Gramercy Capital Corp. Names New Leadership Team

Robert Foley Promoted to Chief Operating Officer

John Roche Appointed Chief Financial Officer
NEW YORK--(Business Wire)--
Gramercy Capital Corp. (NYSE: GKK) today announced that Robert R.
Foley has been promoted to Chief Operating Officer and that John B.
Roche has joined the Company as Chief Financial Officer. Effective
immediately, Hugh Hall has stepped down from his post as Gramercy's
Chief Operating Officer and from the Board of Directors to pursue
other opportunities.

Today's announcements came three weeks after Gramercy completed
its acquisition of American Financial Realty Trust (AFR), transforming
the Company - already one of the real estate industry's leading
structured finance entities - into a $7.4 billion diversified
enterprise with well-developed debt and equity investment platforms.
The company's assets now include approximately 30.4 million square
feet of commercial real estate in 38 states and the District of
Columbia with an aggregate value of approximately $3.5 billion, as
well as $3.9 billion of debt investments and commercial real estate
securities investments.

In preparation for the combination of the two companies, Gramercy
embarked on an intensive repositioning of the two entities, including
the sale of 54 non-core assets, totaling $221.5 million prior to the
merger closing on April 1, 2007. Post-closing, an additional 99
properties also deemed non-core for the new entity are actively being
marketed for sale. In addition to a portfolio-wide restructuring and
reorganization, Gramercy initiated strategic operational shifts to
optimize the transition of the newly configured company to continue to
promote stable earnings growth and value creation for its
shareholders.

Mr. Foley, who succeeds Hugh Hall, joined Gramercy as Chief
Financial Officer when it was launched in 2004 after leaving his
position as co-director of Goldman Sachs & Co.'s real estate mezzanine
and high-yield lending programs. During Mr. Foley's tenure, Gramercy
has evolved from a $187.5 million specialty finance company to now,
with the inclusion of AFR, a $7.4 billion dollar real estate
conglomerate that has consistently delivered sector-leading total
return to its shareholders coupled with consistent earnings and
dividend growth.

Mr. Roche succeeds Mr. Foley as Chief Financial Officer after
serving Gramercy in an advisory role during the AFR acquisition
process. A seasoned Chief Financial Officer with an impressive REIT
and real estate background, Mr. Roche is ideally suited to guide the
newly combined entity into its next phase of growth as an integrated
commercial real estate finance and property investment company. Before
joining Gramercy, from 2000 to 2007, Mr. Roche served as Executive
Vice President & Chief Financial Officer at New Plan Excel Realty
Trust, one of the nation's largest real estate companies with over 450
shopping centers encompassing more than 65 million square feet. While
at New Plan, Mr. Roche oversaw the issuance of $2 billion of debt and
equity and facilitated acquisitions and dispositions of assets in
excess of $5 billion and $700 million of redevelopment projects. Mr.
Roche departed New Plan upon the closing of its sale to Australia's
Centro Properties Group. Mr. Roche received a Bachelor of Arts in
Accounting from Queens College, City University of New York in 1984
and an MBA from the Executive Program at Columbia Business School,
Columbia University in 1996. He is a certified public accountant.

Gramercy's President and CEO, Marc Holliday, commented, "We are
making these changes so that the leadership of Gramercy reflects the
strategic focus of the company going forward and at a time when the
loan division needs aggressive asset management and rigorous attention
to credit quality. I'm very excited about working with Bob Foley in
his new role. He has played an important part in Gramercy's success to
date, and I believe he has the right knowledge and skills to take on
this important position. In addition, we are very fortunate that John
Roche was available to join us. John has a strong track record in
financial management of commercial property assets, which certainly
was reflected in his tenure at New Plan Excel. His counsel during our
acquisition of AFR was invaluable and we have great confidence in him
going forward."

Mr. Holliday continued, "Hugh Hall was with us from the beginning
as Gramercy was launched. We've appreciated his hard work and loyalty
and wish him well as he moves on."

Company Profile

Gramercy Capital Corp. is an integrated commercial real estate
finance and property investment company whose debt investment business
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 property
investment platform 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.

Gramercy Capital Corp.
Robert R. Foley, 212-297-1000
Chief Financial Officer

Copyright Business Wire 2008