
General Partner shall cooperate with a holder of 2005 LTIP Units to coordinate
the timing of the different events described in the foregoing sentence.

                  (d) Forced Conversion. The Partnership, at any time at the
election of the General Partner, may cause any number of Vested 2005 LTIP Units
held by a holder of 2005 LTIP Units to be converted (a "Forced Conversion") into
an equal number of Common Units, giving effect to all adjustments (if any) made
pursuant to Section 4; provided, that the Partnership may not cause Forced
Conversion of any 2005 LTIP Units that would not at the time be eligible for
conversion at the option of such 2005 LTIP Unitholder pursuant to paragraph (b)
above. In order to exercise its right of Forced Conversion, the Partnership
shall deliver a notice (a "Forced Conversion Notice") in the form attached as
EXHIBIT B to this Supplement to the applicable Holder not less than 10 nor more
than 60 days prior to the Conversion Date specified in such Forced Conversion
Notice. A Forced Conversion Notice shall be provided in the manner provided in
Section 15.1 of the Partnership Agreement.

                  (e) Conversion Procedures. A conversion of Vested 2005 LTIP
Units for which the Holder has given a Conversion Notice or the Partnership has
given a Forced Conversion Notice shall occur automatically after the close of
business on the applicable Conversion Date without any action on the part of
such holder of 2005 LTIP Units, as of which time such holder of 2005 LTIP Units
shall be credited on the books and records of the Partnership with the issuance
as of the opening of business on the next day of the number of Common Units
issuable upon such conversion. After the conversion of 2005 LTIP Units as
aforesaid, the Partnership shall deliver to such holder of 2005 LTIP Units, upon
his or her written request, a certificate of the General Partner certifying the
number of Common Units and remaining 2005 LTIP Units, if any, held by such
Person immediately after such conversion.

                                    Exh. I-5
<PAGE>

                  (f) Treatment of Capital Account. For purposes of making
future allocations under Section 6.1.E of the Agreement and applying the Capital
Account Limitation, the portion of the Economic Capital Account Balance of the
applicable holder of 2005 LTIP Units that is treated as attributable to his or
her 2005 LTIP Units shall be reduced, as of the date of conversion, by the
product of the number of 2005 LTIP Units converted and the Common Unit Economic
Balance.

                  (g) Mandatory Conversion in Connection with a Transaction. If
the Partnership or the General Partner shall be a party to any transaction
(including without limitation a merger, consolidation, unit exchange, self
tender offer for all or substantially all Common Units or other business
combination or reorganization, or sale of all or substantially all of the
Partnership's assets, but excluding any transaction which constitutes an
Adjustment Event), in each case as a result of which Common Units shall be
exchanged for or converted into the right, or the holders of such Units shall
otherwise be entitled, to receive cash, securities or other property or any
combination thereof (each of the foregoing being referred to herein as a
"Transaction"), then the General Partner shall, immediately prior to the
Transaction, exercise its right to cause a Forced Conversion with respect to the
maximum number of 2005 LTIP Units then eligible for conversion, taking into
account any allocations that occur in connection with the Transaction or that
would occur in connection with the Transaction if the assets of the Partnership
were sold at the Transaction price or, if applicable, at a value determined by
the General Partner in good faith using the value attributed to the Partnership
Units in the context of the Transaction (in which case the Conversion Date shall
be the effective date of the Transaction).

         In anticipation of such Forced Conversion and the consummation of the
Transaction, the Partnership shall use commercially reasonable efforts to cause
each holder of 2005 LTIP Units to be afforded the right to receive in connection
with such Transaction in consideration for the Common Units into which his or
her 2005 LTIP Units will be converted the same kind and amount of cash,
securities and other property (or any combination thereof) receivable upon the
consummation of such Transaction by a holder of the same number of Common Units,
assuming such holder of Common Units is not a Person with which the Partnership
consolidated or into which the Partnership merged or which merged into the
Partnership or to which such sale or transfer was made, as the case may be (a
"Constituent Person"), or an affiliate of a Constituent Person. In the event
that holders of Common Units have the opportunity to elect the form or type of
consideration to be received upon consummation of the Transaction, prior to such
Transaction the General Partner shall give prompt written notice to each holder
of 2005 LTIP Units of such election, and shall use commercially reasonable
efforts to afford such holders the right to elect, by written notice to the
General Partner, the form or type of consideration to be received upon
conversion of each 2005 LTIP Unit held by such holder into Common Units in
connection with such Transaction. If a holder of 2005 LTIP Units fails to make
such an election, such Holder (and any of its transferees) shall receive upon
conversion of each 2005 LTIP Unit held by him or her (or by any of his or her
transferees) the same kind and amount of consideration that a holder of a Common
Unit would receive if such Common Unit Holder failed to make such an election.

                                    Exh. I-6
<PAGE>

         Subject to the rights of the Partnership and the General Partner under
any Vesting Agreement and the terms of any plan under which 2005 LTIP Units are
issued, the Partnership shall use commercially reasonable effort to cause the
terms of any Transaction to be consistent with the provisions of this Section 7
and to enter into an agreement with the successor or purchasing entity, as the
case may be, for the benefit of any holders of 2005 LTIP Units whose 2005 LTIP
Units will not be converted into Common Units in connection with the Transaction
that will (i) contain provisions enabling the holders of 2005 LTIP Units that
remain outstanding after such Transaction to convert their 2005 LTIP Units into
securities as comparable as reasonably possible under the circumstances to the
Common Units and (ii) preserve as far as reasonably possible under the
circumstances the distribution, special allocation, conversion, and other rights
set forth in the Partnership Agreement for the benefit of the holders of 2005
LTIP Units.

         8. Redemption at the Option of the Partnership.

         2005 LTIP Units will not be redeemable at the option of the
Partnership; provided, however, that the foregoing shall not prohibit the
Partnership from repurchasing 2005 LTIP Units from the holder thereof if and to
the extent such holder agrees to sell such 2005 LTIP Units.

         9. Intentionally Omitted.

         10. Voting Rights.

                  (a) Voting with Common Units. Holders of 2005 LTIP Units shall
have the right to vote on all matters submitted to a vote of the holders of
Common Units; holders of 2005 LTIP Units and Common Units shall vote together as
a single class, together with any other class or series of units of limited
partnership interest in the Partnership upon which like voting rights have been
conferred. In any matter in which the 2005 LTIP Units are entitled to vote,
including an action by written consent, each 2005 LTIP Unit shall be entitled to
one vote.

                  (b) Special Approval Rights. In addition to, and not in
limitation of, the provisions of Section 10(a) above (and notwithstanding
anything appearing to be contrary in the Partnership Agreement), the Company
and/or the Partnership shall not, without the affirmative consent of the holders
of sixty-six and two-thirds percent (66 2/3%) of the then outstanding 2005 LTIP
Units, given in person or by proxy, either in writing or at a meeting, take any
action that would materially and adversely alter, change, modify or amend the
rights, powers or privileges of the 2005 LTIP Units; but subject in any event to
the following provisions: (i) no consent of the holders of 2005 LTIP Units will
be required if and to the extent that any such alteration, change, modification
or amendment would similarly alter, change, modify or amend the rights, powers
or

                                    Exh. I-7
<PAGE>

privileges of the Common Units; (ii) with respect to the occurrence of any
merger, consolidation or other business combination or reorganization, so long
as the 2005 LTIP Units remain outstanding with the terms thereof materially
unchanged or, if the Partnership is not the surviving entity in such
transaction, are exchanged for a security of the surviving entity with terms
that are materially the same with respect to rights to allocations,
distributions, redemption, conversion and voting as the 2005 LTIP Units and
without any income, gain or loss expected to be recognized by the holder upon
the exchange for federal income tax purposes (and with the terms of the Common
Units or such other securities into which the 2005 LTIP Units (or the substitute
security therefor) are convertible materially the same with respect to rights to
allocations, distributions, redemption, conversion and voting), the occurrence
of any such event shall not be deemed to materially and adversely alter, change,
modify or amend the rights, powers or privileges of the 2005 LTIP Units; (iii)
any creation or issuance of any Common Units or of any class of series of common
or preferred units of the Partnership (whether ranking junior to, on a parity
with or senior to the 2005 LTIP Units with respect to payment of distributions,
redemption rights and the distribution of assets upon liquidation, dissolution
or winding up), which either (x) does not require the consent of the holders of
Common Units or (y) does require such consent and is authorized by a vote of the
holders of Common Units; and 2005 LTIP Units voting together as a single class,
together with any other class or series of units of limited partnership interest
in the Partnership upon which like voting rights have been conferred, shall not
be deemed to materially and adversely alter, change, modify or amend the rights,
powers or privileges of the 2005 LTIP Units; and (iv) any waiver by the
Partnership of restrictions or limitations applicable to any outstanding 2005
LTIP Units with respect to any holder or holders thereof shall not be deemed to
materially and adversely alter, change, modify or amend the rights, powers or
privileges of the 2005 LTIP Units with respect to other holders. The foregoing
voting provisions will not apply if, as of or prior to the time when the action
with respect to which such vote would otherwise be required will be taken or be
effective, all outstanding 2005 LTIP Units shall have been converted and/or
redeemed, or provision is made for such redemption and/or conversion to occur as
of or prior to such time.

                                    Exh. I-8
<PAGE>

                                   Schedule A
                                   ----------

  Name and Address                                 Number of 2005 LTIP Units
  ----------------                                 -------------------------
Scott H. Rechler                                             200,000
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

Michael Maturo                                               25,000
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

Jason M. Barnett                                              6,500
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

Salvatore Campofranco                                        15,000
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

F.D. Rich                                                     6,500
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

Philip Waterman                                               2,600
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

Todd Rechler                                                 10,000
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

Richard Conniff                                               6,500
c/o Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747

                                     Sch. A

<PAGE>

                                    Exhibit A

                    NOTICE OF ELECTION BY PARTNER TO CONVERT
                        2005 LTIP UNITS INTO COMMON UNITS

         The undersigned holder of 2005 LTIP Units hereby irrevocably elects to
convert the number of Vested 2005 LTIP Units in Reckson Operating Partnership,
L.P. (the "Partnership") set forth below into Common Units in accordance with
the terms of the Amended and Restated Agreement of Limited Partnership of the
Partnership, as amended. The undersigned hereby represents, warrants, and
certifies that the undersigned: (a) has title to such 2005 LTIP Units, free and
clear of the rights or interests of any other person or entity other than the
Partnership; (b) has the full right, power, and authority to cause the
conversion of such 2005 LTIP Units as provided herein; and (c) has obtained the
consent or approval of all persons or entities, if any, having the right to
consent or approve such conversion.

Name of Holder: _______________________________________________________________
                  (Please Print: Exact Name as Registered with Partnership)

Number of 2005 LTIP Units to be Converted: _______________

Date of this Notice: _____________________________________

         ______________________________________________________________________
         (Signature of Holder: Sign Exact Name as Registered with Partnership)

         ______________________________________________________________________
         (Street Address)

         ______________________________________________________________________
         (City)                             (State)                  (Zip Code)

         Signature Guaranteed by:______________________________________________

                                     Exh. A
<PAGE>

                                    Exhibit B

              NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION
                      OF 2005 LTIP UNITS INTO COMMON UNITS

         Reckson Operating Partnership, L.P. (the "Partnership") hereby
irrevocably elects to cause the number of 2005 LTIP Units held by the holder of
2005 LTIP Units set forth below to be converted into Common Units in accordance
with the terms of the Amended and Restated Agreement of Limited Partnership of
the Partnership.

Name of Holder: _______________________________________________________________
                  (Please Print: Exact Name as Registered with Partnership)

Number of 2005 LTIP Units to be Converted: _______________

Date of this Notice: _____________________________________

                                     Exh. B<PAGE>

                                                                 Exhibit 10.47

                         RECKSON ASSOCIATES REALTY CORP.
                            LONG-TERM INCENTIVE PLAN
                             OP UNIT AWARD AGREEMENT

Name of Grantee:  Scott Rechler ("Grantee")
No. of LTIP OP Units:  200,000
Date of Grant:  March 11, 2005

                                    RECITALS

         A. The Grantee is an executive officer of Reckson Associates Realty
Corp. (the "Company") or one of its Affiliates.

         B. The Grantee was selected by the Compensation Committee of the Board
of Directors of the Company (the "Committee") to receive an award of Long-Term
Incentive Plan OP Units ("LTIP OP Units") in Reckson Operating Partnership, L.P.
(the "Partnership") in the number specified above and having the rights
specified herein and in the Supplement to the Amended and Restated Agreement of
Limited Partnership of the Partnership (the "Partnership Agreement")
Establishing 2005 LTIP Units of Limited Partnership Interest (the "Partnership
Agreement Supplement").

         NOW, THEREFORE, the Company hereby grants to the Grantee, effective as
of the Date of Grant specified above, the number of LTIP OP Units listed above
subject to the terms and conditions of this Agreement.

         1. Restrictions and Conditions:

                  (a) The records of the Partnership evidencing the LTIP OP
Units granted herein shall bear an appropriate legend, as determined by the
Partnership in its sole discretion, to the effect that such LTIP OP Units are
subject to restrictions as set forth herein, in the Partnership Agreement
Supplement and in the Partnership Agreement.

                  (b) None of the LTIP OP Units awarded to the Grantee hereunder
shall be sold, assigned, transferred, pledged, hypothecated, given away or in
any other manner disposed of, encumbered, whether voluntarily or by operation of
law, or redeemed in accordance with the Partnership Agreement or the Partnership
Agreement Supplement (a) prior to vesting, (b) for a period of two (2) years
beginning on the Date of Grant specified above other than in connection with a
Change-in-Control, or (c) unless such transfer is in compliance with all
applicable securities laws (including, without limitation, the Securities Act),
and such disposition is in accordance with the applicable terms and conditions
of the Partnership Agreement and the Partnership Agreement Supplement. In
connection with any transfer of LTIP OP Units, the Company may require the
transferor to provide at the Grantee's own expense an opinion of counsel to the
transferor, satisfactory to the Company, that such transfer is in compliance
with all foreign, federal and state securities laws (including, without
limitation, the Securities Act). Any attempted disposition of LTIP OP Units not
in accordance with the terms and conditions of this Section 1(b) shall be null
and void, and the Partnership shall not reflect on its records any change in
record ownership of any LTIP OP Units as a result of any such disposition, shall
otherwise refuse to recognize any such disposition and shall not in any way give
effect to any such disposition of any LTIP OP Units.

<PAGE>

                  (c) Except as otherwise provided in Section 2 hereof or
elsewhere herein, if the Grantee's employment with the Company or its Affiliates
is voluntarily or involuntarily terminated for any reason prior to vesting of
the LTIP OP Units granted herein, the Grantee shall forfeit all LTIP OP Units
that are not vested as of the date of such termination of employment.

         2. Vesting of the LTIP OP Units: The LTIP OP Units generally will
become vested as follows:

                  (a) 50.0% of the LTIP OP Units will become cumulatively vested
on December 31, 2006 and December 31, 2007 (each, an "Annual Vesting Date"); in
each case provided that the Grantee remains in continuous employment with the
Company or any of its Affiliates until such date; and provided, further, that
any LTIP OP Units which otherwise would become vested on such Annual Vesting
Date will not become so vested unless the Company has achieved, during the
calendar year completed on December 31, 2005, (i) a total return to shareholders
(including all Common Stock dividends and stock appreciation) based on the
respective Initial Base Price that either (x) is at or above the 50th percentile
of the total return to shareholders achieved by members of the Peer Group during
the same period, or (y) subject to the provisions of Section 2(e), equals a
total return of at least 9% per annum or (ii) a per share increase in annual
Funds from Operations of 5% or more. If the vesting performance requirement is
not satisfied for the calendar year ending December 31, 2005, the LTIP OP Units
will not be forfeited and will become vested on December 31, 2006, or if the
performance requirement is not satisfied at such date the LTIP OP Units will not
be forfeited and will become vested on December 31, 2007, if on either of such
dates the vesting performance requirement is satisfied on a cumulative and
compounded basis as measured for an extended performance period beginning with
the annual period for which the vesting performance requirement was not
satisfied through the relevant date. For purposes of this Section, (i) the
performance of the Company relative to the performance of members of the Peer
Group will be determined using the VWAP for the last ten trading days of the
Company's Common Stock and the common stock of the members of the Peer Group at
the applicable calendar year end, and (ii) the per annum percentage performance
of the Company will be determined using the VWAP for the last ten trading days
for the period ending at the applicable calendar year end. If the vesting
performance requirement is not satisfied at December 31, 2007, subject to
Section 2(d), the LTIP OP Units will be forfeited.

                  (b) Notwithstanding the foregoing, if a Change-in-Control
occurs prior to December 31, 2007 and the Grantee remains in continuous
employment with the Company or any of its Affiliates until such occurrence, all
non-vested LTIP OP Units will thereupon become fully vested provided that, if a
Change-in-Control shall occur and (i) (a) the Company continues in existence as
a public company or (b) another company is the successor to the Company in a
transaction whereby holders of Common Stock receive common stock of the
successor company (or a combination of common stock and cash) and such successor
company expressly assumes the obligations of the Company as the general partner
of the Partnership, and (ii) (a) the Partnership continues in existence as the
operating partnership of the Company (in the event described in clause (i)(a)
above) or (b) another limited partnership, limited liability company or similar
entity is the successor to the Partnership in a transaction whereby holders of
OPU and LTIP OP Units receive equity interests in such successor entity having
substantially identical rights, voting powers, restrictions, limitations as to
distributions, qualifications and terms and conditions of redemption as the OPU
and LTIP OP Units, respectively, and expressly assumes the obligations under
this Agreement, and (iii) the Grantee continues employment with the Company or
such successor company or their Affiliates, as the case may be, then no vesting
shall occur under this Section 2(b) as a result of such Change-in-Control, but
this Agreement and the awards hereunder shall continue in effect on the terms
hereof, subject to the adjustment of the Initial Base Price as may be
appropriate pursuant to Section 4 hereof.

                                       2
<PAGE>

                  (c) Notwithstanding the foregoing, if the Grantee's employment
with the Company and all Affiliates is terminated prior to December 31, 2007 by
reason of the Grantee's death or Disability, by the Grantee for Good Reason or
in the event a Force Out occurs subsequent to a Change-in-Control, or by the
Company or any Affiliate for any reason other than Cause or transfer to another
Affiliate, all non-vested LTIP OP Units will thereupon become fully vested. If
the Grantee's employment with the Company and all Affiliates is terminated prior
to December 31, 2007 for any other reason, any LTIP OP Units that have not yet
become vested will thereupon be forfeited.

                  (d) Notwithstanding the foregoing, if the Grantee remains in
continuous employment with the Company or any of its Affiliates until an
applicable Annual Vesting Date but the vesting performance requirement is not
satisfied at such date (or any extended performance period as contemplated in
Section 2(b) above), and if the Committee determines that it nevertheless would
be consistent with the spirit and intent of this Agreement to vest some or all
of the LTIP OP Units that otherwise would have become vested on that Annual
Vesting Date, then the Committee, in its sole and absolute discretion, may elect
to vest some or all of such LTIP OP Units.

                  (e) Notwithstanding the foregoing, in the event that (i) the
LTIP OP Units would become vested as a result of the Company achieving a total
return of at least 9% per annum in accordance with the terms of Section 2(a),
(ii) the appreciation in the share price of the Common Stock alone has not
resulted in the Company achieving such a 9% per annum total return (i.e.,
without taking into account any dividends paid to holders of Common Stock), and
(iii) the Company's Dividend Payout Ratio with regard to its Cash Available for
Distribution exceeds 100% for any relevant annual period or periods, the
Committee may, in its sole discretion, review whether it is appropriate for the
LTIP OP Units to vest for such period or periods, and may determine that the
LTIP OP Units shall not vest, in whole or in part, based upon such facts as it
deems appropriate including, but not limited to, the effect on the Dividend
Payout Ratio of rent concessions, tenant improvements, capital expenditures by
the Company and similar matters that represent uses of operating cash flow for
the purpose of generating incremental cash flow or other returns for the
Company.

                                       3
<PAGE>

         3. Distributions. Distributions on the LTIP OP Units shall be paid
currently to the Grantee in accordance with the terms of the Partnership
Agreement.

         4. Adjustment. The Committee will make or provide for such adjustments
in the number of LTIP OP Units and the vesting performance requirements
applicable to LTIP OP Units, as the Committee may in good faith determine to be
equitably required in order to prevent any dilution or expansion of the rights
of the Grantee that otherwise would result from (i) any stock dividend, stock
split, combination of shares, recapitalization or similar change in the capital
structure of the Company or similar events with respect to the partnership
interests in the Partnership or (ii) any merger, consolidation, spin-off,
spin-out, split-off, split-up, reorganization, partial or complete liquidation
or other distribution of assets, issuance of warrants or other rights to
purchase securities or any other transaction or event having an effect similar
to any of the foregoing.

         5. Compliance With Law. The Partnership and the Grantee will make
reasonable efforts to comply with all applicable securities laws. In addition,
notwithstanding any provision of this Agreement to the contrary, no LTIP OP
Units will become vested or be paid at a time that such vesting or payment would
result in a violation of any such law.

         6. Investment Representation; Registration.

                  (a) The Grantee hereby makes the covenants, representations
and warranties set forth on EXHIBIT B attached hereto. All of such covenants,
warranties and representations shall survive the execution and delivery of this
Agreement by the Grantee. The Grantee shall immediately notify the Partnership
upon discovering that any of the representations or warranties set forth on
EXHIBIT B were false when made or have, as a result of changes in circumstances,
become false.

                  (b) The Partnership may make a notation in its records and/or
affix a legend to the certificates (if any) representing the LTIP OP Units
issued pursuant to this Agreement to the effect that such units have not been
registered under the Securities Act and may only be sold or transferred upon
registration or pursuant to an exemption therefrom.

                  (c) The Partnership will have no obligation to register under
the Securities Act any LTIP OP Units.

         7. Severability. In the event that one or more of the provisions of
this Agreement may be invalidated for any reason by a court, any provision so
invalidated will be deemed to be separable from the other provisions hereof, and
the remaining provisions hereof will continue to be valid and fully enforceable.

         8. Governing Law. This Agreement is made under, and will be construed
in accordance with, the laws of the State of New York, without giving effect to
the principles of conflicts of laws of such State.

         9. Transferability. This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.

                                       4
<PAGE>

         10. Amendment. The Grantee acknowledges that this Agreement may be
amended or canceled by the Partnership for the purpose of satisfying changes in
law or for any other lawful purpose, provided that no such action shall
adversely affect the Grantee's rights under this Agreement without the Grantee's
written consent.

         11. No Obligation to Continue Employment. Neither the Company nor any
Affiliate is obligated by or as a result of this Agreement to continue the
Grantee in employment and this Agreement shall not interfere in any way with the
right of the Company or any Affiliate to terminate the employment of the Grantee
at any time.

         12. Notices. Notices hereunder shall be mailed or delivered to the
Partnership at its principal place of business and shall be mailed or delivered
to the Grantee at the address on file with the Partnership or, in either case,
at such other address as one party may subsequently furnish to the other party
in writing.

         13. Withholding and Taxes. No later than the date as of which an amount
first becomes includible in the gross income of the Grantee for income tax
purposes or subject to Federal Insurance Contributions Act withholding with
respect to any award under this Agreement, such Grantee will pay to the Company
or, if appropriate, any of its Affiliates, or make arrangements satisfactory to
the Company regarding the payment of, any United States federal, state or local
or foreign taxes of any kind required by law to be withheld with respect to such
amount. The obligations of the Company under this Agreement will be conditional
on such payment or arrangements, and the Company and its Affiliates shall, to
the extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to the Grantee.

         14. Successors and Assigns. This Agreement shall be binding upon the
Partnership's successors and assigns, whether or not this Agreement is expressly
assumed.

         15. Certain Definitions.

                  (a) "Affiliate" means any person or entity that, at the time
of reference, is controlled by, controlling of or under common control with the
Company.

                  (b) "Cash Available for Distribution" means the Company's cash
available for distribution to holders of the Company's Common Stock on an "as
committed" basis as announced by the Company for the relevant period.

                  (c) "Cause" means a finding by the Company's Board of
Directors that the Grantee has (i) acted with gross negligence or willful
misconduct in connection with the performance of his material duties to the
Company or any Affiliate; (ii) defaulted in the performance of his material
duties to the Company or any Affiliate and has not corrected such action within
15 days of receipt of written notice thereof; (iii) willfully acted against the
best interests of the Company or any Affiliate, which act has had a material and
adverse impact on the financial affairs of the Company or such Affiliate; or
(iv) been convicted of a felony or committed a material act of common law fraud
against the Company, any Affiliate or any of their employees and such act or
conviction has had, or the Company's Board of Directors reasonably determines
will have, a material adverse effect on the interests of the Company or such
Affiliate; provided, however, that a finding of Cause will not become effective
unless and until the Board of Directors provides the Grantee notice that it is
considering making such finding and a reasonable opportunity to be heard by the
Board of Directors.

                                       5
<PAGE>

                  (d) A "Change-in-Control" will be deemed to have occurred if
following the Date of Grant:

                           (i) any Person, together with all "affiliates" and
                  "associates" (as such terms are defined in Rule 12b-2 under
                  the Securities Exchange Act of 1934 (the "Exchange Act")) of
                  such Person, shall become the "beneficial owner" (as such term
                  is defined in Rule 13d-3 under the Exchange Act), directly or
                  indirectly, of securities of the Company representing 30% or
                  more of (A) the combined voting power of the Company's then
                  outstanding securities having the right to vote in an election
                  of the Company's Board of Directors ("Voting Securities"), (B)
                  the combined voting power of the Company's then outstanding
                  Voting Securities and any securities convertible into Voting
                  Securities, or (C) the then outstanding shares of all classes
                  of stock of the Company; or

                           (ii) individuals who, as of the effective date of
                  this Agreement, constitute the Company's Board of Directors
                  (the "Incumbent Directors") cease for any reason, including,
                  without limitation, as a result of a tender offer, proxy
                  contest, merger or similar transaction, to constitute at least
                  a majority of the Company's Board of Directors, provided that
                  any person becoming a director of the Company subsequent to
                  the effective date of this Agreement whose election or
                  nomination for election was approved by a vote of at least a
                  majority of the Incumbent Directors (other than an election or
                  nomination of an individual whose initial assumption of office
                  is in connection with an actual or threatened election contest
                  relating to the election of the directors of the Company, as
                  such terms are used in Rule 14a-11 of Regulation 14A under the
                  Exchange Act) shall, for purposes of this Agreement, be
                  considered an Incumbent Director; or

                           (iii) consummation of (1) any consolidation or merger
                  of the Company or any subsidiary where the stockholders of the
                  Company, immediately prior to the consolidation or merger,
                  would not, immediately after the consolidation or merger,
                  beneficially own (as such term is defined in Rule 13d-3 under
                  the Exchange Act), directly or indirectly, but based solely on
                  their prior ownership of shares of the Company, shares
                  representing in the aggregate more than 60% of the voting
                  shares of the corporation issuing cash or securities in the
                  consolidation or merger (or of its ultimate parent
                  corporation, if any), or (2) any sale, lease, exchange or
                  other transfer (in one transaction or a series of transactions
                  contemplated or arranged by any party as a single plan) of all
                  or substantially all of the assets of the Company; or

                           (iv) stockholder approval of any plan or proposal for
                  the liquidation or dissolution of the Company.

                                       6
<PAGE>

                           Notwithstanding the foregoing, a "Change-in-Control"
                  shall not be deemed to have occurred for purposes of the
                  foregoing clause (i) (A) solely as the result of an
                  acquisition of securities by the Company which, by reducing
                  the number of shares of stock or other Voting Securities
                  outstanding, increases (x) the proportionate number of shares
                  of stock of the Company beneficially owned by any Person to
                  30% or more of the shares of stock then outstanding or (y) the
                  proportionate voting power represented by the Voting
                  Securities beneficially owned by any Person to 30% or more of
                  the combined voting power of all then outstanding Voting
                  Securities; provided, however, that if any Person referred to
                  in clause (x) or (y) of this sentence shall thereafter become
                  the beneficial owner of any additional stock of the Company or
                  other Voting Securities (other than pursuant to a share split,
                  stock dividend, or similar transaction), then a
                  "Change-in-Control" shall be deemed to have occurred for
                  purposes of the foregoing clause (i), and (B) solely as a
                  result of the direct or indirect acquisition of beneficial
                  ownership of Voting Securities by any executive officers of
                  the Company on the date hereof and/or the Company, any of its
                  subsidiaries, or any trustee, fiduciary or other person or
                  entity holding securities under any employee benefit plan of
                  the Company or any of its subsidiaries if the Grantee is one
                  of the executive officers participating in such acquisition.

                  (e) "Common Stock" means the shares of common stock, par value
$0.01 per share, of the Company.

                  (f) "Disability" means that the Grantee has been unable to
efficiently perform his duties to the Company and all Affiliates because of any
physical or mental injury or illness until the earlier of such time when (i) the
period of injury or illness (whether or not the same injury or illness) exceeds
180 consecutive days or (ii) the Grantee becomes eligible to receive benefits
under a comprehensive disability insurance policy maintained or sponsored by the
Company.

                  (g) "Dividend Payout Ratio" means the quotient, expressed as a
percentage, derived by dividing the aggregate dividends paid on shares of the
Company's Common Stock during a relevant period by the Cash Available for
Distribution for such period.

                  (h) "Employment Agreement" means the Amendment and Restatement
of Employment and Noncompetition Agreement, dated as of August 15, 2000, between
the Grantee and the Company as may be amended or restated from time to time, or
any agreement entered into by the Company and the Grantee after the date hereof
with respect to the Grantee's employment by the Company.

                  (i) "Force Out" means

                           (i) a change in duties, responsibilities, status or
                  positions with the Company or successor company, which, in the
                  Grantee's reasonable judgment, does not represent a promotion
                  from or maintaining of the Grantee's duties, responsibilities,
                  status or positions as in effect immediately prior to the
                  Change-in-Control, or any removal of the Grantee from or any
                  failure to reappoint or reelect the Grantee to such positions,
                  except in connection with the termination of the Grantee's
                  employment for Cause, Disability, retirement or death;

                                       7
<PAGE>

                           (ii) a reduction by the Company or such successor
                  company in the Grantee's base salary as in effect immediately
                  prior to the Change-in-Control;

                           (iii) the failure by the Company or such successor
                  company to provide and credit the Grantee with the number of
                  paid vacation days to which the Grantee is then entitled in
                  accordance with the Company or such successor company's normal
                  vacation policies as in effect immediately prior to the
                  Change-in-Control;

                           (iv) the Company or such successor company requiring
                  the Grantee to be based in an office located beyond a
                  reasonable commuting distance from the Grantee's residence
                  immediately prior to the Change-in-Control, except for
                  required travel relating to the Company or such successor
                  company's business to an extent substantially consistent with
                  the business travel obligations which the Grantee undertook on
                  behalf of the Company or such successor company prior to the
                  Change-in-Control;

                           (v) the failure by the Company or such successor
                  company to obtain from any successor to the Company or such
                  successor company an agreement to be bound by this Agreement
                  and the Employment Agreement;

                           (vi) any refusal by the Company or such successor
                  company to continue to allow the Grantee to attend to matters
                  or engage in activities not directly related to the business
                  of the Company or such successor company which, prior to the
                  Change in-Control, the Grantee was permitted by the Company or
                  such successor company's Boards of Directors to attend to or
                  engage in; or

                           (vii) the failure by the Company or such successor
                  company to continue in effect any of the benefit plans,
                  programs or arrangements in which the Grantee is participating
                  at the time of the Change-in-Control of the Company or such
                  successor company (unless the Grantee is permitted to
                  participate in any substitute benefit plan, program or
                  arrangement with substantially the same terms and to the same
                  extent and with the same rights as the Grantee had with
                  respect to the benefit plan, program or arrangement that is
                  discontinued) other than as a result of the normal expiration
                  of any such benefit plan, program or arrangement in accordance
                  with its terms as in effect at the time of the
                  Change-in-Control, or the taking of any action, or the failure
                  to act, by the Company or such successor company which would
                  adversely affect the Grantee's continued participation in any
                  of such benefit plans, programs or arrangements on at least as
                  favorable a basis to the Grantee as is the case on the date of
                  the Change-in-Control or which would materially reduce the
                  Grantee's benefits in the future under any of such benefit
                  plans, programs or arrangements or deprive the Grantee of any
                  material benefits enjoyed by the Grantee at the time of the
                  Change-in-Control.

                  (j) "Funds from Operations" means the Company's funds from
operations as defined by the National Association of Real Estate Investment
Trusts and as may be adjusted by the Company.

                                       8
<PAGE>

                  (k) "Good Reason" means the occurrence of any of the following
events or conditions, which event or condition is not corrected by the Company
within 30 days of written notice from the Grantee: (i) any failure of the Board
of Directors of the Company to elect the Grantee to offices with the same or
substantially the same duties and responsibilities as in effect on the Date of
Grant, (ii) any material failure by the Company or any Affiliate to timely pay
or provide to the Grantee any compensation or benefits required to be paid or
provided under the terms of any employment or similar agreement in effect during
the term of this Agreement between the Grantee and the Company or such
Affiliate, (iii) any material breach by the Company or any Affiliate of any
other provision of any employment or similar agreement in effect during the term
of this Agreement between the Grantee and the Company or such Affiliate, and
(iv) any failure by the Company or any Affiliate to timely offer to renew (and
to hold such offer to renew open for acceptance for a reasonable period of time)
on substantially identical terms until at least the fourth anniversary of the
Date of Grant any employment agreement in effect on the Date of Grant between
the Grantee and the Company or such Affiliate.

                  (l) "Initial Base Price" means $32.81 per share of the Common
Stock of the Company.

                  (m) An "OPU" means a Class A common operating partnership unit
of the Partnership.

                  (n) "Peer Group" means the business entities set forth on
Exhibit A to this Agreement, and any successors to the businesses or assets of
such entities as determined by the Committee in its sole and absolute
discretion. If an entity listed on such Exhibit ceases to exist during the term
of this Agreement and the Committee determines that there is no successor to the
business or assets of such entity, then such entity will cease to be treated as
a member of the Peer Group to the extent and for the periods determined by the
Committee in its sole and absolute discretion.

                  (o) "Person" has the meaning used in Sections 13(d) and 14(d)
of the Exchange Act.

                  (p) "Securities Act" means the Securities Act of 1933.

                  (q) "VWAP" means the volume weighted average closing price per
share of a security on the primary exchange or other quotation system on which
the security is traded.

                            [signature page follows]

                                       9
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the 11th day of March, 2005.

                                RECKSON ASSOCIATES REALTY CORP.

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

                                RECKSON OPERATING PARTNERSHIP, L.P.

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

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

                                       10
<PAGE>

                        Exhibit A - Peer Group Companies
                        --------------------------------

                         American Financial Realty Trust
                            Arden Realty Group, Inc.
                             Boston Properties, Inc.
                             Brandywine Realty Trust
                         CarrAmerica Realty Corporation
                       Crescent Real Estate Equities, Inc.
                         Equity Office Properties Trust
                          Mack-Cali Realty Corporation
                             Maguire Properties Inc.
                            Prentiss Properties Trust
                           SL Green Realty Corporation
                             Trizec Properties Inc.
                              Vornado Realty Trust

<PAGE>

                                                                      EXHIBIT B

               GRANTEE'S COVENANTS, REPRESENTATIONS AND WARRANTIES

         The Grantee hereby represents, warrants and covenants as follows:

         (a) The Grantee is an individual with income (without including any
income of the Grantee's spouse) in excess of $200,000, or joint income with the
Grantee's spouse, in excess of $300,000, in each of the two most recent years,
and the Grantee reasonably expects to reach the same income level in the current
year.

         (b) The Grantee has received and had an opportunity to review the
following documents (the "Background Documents"):

                  (i)      The Company's latest Annual Report to Stockholders;

                  (ii)     The Company's Proxy Statement for its most recent
                           Annual Meeting of Stockholders;

                  (iii)    The Company's Report on Form 10-K for the fiscal year
                           most recently ended;

                  (iv)     The Company's Form 10-Q for the most recently ended
                           quarter if one has been filed by the Company with the
                           Securities and Exchange Commission since the filing
                           of the report described in clause (iii) above;

                  (v)      Each of the Company's Current Report(s) on Form 8-K,
                           if any, filed since the end of the fiscal year most
                           recently ended;

                  (vi)     The Partnership Agreement; and

                  (vii)    The Company's Amended and Restated Certificate of
                           Incorporation.

         The Grantee also acknowledges that any delivery of the Background
Documents and other information relating to the Company and the Partnership
prior to the determination by the Partnership of the suitability of the Grantee
as an LTIP OP Unitholder shall not constitute an offer of LTIP OP Units until
such determination of suitability shall be made.

         (c) The Grantee hereby represents and warrants that

                  (i)      The Grantee either (i) is an "accredited investor" as
                           defined in Rule 501(a) under the Securities Act of
                           1933, as amended (the "Securities Act"), or (ii) by
                           reason of his or her business and financial
                           experience, together with the business and financial
                           experience of those persons, if any, retained by the
                           Grantee to represent or advise him or her with
                           respect to the grant to him or her of LTIP OP Units,
                           has such knowledge, sophistication and experience in
                           financial and business matters and in making
                           investment decisions of this type that he or she (A)
                           is capable of evaluating the merits and risks of an
                           investment in the Partnership and of making an
                           informed investment decision, (B) is capable of
                           protecting his or her own interest or has engaged
                           representatives or advisors to assist him or her in
                           protecting his or her interests, and (C) is capable
                           of bearing the economic risk of such investment.

                                      B-1
<PAGE>

                  (ii)     The Grantee understands that (A) the award of LTIP OP
                           Units involves risks different from, and in certain
                           circumstances substantially greater than those
                           involved in an award of a comparable number of shares
                           of restricted common stock of the Company; (B) the
                           Grantee is responsible for consulting his or her own
                           tax advisors with respect to the application of the
                           U.S. federal income tax laws, and the tax laws of any
                           state, local or other taxing jurisdiction to which
                           the Grantee is or by reason of the award of LTIP OP
                           Units may become subject, to his or her particular
                           situation; (C) the Grantee has not received or relied
                           upon business or tax advice from the Company, the
                           Partnership or any of their respective employees,
                           agents, consultants or advisors; (D) the Grantee
                           provides services to the Partnership on a regular
                           basis and in such capacity has access to such
                           information, and has such experience of and
                           involvement in the business and operations of the
                           Partnership, as the Grantee believes to be necessary
                           and appropriate to make an informed decision to
                           accept this Award of LTIP OP Units; and (E) an
                           investment in the Partnership involves substantial
                           risks. The Grantee has been given the opportunity to
                           make a thorough investigation of matters relevant to
                           the LTIP OP Units and has been furnished with, and
                           has reviewed and understands, materials relating to
                           the Partnership and its activities (including, but
                           not limited to, the Background Documents). The
                           Grantee has been afforded the opportunity to obtain
                           any additional information (including any exhibits to
                           the Background Documents) deemed necessary by the
                           Grantee to verify the accuracy of information
                           conveyed to the Grantee. The Grantee confirms that
                           all documents, records, and books pertaining to his
                           or her receipt of LTIP OP Units which were requested
                           by the Grantee have been made available or delivered
                           to the Grantee. The Grantee has had an opportunity to
                           ask questions of and receive answers from the
                           Partnership and the Company, or from a person or
                           persons acting on their behalf, concerning the terms
                           and conditions of the LTIP OP Units. THE GRANTEE HAS
                           RELIED UPON, AND IS MAKING ITS DECISION SOLELY UPON,
                           THE BACKGROUND DOCUMENTS AND OTHER WRITTEN
                           INFORMATION PROVIDED TO THE GRANTEE BY THE
                           PARTNERSHIP OR THE COMPANY. The Grantee did not
                           receive any tax, legal or financial advice from the
                           Partnership or the Company and, to the extent it
                           deemed necessary, has consulted with its own advisors
                           in connection with its evaluation of the Background
                           Documents and this Agreement and the Grantee's
                           receipt of LTIP OP Units.

                  (iii)    The LTIP OP Units to be issued will be acquired for
                           the account of the Grantee for investment only and
                           not with a current view to, or with any intention of,
                           a distribution or resale thereof, in whole or in
                           part, or the grant of any participation therein,
                           without prejudice, however, to the Grantee's right
                           (subject to the terms of the LTIP OP Units and this
                           Agreement) at all times to sell or otherwise dispose
                           of all or any part of his or her LTIP OP Units in
                           compliance with the Securities Act, and applicable
                           state securities laws, and subject, nevertheless, to
                           the disposition of his or her assets being at all
                           times within his or her control.

                                      B-2
<PAGE>

                  (iv)     The Grantee acknowledges that (A) the LTIP OP Units
                           to be issued have not been registered under the
                           Securities Act or state securities laws by reason of
                           a specific exemption or exemptions from registration
                           under the Securities Act and applicable state
                           securities laws and, if such LTIP OP Units are
                           represented by certificates, such certificates will
                           bear a legend to such effect, (B) the reliance by the
                           Partnership on such exemptions is predicated in part
                           on the accuracy and completeness of the
                           representations and warranties of the Grantee
                           contained herein, (C) such LTIP OP Units, therefore,
                           cannot be resold unless registered under the
                           Securities Act and applicable state securities laws,
                           or unless an exemption from registration is
                           available, (D) there is no public market for such
                           LTIP OP Units and (E) the Partnership has no
                           obligation or intention to register such LTIP OP
                           Units under the Securities Act or any state
                           securities laws or to take any action that would make
                           available any exemption from the registration
                           requirements of such laws. The Grantee hereby
                           acknowledges that because of the restrictions on
                           transfer or assignment of such LTIP OP Units acquired
                           hereby that are set forth in the Partnership
                           Agreement or this Agreement, the Grantee may have to
                           bear the economic risk of his or her ownership of the
                           LTIP OP Units acquired hereby for an indefinite
                           period of time.

                  (v)      The Grantee has determined that the LTIP OP Units are
                           a suitable investment for the Grantee.

                  (vi)     No representations or warranties have been made to
                           the Grantee by the Partnership or the Company, or any
                           officer, director, shareholder, agent, or affiliate
                           of any of them, and the Grantee has received no
                           information relating to an investment in the
                           Partnership or the LTIP OP Units except the
                           information specified in Paragraph (b) above.

         (d) So long as the Grantee holds any LTIP OP Units, the Grantee shall
disclose to the Partnership in writing such information as may be reasonably
requested with respect to ownership of LTIP OP Units as the Partnership may deem
reasonably necessary to ascertain and to establish compliance with provisions of
the Internal Revenue Code of 1986, as amended (the "Code"), applicable to the
Partnership or to comply with requirements of any other appropriate taxing
authority.

         (e) The address set forth on the signature page of this Agreement is
the address of the Grantee's principal residence, and the Grantee has no present
intention of becoming a resident of any country, state or jurisdiction other
than the country and state in which such residence is sited.

                                      B-3
<PAGE>

         (f) The representations of the Grantee as set forth above are true and
complete to the best of the information and belief of the Grantee, and the
Partnership shall be notified promptly of any changes in the foregoing
representations.

                                      B-4

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