Gramercy Capital Corp. Expands Gramercy Realty Management Team

Wheeler will be directly responsible for Gramercy Realty's Northeast region, which comprises more than 130 office and branch banking properties and 9.3 million square feet, plus a 15-property nationwide office portfolio net leased to Bank of America.

With the appointment of Wheeler, Gramercy Realty continues to round out its senior management team responsible for executing property-level business plans to maximize Gramercy Realty's portfolio, lease existing vacancy to increase portfolio-wide occupancy from 87.6%, establish institutional joint ventures involving existing properties, and position Gramercy Realty for future acquisitions. Wheeler's arrival follows by several weeks Michael Crimmins, who joined Gramercy Realty from Boston Properties in June 2008 and directs the Company's Southeast region. Gramercy Realty's leasing and asset management infrastructure now includes for each of its four regions a business head, a leasing director, business analysts, and operations and property management support. Gramercy Realty's fully-integrated approach to asset management makes each regional team directly accountable for portfolio performance and profitability, and is intended to spur improved operating performance in its core portfolio, and create value and cash flow in its value-add portfolio.

Company Profile

Gramercy Capital Corp. is an integrated commercial real estate finance and property investment company whose Gramercy Finance division focuses on the direct origination and acquisition of whole loans, subordinate interests in whole loans, mezzanine loans, preferred equity, CMBS and other real estate securities, and whose Gramercy Realty division targets commercial properties net leased primarily to financial institutions and affiliated users throughout the United States. Gramercy is externally-managed by GKK Manager LLC, which is a majority-owned subsidiary of SL Green Realty Corp. (NYSE: SLG). Gramercy is headquartered in New York City, and has regional investment and portfolio management offices in Los Angeles, California, Jenkintown, Pennsylvania, and Charlotte, North Carolina. To review Gramercy's latest news releases and other corporate documents, please visit the Company's website at www.gramercycapitalcorp.com or contact Investor Relations at 212-297-1017.

Forward-looking Information

This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial real estate property markets, competitive market conditions, unanticipated administrative costs, general and local economic conditions, interest rates, capital market conditions, bankruptcies and defaults of borrowers or tenants in properties securing the Company's investments, difficulties encountered in integrating American Financial Realty Trust into the Company, and other factors, which are beyond the Company's control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company's filings with the Securities and Exchange Commission.

SOURCE: Gramercy Capital Corp.

Gramercy Capital Corp. John B. Roche, Chief Financial Officer, 212-297-1038 or Laura Godfrey, Investor Relations, 212-297-1000