August 26, 2002From: Kudisch, Lisa [LKudisch@Reckson.com] Sent: Monday, August 26, 2002 11:31 AM To: 'rule-comments@sec.gov' Cc: Maturo, Michael Subject: File No. S7-22-02 Reckson Associates Realty Corp. 225 Broadhollow Road Melville, New York 11747 631-694-6900 August 26, 2002 Mr. Jonathan G. Katz Secretary U.S. Securities and Exchange Commission 450 Fifth Street, NW Washington, DC 20549-0609 Re: File No. S7-22-02 Dear Mr. Katz: Reckson Associates Realty Corp. is pleased to have the opportunity to respond to the Securities and Exchange Commission (“Commission”) regarding the proposals set forth in Release Nos. 33-8106 and 34-46084. Reckson Associates Realty Corp. is a real estate investment trust (add company description). Executive Summary Reckson Associates Realty Corp. supports the Commission’s efforts to provide investors with enhanced and “real‑time” disclosure of important corporate events. We agree with most of the Commission’s proposals relating to Form 8-K. However, Reckson Associates Realty Corp. is concerned that one aspect of the proposals could be counter- productive to the interests of investors. Reckson Associates Realty Corp. believes that requiring companies to disclose terms of material non-binding agreements could severely hinder the negotiating positions and competitiveness of companies. Item 1.01--Entry into a Material Agreement While Reckson Associates Realty Corp. generally supports the Commission’s position to require a company to disclose when it enters into a material agreement that is not made during the ordinary course of its business, we believe that letters of intent, non‑binding agreements and other similar documents should not be required to be disclosed. We do not feel that such agreements can be deemed to be material until they become binding contracts. In addition, contracts to purchase real estate typically contain many due diligence conditions that allow the purchaser to walk away from the contract if its due diligence is not completed to its satisfaction. Until such due diligence is satisfactorily concluded, these contracts are not binding and therefore should not have to be disclosed. In addition, Reckson Associates Realty Corp. is concerned that disclosure of such non-binding agreements would cause companies to disclose competitive terms and would otherwise disrupt the ability of companies to negotiate agreements on their own behalf and for the benefit of their investors. Companies would be disclosing negotiating terms that their competitors could review, which could harm a company’s future negotiating position. Public companies would be at a particular competitive disadvantage relative to privately held companies that are not required to disclose the terms of their agreements. Furthermore, Reckson Associates Realty Corp. feels that the confidentiality provisions that normally apply to such non-binding agreements would be rendered ineffective. In order to promote uniform standards, we believe that Item 1.01 should be kept consistent with the current requirements of Exhibit 10 under Regulation S-K, Item 6.01(b)(10) which does not require the filing of non-binding agreements. Additionally, Reckson Associates Realty Corp. supports the position that registrants should not be required to file the material agreements that are subject to the Form 8-K disclosure requirements as exhibits, because such agreements are required to be filed in Form 10-Q and/or Form 10-K. We would suggest that if Item 1.01 becomes a part of Form 8-K, the Form should include a box on the cover page that would allow a registrant to satisfy obligations under Rule 165, Rule 14d-2(b) and/or Rule 14a-12, as suggested by the Commission in its proposed rule. Reckson Associates Realty Corp. thanks the Commission for the opportunity to comment on this proposal. Please contact Michael Maturo if you have any questions regarding this letter. Respectfully submitted, Michael Maturo Executive Vice President & Chief Financial Officer