Exhibit 99.3

RECKSON ASSOCIATES REALTY CORP. ANNOUNCES
REVISED RESULTS OF MERGER CONSIDERATION
ELECTIONS IN THE TOWER MERGER

MELVILLE, N.Y.--(BUSINESS WIRE)--June 1, 1999--[Reckson Associates Realty Corp].
(NYSE: RA) has announced revised results of merger consideration elections after
being informed by the Exchange Agent that the Tower shareholder and unitholder
elections previously reported to Reckson understated the number of securities
for which cash elections were made by approximately 1.2 million. The Exchange
Agent has reported revised election results as to the form of merger
consideration in connection with the merger of [Tower Realty Trust, Inc]. into a
subsidiary of Reckson as follows:

Election Results Number of Tower Shares and Units Cash
Election 14,277,014 Non-Election 4,357,113

Under the terms of the merger agreement, an aggregate of approximately 75% of
the shares of common stock of Tower and limited partnership units of Tower
Realty Operating Partnership, L.P. will be exchanged for shares of class B
exchangeable common stock of Reckson at a ratio of 0.8364 of a Reckson share per
Tower share or unit, and an aggregate of 25% of the shares of common stock and
limited partnership units will be exchanged for $23 in cash per Tower share or
unit. As a result of the elections, the merger consideration will be paid as
follows:

- - Cash Election: approximately 0.5633 of a share of Reckson class B stock and
approximately $7.51 in cash for each Tower share or unit, in each case subject
to rounding.

- - Non-Election: 0.8364 of a share of Reckson class B stock for each Tower share
or unit.

Approximately 11.7 million shares of Reckson class B exchangeable common stock
and $107.2 million in cash will be paid in total to former Tower shareholders
and unitholders. The aggregate consideration to be paid in the merger will not
change as a result of the revised election results. In lieu of the issuance of
fractional shares to former Tower security holders, the Exchange Agent will
aggregate all fractional interests otherwise payable and will sell such shares
on behalf of such security holders on the [New York Stock Exchang]e. Former
Tower security holders will receive their proportionate interest in the net
proceeds of such sale.

Reckson Associates Realty Corp. is a self-administered an self-managed real
estate investment trust (REIT) specializing in the acquisition, leasing,
financing, management and development of office and industrial properties.

Reckson's core growth strategy is focused on the markets surrounding and
including New York City. Since the completion of its initial public offering in
May 1995, Reckson has acquired, contracted to acquire or developed approximately
$2 billion of properties comprising approximately 20.5 million square feet of
space.

Reckson is one of the largest publicly traded owners and managers of Class A
office and industrial properties in the New York City "Tri-State" area, with 210
properties comprised of approximately 25 million square feet either owned and
controlled, directly or indirecty, or under contract.

This information contains forward-looking information that is subject to certain
risks, trends and uncertainties that co8uld cause actual results to differ
materially from those projected. Among those risks, trends and uncertainties are
the general economic climate; the supply of and demand for office and industrial
properties in the New York metropolitan Tri-State area; interest rate levels;
the availability of financing; and other risks associated with the development
and acquisition of properties, including risks that development may not be
completed on schedule, that the tenants will not take occupancy or pay rent, or
that development or operating costs may be greater than anticipated. For further
information on factors that could impact Reckson, reference is made to Reckson's
filings with the Securities and Exchange Commission.