Public REITS in $6 Billion Merger

August 8, 2006

Cleary Gottlieb is advising Goldman, Sachs & Co., as financial advisor to the independent directors of Reckson Associates Realty Corp., in Reckson’s merger with SL Green Realty Corp. SL Green will acquire all of Reckson’s common stock and operating partnership units for $31.68 in cash and a fixed exchange ratio of 0.10387 shares of SL Green common stock per Reckson common share and operating partnership unit. Concurrent with this merger, SL Green will sell specified assets of Reckson to an investment group led by existing Reckson executive management and Marathon Asset Management for $2.1 billion. The merger and the asset sale are expected to close simultaneously following the receipt of stockholder and regulatory approvals.

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages a portfolio of Manhattan office properties. Reckson is a self-administered and self-managed REIT specializing in the acquisition, leasing, financing, management and development of Class A office properties in the Tri-State area.