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Gramercy Capital Corp. Announces Extension of Offer Period to Purchase Series A Preferred Stock

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^{Published in Business and Finance on Monday, October 18th 2010 at 4:47 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Gramercy Capital Corp. (NYSE: GKK) (the "Company") today announced the extension of the offer period for its previously announced tender offer (the "Offer") to purchase up to 4,000,000 shares of the Company's 8.125% Series A Cumulative Redeemable Preferred Stock (the "Series A Shares") for $15.00 per Series A Share, net to seller in cash. The Offer will now expire at 5:00 p.m. New York City time, on November 4, 2010, unless extended or terminated by the Company. As of 5:00 p.m. New York City time, on October 15,2010, 1,790 Series A Shares had been tendered and not withdrawn from the Offer.

None of the Company, its Board of Directors, the Dealer Manager, the Information Agent or the Depositary is making any recommendation to the holders of Series A Shares as to whether or not they should tender their Series A Shares pursuant to the Offer. Holders must make their own decision regarding how many Series A Shares they tender, if any.

The Dealer Manager for the Offer is Citigroup Global Markets Inc. and the Information Agent and Depositary is D.F. King& Co., Inc. Requests for documents may be directed to D.F. King & Co. Inc. at (800) 859-8508. Questions regarding the Offer may be directed to Citigroup Global Markets Inc. at (800) 558-3745.

GKK-EN

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, acquisition and portfolio management of whole loans, subordinate interests in whole loans, mezzanine loans, preferred equity, commercial mortgage-backed securities 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. The Company is headquartered in New York City, and has regional investment and portfolio management offices in Jenkintown, Pennsylvania, Charlotte, North Carolina and St. Louis, Missouri.

To review the Company'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.

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 reduction in cash flows received from the Company's investments, in particular its CDOs and the Gramercy Realty portfolio; the ability of the Companya�s Gramercy Realty division to renegotiate the terms of its mortgage and mezzanine loan obligations; compliance with financial covenants; the adequacy of the Companya�s cash reserves, working capital and other forms of liquidity; maintenance of liquidity needs, including balloon debt payments; the success or failure of the Companya�s efforts to implement its current business strategy; the strength of the commercial finance and real estate property markets, and the banking industry specifically; competitive market conditions; the ability to raise debt and equity capital; 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 resolution of the Company's non-performing and sub-performing assets and any loss the Company might recognize in connection with such investments; management changes; compliance with over-collateralization and interest coverage tests in the Company's CDOs; and other factors that are beyond the Company's control, including those listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. For further information, please refer to the Company's filings with the Securities and Exchange Commission.