Gramercy Property Trust 8-K Amendments to Articles of Incorporation or Bylaws

Exhibit 12.1

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Year Ended December 31, 2006		Year Ended December 31, 2005		For the period from from April 12, 2004 (formation) through December 31, 2004
	(unaudited)		(unaudited)		(unaudited)
Consolidated pretax income from continuing operations	$	57,710	$	32,271	$	2,052
Interest expense	98,299		33,771		1,463
Earnings	$	156,009	$	66,042	$	3,515
Interest expense including capitalized interest	$	100,140	$	33,771	$	1,463
Fixed charges	$	100,140	$	33,771	$	1,463
Ratio of Earnings to Fixed Charges	1.56		1.96		2.40