2008-06-11 23:43:35 -

www.gramercycapitalcorp.com - Gramercy Capital Corp. (NYSE: GKK) (the "Company") announced today that its Board of Directors authorized, and the Company declared, its quarterly dividend of $0.63 per common share for the quarter ending June 30, 2008. The second quarter dividend is payable on July 15, 2008.

The dividend is payable on July 15, 2008 to shareholders of record at the close of business on June 30, 2008.

Based on Wednesday's closing price of $14.58, this regular quarterly distribution represents an annualized dividend yield of 17.28%.

The Board of Directors also authorized, and the Company declared, a dividend for the Company's Series A Preferred Stock for the period April 1, 2008 through June 30, 2008, of $0.50781, reflecting

an annualized distribution of $2.03125. Dividends are payable July 15, 2008 to shareholders of record at the close of business on June 30, 2008.

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 - News). 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.
John B. Roche, 212-297-1000
Chief Financial Officer
or
Laura Godfrey, 212-297-1000
Investor Relations