Gramercy Capital Corp. Reschedules Fourth Quarter 2009 Conference Call to March 15, 2010

Gramercy Capital Corp. (NYSE: GKK), a self-managed integrated commercial real estate finance and property investment company organized as a real estate investment trust, announced today that the conference call and audio webcast discussing the Company’s fourth quarter 2009 financial results originally scheduled for 2:00 p.m. EST on Thursday, March 4, 2010, will now take place at 2:00 p.m. EST on Monday, March 15, 2010.

The Company elected to postpone its quarterly conference call to better align the timing of its fourth quarter 2009 earnings release, which will now occur prior to market open on Monday, March 15, 2010, with the Company’s filing of its Annual Report on Form 10-K for the year ended December 31, 2009 on or before Tuesday, March 16, 2010. The Company’s Supplemental Report will be furnished on Form 8-K with the Securities and Exchange Commission and the Supplemental Report will be available prior to the quarterly conference call on the Company's website, www.gkk.com.

The live call will be webcast in listen-only mode on Gramercy's website at www.gkk.com and on Thomson's StreetEvents Network. The presentation may also be accessed by dialing (800) 299-9086 - Domestic or (617) 786-2903 - International, using pass code "Gramercy".

A replay of the call will be available from March 15, 2010 at 5:00 p.m. EST through March 22, 2010 at 11:59 p.m. EST by dialing (888) 286-8010 - Domestic or (617) 801-6888 - International, using pass code 67615140.

Company Profile

Gramercy Capital Corp. is a self-managed 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, commercial mortgage-backed security and other real estate securities, and whose Gramercy Realty division targets commercial properties leased primarily to financial institutions and affiliated users throughout the United States. Gramercy is headquartered in New York City, and has regional investment and portfolio management offices Jenkintown, Pennsylvania, Charlotte, North Carolina and St. Louis, Missouri.

To review Gramercy's latest news releases and other corporate documents, please visit the Company's website at www.gkk.com or contact Investor Relations at 212-297-1000.

(GKK-EN)

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 success or failure of our efforts to implement our current business strategy; the strength of the commercial finance and real estate property market; and the banking industry specifically; competitive market conditions; unanticipated administrative costs; general and local economic conditions; interest rates; capital and credit market conditions; bankruptcies and defaults of borrowers or tenants in the Company's properties or properties securing the Company's debt investments; the Company's ability to operate as an internally-managed company; difficulties encountered in integrating the Company's former external manager into the Company; the resolution of the Company's non-performing and sub-performing assets; compliance with financial covenants, maintenance of liquidity needs (including balloon payments); management changes; compliance with over-collateralization and interest coverage tests in the Company's CDOs; and other factors including those listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q, which are beyond the Company's control. The Company undertakes 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.