Gramercy Property Trust 8-K Gramercy Capital Corp. Reports Third Quarter 2009 Financial Results

Supplemental Data
September 30, 2009

2 Table of Contents PAGE About Gramercy Capital Corp. 3 Consolidated Financial Information Comparative Balance Sheets 5, 6 Comparative Statements of Operations 7 Reconciliation of Discontinued Operations 8, 9 Comparative Computation of FFO 10 Condensed Consolidated Statement of Stockholders’ Equity 11 Capitalization Analysis 12 Debt Data Consolidated Debt Summary Schedule 14 Debt Amortization Schedule by Years 15 Gramercy Finance Finance Portfolio Summary 17 Loan Maturity Schedule 18 Loan Region and Property Type 19 Credit Ratings of CMBS Investments 20 CMBS Region and Property Type 21 Gramercy Realty Realty Comparative Balance Sheets 23, 24 Realty Comparative Statements of Operations 25 Realty Property NOI 26 Realty Portfolio Summary 27, 28 Portfolio Vacancies 29, 30 Lease Expiration 31, 32 Top Ten 33 - 35 Dispositions 36 Glossary 37 Corporate and Investor Information 38, 39

About Gramercy Capital Corp. 3 About Gramercy Capital Corp. Gramercy Capital Corp. is a self - managed integrated commercial real estate specialty finance and property investment company operating in two complementary areas: Gramercy Finance, which focuses on the direct origination and ac quisition of whole loans, subordinate interests in whole loans, mezzanine loans, preferred equity, commercial mortgage - backed securities and other real estate securities; and Gramercy Realty, which focuses on the acquisition and management of c ommercial pr operties leased primarily to financial institutions and affiliated users throughout the Unit ed States.  Neither Gramercy Finance nor Gramercy Realty is a separate legal entity but are divisions of the Company through which the Compan y’s commercial real est ate finance and property investment businesses are conducted. Gramercy is headquartered in New York City, and has regional investment and portfolio management offi ces in Jenkintown, Pennsylvania, and Charlotte, North Carolina. For more information on Grame rcy Capital Corp., visit the Gramercy Capital Corp. website at http://www.gkk.com . Forward - Looking Information This supplemental data contains forward - looking information based upon the Company’s curren t best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward - looking information in this supplemental data include the success or failure of the Company’s efforts to implement its current business strategy; the strength of the commercial finance and real estate property markets , and th e banking industry specifically; competitive market conditions; una nticipated administrative costs; general and local economic conditions; interes t rates; capit al and credit market conditions; bankruptcies and defaults of borrowers or tenants in the Company’s   properties or properties securing the Company's debt investments; difficul ties encountered in integrating the Company’s former external manager into the Company ; the resolution of the Company’s non - perfo rming and sub - performing assets; comp liance with financial covenants; maintenance of liquidity needs; management chan ges; compl iance with over - collateralization and interest cover age tests in the Company’s CDOs; and other factors including those listed in the Company’s Annual Report on Form 10 - K and the Company’s Quarterly Reports on Form 10 - Q , which are beyond the Company’s contr ol . 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.

Consolidated
Financial Information

Comparative Balance Sheets - Assets 5 (Unaudited - in thousands) September 30, 2009 June 30, 2009 March 31, 2009 December 31, 2008 September 30, 2008 Assets Real estate investments, at cost: Land 904,296 $                     902,958 $         904,196 $            891,500 $                   739,278 $                   Building and improvements 2,419,471                    2,410,975        2,414,527           2,441,839                   2,631,386                    Less:  accumulated depreciation (91,881)                         (76,692)             (61,493)                (47,071)                       (36,356)                       Total real estate investments, net 3,231,886                    3,237,241        3,257,230           3,286,268                   3,334,308                    Cash and cash equivalents 96,745                          87,610              83,199                 136,828                      95,195                         Restricted cash 254,128                       200,306           233,140              234,781                      263,340                       Pledged government securities, net 98,337                          99,447              100,483              101,576                      102,607                       Loans and other lending investments, net 1,451,703                    1,676,726        1,914,606           2,213,473                   2,230,770                    Commercial mortgage backed securities 983,367                       947,663           887,585              869,973                      857,402                       Investment in joint ventures 106,803                       102,669           99,433                 93,919                       93,087                         Assets held for sale, net 146,896                       266,951           261,554              192,780                      204,314                       Tenant and other receivables, net 27,944                          20,626              27,005                 28,129                       25,739                         Derivative instruments, at fair value -                                   -                       -                          -                                  437                             Accrued interest 32,813                          29,493              23,392                 25,447                       22,027                         Acquired lease assets, net 465,502                       480,012           499,652              536,212                      399,903                       Deferred costs, net 38,615                          43,376              47,016                 53,248                       74,256                         Other assets 50,694                          48,874              53,669                 48,322                       63,262                         Total assets 6,985,433 $                  7,240,994 $      7,487,964 $         7,820,956 $                7,766,647 $               

Comparative Balance Sheets – Liabilities & Equity 6 (Unaudited - in thousands) September 30, 2009 June 30, 2009 March 31, 2009 December 31, 2008 September 30, 2008 Liabilities Mortgage notes payable 1,754,946 $                1,763,690 $       1,771,512 $       1,833,005 $                1,947,710 $                Mezzanine notes payable 566,442                       569,122              573,464              580,462                      598,063                       Credit facilities -                               -                      -                      172,301                      172,301                       Term loan, credit facility and repurchase facility 48,881                         64,976                79,601                95,897                       107,994                       Collateralized debt obligations 2,608,230                    2,608,175           2,607,759           2,608,065                   2,662,955                    Junior subordinated notes 150,000                       150,000              150,000              -                             -                               Total secured and other debt 5,128,499                    5,155,963           5,182,336           5,289,730                   5,489,023                    Accounts payable and accrued expenses 83,862                         79,441                74,378                88,437                       110,679                       Management and incentive fees payable -                               -                      1,972                 979                             5,089                          Dividends payable 9,317                          6,981                 4,661                 2,325                          2,341                          Accrued interest payable 8,896                          8,217                 8,004                 8,167                          10,806                         Deferred revenue 92,352                         86,066                99,683                98,693                       59,480                         Below market lease liabilities, net 795,833                       816,012              845,769              846,351                      708,186                       Leasehold interests, net 18,939                         19,556                20,361                21,051                       21,759                         Liabilities related to assets held for sale 61,001                         67,684                60,372                110,543                      9,626                          Derivative instruments, at fair value 139,421                       96,563                206,529              157,776                      83,718                         Other liabilities 23,993                         29,787                27,394                14,471                       12,376                         Deferrable interest debentures held by trusts that issued trust preferred securities -                               -                      -                      150,000                      150,000                       Total liabilities 6,362,113                    6,366,270           6,531,459           6,788,523                   6,663,083                    Stockholders' equity: Common stock 50                                50                       50                       50                               51                                Series A cumulative redeemable preferred stock 111,205                       111,205              111,205              111,205                      111,205                       Additional paid-in-capital 1,078,828                    1,078,526           1,078,109           1,077,983                   1,081,055                    Accumulated other comprehensive income (142,260)                      (99,567)              (209,522)             (160,739)                    (82,991)                       (Accumulated deficit) retained earnings (427,327)                      (224,211)             (26,069)              1,222                          (8,219)                          Total Gramercy Capital Corp. stockholders' equity 620,496                       866,003              953,773              1,029,721                   1,101,101                    Non-controlling interest 2,824                          8,721                 2,732                 2,712                          2,463                          Total stockholders' equity 623,320                       874,724              956,505              1,032,433                   1,103,564                    Total liabilities and stockholders' equity 6,985,433 $                7,240,994 $       7,487,964 $       7,820,956 $                7,766,647 $               

7 Comparative Statements of Operations (Unaudited - in thousands, except per share data) Quarter Ended Year to Date September 30, 2009 September 30, 2008 September 30, 2009 September 30, 2008 Revenues: Investment income 42,222 $                     60,552 $                   140,014 $                197,882 $                Rental revenue 79,831                       75,437                       242,943                    151,663                    Operating expense reimbursements 30,315                       31,760                       89,682                      61,512                      Gain on sales and other income 1,262                          5,432                         3,778                       14,420                      Total revenues 153,630                      173,181                    476,417                    425,477                    Operating expenses: Real estate taxes 9,955                          9,192                         28,939                      18,459                      Ground rent and leasehold obligations 4,701                          4,836                         13,204                      8,898                       Utilities 11,165                       11,677                       30,143                      21,147                      Direct billable expenses 2,453                          2,869                         6,699                       4,226                       Other property operating expenses 18,105                       19,105                       57,289                      38,699                      Total operating expenses 46,379                       47,679                       136,274                    91,429                      Net operating income 107,251                      125,502                    340,143                    334,048                    Other income (expense): Gain on extinguishment of debt -                             11,681                       107,229                    33,378                      Business acquisition costs -                             -                             (5,010)                       -                            Impairment on loans held for sale (13,551)                       -                             (139,930)                   -                            Management fees -                             (8,025)                       (7,787)                       (24,275)                    Incentive fee -                             -                             -                            (5,100)                       Marketing, general and administrative (8,478)                         (6,201)                       (21,802)                    (13,087)                    Provision for loan loss (205,508)                    (18,875)                      (425,692)                   (50,089)                    Total other income (expense) (227,537)                    (21,420)                      (492,992)                   (59,173)                    EBITDA (120,286)                    104,082                    (152,849)                   274,875                    Interest expense 55,933                       76,592                       179,511                    192,434                    Depreciation and amortization 27,393                       20,752                       84,825                      42,764                      Income (loss) before equity in income from unconsolidated joint    ventures, provision for taxes and non-controlling interest (203,612)                    6,738                         (417,185)                   39,677                      Equity in net income from unconsolidated joint ventures 2,397                          1,752                         6,584                       7,154                       Provision for taxes (88)                             (36)                             (2,489)                       (47)                            Net income (loss) from continuing operations (201,303)                    8,454                         (413,090)                   46,784                      Net income (loss) from discontinued operations (2,438)                         1,174                         (20,900)                    961                          Net gains from disposals 3,021                          -                             11,505                      -                            Net income (loss) from discontinued operations 583                             1,174                         (9,395)                       961                          Net income (loss) (200,720)                    9,628                         (422,485)                   47,745                      Net (income) loss attributable to non-controlling interest (60)                             31                             944                          (219)                          Net income (loss) attributable to Gramercy Capital Corp. (200,780)                    9,659                         (421,541)                   47,526                      Preferred stock dividends (2,336)                         (2,336)                       (7,008)                       (7,008)                       Net income (loss) available to common stockholders (203,116) $                  7,323 $                      (428,549) $                40,518 $                   Basic earnings per share: -                            Net income (loss) available to common stockholders (4.07) $                        0.14 $                        (8.60) $                      0.89 $                      Diluted earnings per share: Net income (loss) available to common stockholders (4.07) $                        0.14 $                        (8.60) $                      0.88 $                      Dividends per common share - $                               - $                         - $                            1.26 $                      Basic weighted average common shares outstanding 49,857 51,307 49,844 45,736 Diluted weighted average common shares and common share equivalents outstanding 49,857 51,356 49,844 45,814

Reconciliation of Discontinued Operations 8 (Unaudited - in thousands) Quarter Ended September 30, 2009 September 30, 2009 September 30, 2009 Pre-DISCOPS DISCOPS Post-DISCOPS Revenues: Investment income 42,222 $                     - $                         42,222 $                     Rental revenue 83,837                       (4,006)                       79,831                       Operating expense reimbursements 32,624                       (2,309)                       30,315                       Gain on sales and other income 1,883                          (621)                          1,262                          Total revenues 160,566                      (6,936)                       153,630                      Operating expenses: Real estate taxes 11,414                       (1,459)                       9,955                          Ground rent and leasehold obligations 5,072                          (371)                          4,701                          Utilities 11,576                       (411)                          11,165                       Direct billable expenses 2,836                          (383)                          2,453                          Other property operating expenses 23,977                       (5,872)                       18,105                       Total operating expenses 54,875                       (8,496)                       46,379                       Net operating income 105,691                      1,560                         107,251                      Other income (expense): Business acquisition costs -                             -                             -                             Impairment (13,551)                      -                             (13,551)                      Management fees -                             -                             -                             Marketing, general and administrative (8,478)                       -                             (8,478)                       Provision for loan loss (205,508)                    -                             (205,508)                    Total other income (expense) (227,537)                    -                             (227,537)                    EBITDA (121,846)                    1,560                         (120,286)                    Interest expense 56,620                       (687)                          55,933                       Depreciation and amortization 27,584                       (191)                          27,393                       Net gains from disposals (3,021)                       3,021                         -                             Loss before equity in income from unconsolidated joint ventures,    provision for taxes and non-controlling interest (203,029)                    (583)                          (203,612)                    Equity in net income from unconsolidated joint ventures 2,397                          -                             2,397                          Provision for taxes (88)                             -                             (88)                             Net loss from continuing operations (200,720) $                (583) $                        (201,303) $                Net loss from discontinued operations - $                         (2,438) $                     (2,438) $                     Net gains from disposals -                             3,021                         3,021                          Net loss from discontinued operations -                             583                            583                             Net (income) attributable to non-controlling interest (60)                             -                             (60)                             Net loss attributable to Gramercy Capital Corp. (200,780) $                - $                         (200,780) $               

Reconciliation of Discontinued Operations 9 (Unaudited - in thousands) Year to Date Period Ended September 30, 2009 September 30, 2009 September 30, 2009 Pre-DISCOPS DISCOPS Post-DISCOPS Revenues: Investment income 140,014 $                - $                         140,014 $                   Rental revenue 254,792                    (11,849)                      242,943                      Operating expense reimbursements 96,774                      (7,092)                       89,682                       Gain on sales and other income 4,553                       (775)                          3,778                          Total revenues 496,133                    (19,716)                      476,417                      Operating expenses: Real estate taxes 32,915                      (3,976)                       28,939                       Ground rent and leasehold obligations 14,062                      (858)                          13,204                       Utilities 31,760                      (1,617)                       30,143                       Direct billable expenses 7,910                       (1,211)                       6,699                          Other property operating expenses 86,462                      (29,173)                      57,289                       Total operating expenses 173,109                    (36,835)                      136,274                      Net operating income 323,024                    17,119                       340,143                      Other income (expense): Gain on extinguishment of debt 107,229                    -                             107,229                      Business acquisition costs (5,010)                       -                             (5,010)                       Impairment (139,930)                   -                             (139,930)                    Management fees (7,787)                       -                             (7,787)                       Marketing, general and administrative (21,803)                    1                                (21,802)                      Provision for loan loss (425,692)                   -                             (425,692)                    Total other income (expense) (492,993)                   1                                (492,992)                    EBITDA (169,969)                   17,120                       (152,849)                    Interest expense 181,549                    (2,038)                       179,511                      Depreciation and amortization 86,058                      (1,233)                       84,825                       Net gains from disposals (11,506)                    11,506                       -                             Loss before equity in income from unconsolidated joint ventures,    provision for taxes and non-controlling interest (426,070)                   8,885                         (417,185)                    Equity in net income from unconsolidated joint ventures 6,110                       474                            6,584                          Provision for taxes (2,525)                       36                             (2,489)                       Net loss from continuing operations (422,485) $                9,395 $                      (413,090) $                Net loss from discontinued operations - $                         (20,900) $                   (20,900) $                   Net gains from disposals -                            11,505                       11,505 $                     Net loss from discontinued operations -                            (9,395)                       (9,395)                       Net loss attributable to non-controlling interest 944                          -                             944                             Net loss attributable to Gramercy Capital Corp. (421,541) $                - $                         (421,541) $               

Comparative Computation of FFO 10 (Unaudited - in thousands, except per share data) September 30, 2009 September 30, 2008 September 30, 2009 September 30, 2008 Net income available to common stockholders (203,116) $                   7,323 $                        (428,549) $                   40,518 $                      Add: Depreciation and amortization 29,328                         25,677                         92,456                         55,988                         FFO adjustment for unconsolidated joint ventures 1,082                          104                             3,370                          469                             Less: Non-real estate depreciation and amortization (2,450)                          (2,489)                          (8,098)                          (9,402)                          Gain on sale of properties (3,020)                          -                               (4,974)                          -                               Funds from operations (178,176) $                   30,615 $                      (345,795) $                   87,573 $                      Funds from operations per share - basic (3.57) $                         0.60 $                         (6.94) $                         1.92 $                         Funds from operations per share - diluted (3.57) $                         0.60 $                         (6.94) $                         1.91 $                         Quarter Ended Year to Date

Consolidated Statement of Stockholders’ Equity 11 (Unaudited - in thousands) Series A Preferred Additional Paid- Accumulated Other Comprehensive Retained Earnings / (Accumulated Total Gramercy Capital  Non- controlling Comprehensive Shares Par Value Stock In-Capital Income (Loss) Deficit) Corp. interest Total Income (loss) Balance at December 31, 2008 49,852     50 $          111,205 $    1,077,983 $    (160,739) $            1,222 $            1,029,721 $ 2,712 $       1,032,433 $   Net loss (421,541)          (421,541)       (944)           (422,485)        (421,541)             Change in net unrealized (loss) on derivative instruments 17,852                 17,852          17,852           17,852                Reclassification adjustments from cash flow       hedges included in net income -                 Net unrealized gain/ (loss) on securities previous available for sale 627                       627              627                627                    Issuance of stock - stock purchase plan 39           16                   16                 16                 Proceeds from stock option exercises -                 Stock based compensation - fair value (32)           829                 829              829                Deferred compensation plan, net -                 Distribution to non-controlling interest holder -                (6,171)        (6,171)           Dividends declared on common stock -                 Dividends accrued on preferred stock (7,008)              (7,008)           (7,008)           Non-controlling interest through acquistion -                7,227          7,227             Balance at September 30, 2009 49,859     50 $          111,205 $    1,078,828 $    (142,260) $            (427,327) $       620,496 $    2,824 $       623,320 $      (403,062) $          Common Stock

Capitalization Analysis 12 (Unaudited - in thousands, except per share data) Market Capitalization September 30, 2009 June 30, 2009 March 31, 2009 December 31, 2008 September 30, 2008 Common stock: Common shares outstanding 49,859,322                   49,848,333        49,863,831        49,852,243                 51,316,586                 Share price (end of period) 2.43 $                           1.61 $                0.97 $                1.28 $                         2.59 $                         Preferred stock: Outstanding shares 4,600,000                    4,600,000          4,600,000           4,600,000                   4,600,000                    Liquidation preference per share 25 $                              25 $                   25 $                   25 $                            25 $                            Equity market capitalization 236,158 $                     195,256 $          163,368 $          178,811 $                   247,910 $                   Secured and Other Debt Mortgage notes payable 1,754,946 $                  1,763,690 $       1,771,512 $       1,833,005 $                1,947,710 $                Mezzanine loan payable 566,442                       569,122             573,464              580,462                      598,063                       Term loan, credit facility and repurchase facility 48,881                          64,976              79,601                95,897                       107,994                       CDOs 2,608,230                    2,608,175          2,607,759           2,608,065                   2,662,955                    Total secured debt 4,978,499                    5,005,963          5,032,336           5,117,429                   5,316,722                    Credit facilities -                                -                    -                      172,301                      172,301                       Junior subordinated notes/Trust preferred securities 150,000                       150,000             150,000              150,000                      150,000                       Total unsecured debt 150,000                       150,000             150,000              322,301                      322,301                       Total debt 5,128,499 $                  5,155,963 $       5,182,336 $       5,439,730 $                5,639,023 $                Total enterprise value (debt and equity market capitalization) 5,364,657 $                  5,351,219 $       5,345,704 $       5,618,541 $                5,886,933 $                Available under Lines of Credit and Facilities Secured line commitment - $                                 - $                      - $                      406,692 $                   412,100 $                   Maximum available based on collateral pool -                                   -                         -                          130,335                      147,078                       Balance outstanding -                                   -                         -                          95,897                       107,994                       Availability -                                   -                         -                          34,438                       39,084                         Mark-to-market adjustment -                                   -                         -                          -                                  3,123                          Restricted liquidity -                                   -                         -                          34,438                       35,961                         Net available liquidity -                                   -                         -                          -                                  -                                   Unfunded commitments -                                   -                         -                          -                                  16,869                         Available pledge capacity -                                   -                         -                          276,357                      248,153                       Unsecured line commitment -                                   -                         -                          175,000                      175,000                       Balance outstanding -                                   -                         -                          172,301                      172,301                       Availability -                                   -                         -                          2,699                          2,699                          Total availability - $                                 - $                      - $                      279,056 $                   250,852 $                   Common Stock Price High 2.97 $                           3.20 $                1.68 $                2.66 $                         11.89 $                        Low 1.23 $                           0.98 $                0.43 $                0.70 $                         2.48 $                        

Debt Data

Debt Summary Schedule 14 (Dollars in millions) Coupon Number of 9/30/2009 Interest Maturity Mortgage/Borrowing Properties Balance (1) Rate (2) Date Secured Fixed-Rate Debt: Bank of America - BBD1 116 $352.7 5.47% Dec-2013 Bank of America - BBD2 138 215.2 5.96% Sep-2019 Dana - Bank of America 15 180.0 5.61% Jan-2018 101 Independence 1 74.2 5.53% Oct-2016 292 Madison (100%) 1 59.1 6.17% Aug-2017 BOA Plaza - St Louis 1 51.8 4.55% Jan-2010 Pitney Bowes - Bank of America 70 48.8 5.33% Oct-2022 One Citizens Plaza 1 43.5 5.70% Jan-2012 801 Market Street 1 40.2 6.17% Feb-2013 Beaver Valley 1 39.6 5.06% Jan-2015 FSI 6000D 16 31.3 5.80% Jun-2017 FSI 6000B 16 30.0 5.80% Jun-2017 FSI 6000A 15 26.4 6.80% Oct-2017 FSI 6000C 15 22.7 6.80% Oct-2017 Pitney Bowes - Wachovia A 23 21.7 5.50% Jun-2023 Sterling Bank 14 19.9 5.57% Jan-2017 Jenkins Court 1 14.2 8.29% Aug-2010 Debt With Principal Balance < $3 Million 30 39.0 5.90% n/a Total Secured Fixed-Rate Debt 475 $1,310.3 5.69% n/a Unsecured Fixed-Rate Debt : Junior Subordinate Notes (3) n/a $150.0 0.50% Jun-2035 Total Unsecured Fixed-Rate Debt $150.0 0.50% n/a Total Fixed-Rate Debt 475 $1,460.3 5.16% n/a Secured Floating-Rate Debt: CDO 2007-1 n/a $981.3 3m L+0.460% Aug-2056 (4) CDO 2006-1 n/a 842.0 3m L+0.370% Jul-2041 (4) CDO 2005-1 n/a 784.7 3m L+0.490% Jul-2035 (4) Goldman/Citigroup/KBS/SL Green Mezzanine n/a 472.6 1m L+5.200% Mar-2010 (5) Goldman/Citigroup/SL Green Mortgage 196 241.3 1m L+1.988% Mar-2010 (5) PB Capital Mortgage 44 238.1 1m L+1.650% Apr-2013 Goldman/Citigroup/KBS/SL Green Mezzanine n/a 93.9 1m L+6.000% Mar-2010 (5) Wachovia Credit Facility n/a 44.5 1m L+1.29% Mar-2011 Goldman Repurchase Facility n/a 4.3 1m L+1.29% Nov-2009 (6) Total Secured Floating-Rate Debt 240 $3,702.7 n/a Unsecured Floating-Rate Debt: Total Unsecured Floating-Rate Debt Total Floating-Rate Debt 240 $3,702.7 n/a Total Debt 715 $5,163.0 n/a % Secured Debt Balance to Total Debt 97.1% % Fixed-Rate Debt Balance to Total Debt (including the effect of Interest Rate SWAPS) 51.0% (1) Current Principal Balance shown does not include GAAP FMV adjustments or discount/premium amounts (2) Coupon Interest Rate is the stated coupon and is not adjusted for our hedging activity (3) Fixed interest rate of 0.5% per annum ending 1/29/12, and a fixed interest rate of 7.5% per annum thereafter through maturity (4) Maturity dates listed are stated final maturities. (5) Maturity date is 3/11/2010 with option to extend to 3/11/2011 (6) Facility paid off on 10/27/2009

Debt Amortization Schedule by Years 15 (Dollars in millions) 9/30/2009 Coupon 2014 2019 Number of Principal Interest Remaining Through Through Mortgage/Borrowing Properties Balance (9) Rate (10) Term (Yrs) 2009 2010 2011 2012 2013 2018 2023 > 2023 CDO 2007-1 (1) n/a $981.3 3m L+0.460% 46.9           $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $981.3 CDO 2006-1 (1) n/a 842.0 3m L+0.370% 31.8           $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $842.0 CDO 2005-1 (1) n/a 784.7 3m L+0.490% 25.8           $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $784.7 Goldman/Citigroup/KBS/SL Green Mezzanine (2) 0 472.6 1m L+5.200% 0.4             $0.0 $472.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Bank of America - BBD1 (3) 116 352.7 5.467% 4.2             $2.9 $11.9 $12.6 $13.2 $312.1 $0.0 $0.0 $0.0 Goldman/Citigroup/SL Green Mortgage (4) 196 241.3 1m L+1.988% 0.4             $0.0 $241.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 PB Capital Mortgage (5) 44 238.1 1m L+1.650% 3.5             $0.0 $0.0 $0.0 $0.0 $238.1 $0.0 $0.0 $0.0 Bank of America - BBD2 138 215.2 5.963% 9.9             $0.9 $3.9 $4.1 $4.4 $4.7 $28.0 $169.2 $0.0 Dana - Bank of America 15 180.0 5.610% 8.3             $0.0 $0.0 $0.0 $0.0 $0.0 $180.0 $0.0 $0.0 Junior Subordinate Notes (6) n/a 150.0 0.500% 25.8           $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $150.0 Goldman/Citigroup/KBS/SL Green Mezzanine (2) n/a 93.9 1m L+6.000% 0.4             $0.0 $93.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 101 Independence 1 74.2 5.527% 7.0             $0.3 $1.4 $1.5 $1.6 $1.7 $67.7 $0.0 $0.0 Wachovia Credit Facility n/a 44.5 1m L+1.290% 1.5             $0.0 $0.0 $44.5 $0.0 $0.0 $0.0 $0.0 $0.0 292 Madison (100%) 1 59.1 6.170% 7.8             $0.0 $0.0 $0.0 $0.0 $0.0 $59.1 $0.0 $0.0 BOA Plaza - St Louis 1 51.8 4.546% 0.3             $0.6 $51.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Pitney Bowes - Bank of America 70 48.8 5.328% 13.0           $1.5 $1.6 $1.8 $1.8 $1.9 $11.1 $29.1 $0.0 One Citizens Plaza 1 43.5 5.703% 2.3             $0.0 $0.0 $0.0 $43.5 $0.0 $0.0 $0.0 $0.0 801 Market Street 1 40.2 6.170% 3.3             $0.2 $0.7 $0.8 $0.8 $37.6 $0.1 $0.0 $0.0 Beaver Valley 1 39.6 5.055% 5.3             $0.2 $0.8 $0.8 $0.9 $0.9 $36.0 $0.0 $0.0 FSI 6000D 16 31.3 5.800% 7.7             $0.0 $0.2 $0.4 $0.4 $0.4 $29.9 $0.0 $0.0 FSI 6000B 16 30.0 5.800% 7.7             $0.0 $0.2 $0.4 $0.4 $0.4 $28.6 $0.0 $0.0 FSI 6000A 15 26.4 6.800% 8.0             $0.0 $0.0 $0.0 $0.0 $0.3 $26.1 $0.0 $0.0 FSI 6000C 15 22.7 6.800% 8.0             $0.0 $0.0 $0.0 $0.0 $0.2 $22.5 $0.0 $0.0 Pitney Bowes - Wachovia A 23 21.7 5.496% 13.7           $0.3 $1.1 $1.2 $1.2 $1.3 $7.7 $8.9 $0.0 Sterling Bank 14 19.9 5.565% 7.3             $0.0 $0.0 $0.0 $0.0 $0.0 $19.9 $0.0 $0.0 Jenkins Court 1 14.2 8.290% 0.9             $0.1 $14.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Goldman Repurchase Facility (7) n/a 4.3 1m L+1.290% 0.1             $4.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Debt With Principal Balance >=$1 Million & <$3 Million (8) 16 29.4 5.820% 3.5 $0.3 $1.3 $1.2 $8.0 $18.6 $0.0 $0.0 $0.0 Debt With Principal Balance < $1 Million 14 9.6 6.133% 5.4 $0.1 $0.4 $0.5 $4.2 $3.0 $0.6 $0.8 $0.0 Total / Weighted Avg 715 $5,163.0 $11.7 $896.6 $69.8 $80.4 $621.2 $517.3 $208.0 $2,758.0 (1)   Stated Coupon is the combined weighted average of all classes of securities.  Maturity dates listed are the stated final maturities. (2)   Mezzanine Loan collateralized by equity interest in Gramercy Realty properties - Maturity date is 3/11/2010 with option to extend to 3/11/2011 - 1M LIBOR cap of 5.25% (3)   $84.2 million is collateralized by defeasance securities (4)   GS Mortgage Loan floating rate based on LIBOR + 199bps - Maturity date is 3/11/2010 with option to extend to 3/11/2011 (5)   PB Capital Mortgage Loan floating rate based on LIBOR + 165bps (6)   Fixed interest rate of 0.5% per annum commencing 1/30/2009 and ending 1/29/2012, and a fixed interest rate of 7.5% per annum thereafter through maturity (7)   Facility paid off on 10/27/2009 (8)   $4.3 million is collateralized by defeasance securities (3 Loans) (9)   Current Principal Balance shown does not include GAAP FMV adjustments or discount/premium amounts (10)  Schedule does not include any impact as a result of hedging activity Debt Summary Remaining Debt Amortization

Gramercy Finance

Gramercy Finance – Portfolio Summary 17 (Dollars in Thousands) Loan Portfolio and Commercial Real Estate Securities - September 30, 2009 Debt Fixed Rate: Floating Rate: Type Investments Effective Yield Effective Spread (1) Whole Loans - Floating Rate 29 $904,774 60.5% 403 bps 328 bps $666,565 Subordinate Mortgage - Floating Rate 5 77,761 5.2% 259 bps 200 bps 31,814 Mezzanine Loans - Floating Rate 12 218,825 14.6% 597 bps 316 bps 100,347 Preferred Equity- Floating Rate 1 28,198 1.9% 1,064 bps N/A 0 Total Floating Rate Investments 47 $1,229,558 82.2% 444 bps 321 bps $798,726 Whole Loans - Fixed Rate 6 122,839 8.2% 6.89% Subordinate Mortgage - Fixed Rate 5 44,900 3.0% 8.85% Mezzanine Loans - Fixed Rate 5 86,037 5.8% 7.99% Preferred Equity - Fixed Rate 1 12,247 0.8% 7.20% Total Fixed Rate Investments 17 266,023 17.8% 7.59% Subtotal for Loan Portfolio 64 $1,495,581 100.0% 7.59% 444 bps 321 bps $798,726 Real Estate Securities - Floating Rate 8 71,078                   7.2% 315 bps Real Estate Securities - Fixed Rate 88 912,289 92.8% 7.75% Subtotal 96 $983,367 100.0% 7.75% 315 bps Total / Average $2,478,948 7.71% 437 bps 321 bps $798,726 (1) Weighted Average Effective Yield and Weighted Average Effective Spread calculations include loans classified as Non-Performing. The schedule includes Non-Performing loans classified as Whole Loans - Floating Rate of approximately $73.4 million with an effective spread of 638 basis points and Non-performing loans classified as Mezzanine - Floating Rate of approximately $12.9 million with an effective spread of 858 basis ponts. Investment Count Investments Subject to Floor Percentage of Loan Portfolio Weighted Avg Floor (2) (2) Weighted Average Floor calculated for loans subject to Floor.

Gramercy Finance – Loan Maturity Schedule 18 (Dollars in thousands) Loan Portfolio by Current Maturity - September 30, 2009 Year No. Balance Percentage 2009 11 $       254,556 17.0% 2010 21 564,433                 37.8% 2011 18 440,997                 29.5% 2012 3 88,532                   5.9% 2013 0 -                         0.0% Thereafter 11 147,063                 9.8% Total 64 $   1,495,581 100.0% Loan Portfolio by Fully Extended Maturity (1) - September 30, 2009 Year No. Balance Percentage 2009 3 $        80,559 5.4% 2010 6 182,920                 12.2% 2011 27 659,141                 44.1% 2012 14 301,501                 20.2% 2013 2 94,929                   6.3% Thereafter 12 176,531                 11.8% Total 64 $   1,495,581 100.00% (1) Fully Extended Maturity reflects assumption that all extension requirements are met and all options to extend are exercised.

Gramercy Finance – Loan Region and Property Type 19 (Dollars in thousands) Loan Portfolio by Region - September 30, 2009 Region No. (1) Balance Percentage Northeast 24 $       685,418 45.8% West 16 381,222 25.5% South 6 142,872 9.6% Mid-Atlantic 8 127,734 8.5% Southwest 4 83,883 5.6% Various (2) 5 52,232 3.5% Midwest 1 22,220 1.5% Total 64 $   1,495,581 100.0% Loan Portfolio by Property Type - September 30, 2009 Property Type No. (1) Balance Percentage Office  25 $       684,984 45.8% Hotel 10 231,772                    15.5% Land - Commercial 6 178,175                    11.9% Multifamily 5 112,252                    7.5% Retail 5 106,963                    7.2% Condo 3 59,671                      4.0% Industrial 2 50,743                      3.4% Land - Residential 4 34,407                      2.3% Mixed-Use 1 26,952                      1.8% Other (3) 3 9,662                       0.6% Total 64 $   1,495,581 100.0% (1) Represents the number of Investments, not the property count of the underlying collateral. (2) Includes IO Strips and a Defeased Loan. (3) Includes IO Strips and a Defeased Loan, and a loan to one Sponsor secured by the equity interests in seven properties.

Gramercy Finance – Credit Ratings of CMBS Investments 20 Includes ratings actions taken
by Moody’s, S&P or Fitch. $791,933 $853,670 $857,402 $869,973 $887,585 $947,663 $983,367 Total 791,933 848,873 857,402 869,973     212,318     861,651     298,481 Unchanged             -      4,797              -              -     675,267       86,012     684,886 Downgrade             -              -              -              -                -                -                - Upgrade 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 CMBS Rating Changes (Dollars in thousands) By Highest Current Rating - September 30, 2009 By Lowest Current Rating - September 30, 2009 Rating Balance Percentage Rating Balance Percentage AAA 258,645 $          26.3% AAA 82,278 $            8.4% AA+ 13,604              1.4% AA 42,588              4.3% AA 89,699              9.1% AA- 69,464              7.1% AA- 30,620              3.1% A+ 29,632              3.0% A+ 114,678             11.7% A 93,008              9.5% A 267,997             27.3% BBB+ 35,398              3.6% A- 29,425              3.0% BBB 97,229              9.9% BBB 74,135              7.4% BBB- 72,386              7.4% BBB- 43,408              4.4% BB+ 23,087              2.3% BB 20,632              2.1% BB 73,283              7.5% B 8,100                 0.8% BB- 111,600             11.3% B- 6,114                 0.6% B+ 153,383             15.6% CCC+ 12,477              1.3% B 38,183              3.9% CCC 3,600                 0.4% B- 35,539              3.6% CCC- 4,560                 0.5% CCC+ 7,316                 0.7% D 5,673                 0.6% CCC 3,600                 0.3% Total 983,367 $          100.0% CCC- 5,160                 0.5% C 4,560                 0.5% D 5,673                 0.6% Total 983,367 $          100.0% Real Estate Securities

Gramercy Finance – CMBS Region and Property Type 21 (Dollars in thousands) Real Estate Securities Portfolio by Region - September 30, 2009 Region Balance Percentage Northeast 217,854 $          22.3% West 187,604             19.2% South 169,637             17.4% Southwest 134,696             13.8% Midwest 133,203             13.7% Mid-Atlantic 129,520             13.3% Other (1) 1,481                 0.2% US Territories (2) 1,431                 0.1% Various 358                    0.04% Total (3) 975,784 $          100.0% Real Estate Securities Portfolio by Property Type - September 30, 2009 Property Type Balance Percentage Office 334,330 $          34.3% Retail 241,779             24.8% Multifamily (4) 176,810             18.1% Hotel 99,968              10.2% Industrial 59,343              6.1% Mixed-Use 35,954              3.7% Self Storage 13,033              1.3% Other 13,876              1.4% Condo 691                    0.1% Total (3) 975,784 $          100.0% (1) Includes seven properties located outside of the US and US Territories. (2) Includes properties located in Puerto Rico and Guam. (3) Does not include $7.58 million of REIT debt that also serves as collateral for one bond. (4) Includes Multifamily and Manufactured Housing.

Gramercy Realty

Gramercy Realty – Comparative Balance Sheets – Assets 23 (Unaudited - in thousands) September 30, 2009 June 30, 2009 March 31, 2009 December 31, 2008 September 30, 2008 Assets Real estate investments, at cost: Land 823,399 $                  824,202 $          826,570 $             815,003 $                647,123 $                  Building and improvements 2,415,422                 2,410,976           2,414,527             2,441,839                 2,550,010                 Total real estate investment, cost 3,238,821                 3,235,178           3,241,097             3,256,842                 3,197,133                 Less:  accumulated depreciation (91,856)                    (76,692)              (61,493)                 (78,315)                    (48,334)                    Total real estate investment, net 3,146,965                 3,158,486           3,179,604             3,178,527                 3,148,799                 Cash and cash equivalents 64,664                       53,461                45,066                 91,240                      25,890                       Restricted cash 83,375                       83,294                77,978                 78,520                      94,579                       Pledged government securities, net 98,337                       99,447                100,483                101,576                    102,607                    Investment in joint venture 7,970                         8,629                 9,311                    10,495                      12,122                       Other assets held for sale, net 94,637                       104,897              112,281                81,403                      193,544                    Tenant and other receivables 27,878                       20,625                27,005                 28,129                      52,276                       Acquired lease assets 465,502                    480,012              499,652                566,972                    415,633                    Deferred costs, net 7,524                         9,877                 12,334                 15,534                      24,589                       Other assets 18,068                       14,581                19,792                 10,790                      19,214                       Total assets 4,014,920 $               4,033,309 $       4,083,506 $          4,163,186 $             4,089,253 $              

Gramercy Realty – Comparative Balance Sheets – Liabilities & Equity 24 (Unaudited - in thousands) September 30, 2009 June 30, 2008 March 31, 2009 December 31, 2008 September 30, 2008 Liabilities and Stockholders' Equity Liabilities: Credit facilities - $                            - $                      - $                         - $                            - $                            Mortgage notes payable to an affiliate 100,775                    104,367              110,898                115,625                    148,594                    Mortgage notes payable 2,262,289                 2,273,713           2,285,877             2,354,368                 2,392,149                 Total debt 2,363,064                 2,378,080           2,396,775             2,469,993                 2,540,743                 Accrued interest 8,896                         8,217                 8,004                    8,167                       10,806                       Accounts payable and accrued expenses 62,950                       56,720                53,210                 62,556                      76,277                       Deferred revenue 94,373                       87,896                99,683                 98,693                      86,017                       Below market lease liabilities, net 795,833                    816,012              845,769                846,351                    708,186                    Leasehold interests liabilities, net 18,880                       19,556                20,361                 21,051                      21,759                       Liabilities related to assets held for sale 59,584                       61,332                60,372                 15,320                      9,626                     ��   Total liabilities 3,403,580                 3,427,813           3,484,174             3,522,131                 3,453,414                 Stockholders' equity: Investment by Gramercy Capital Corp. 805,200                    805,200              805,200                805,200                    805,200                    Due to Gramercy Capital Corp. (196,331)                   (198,586)             (200,365)              (162,313)                   (169,805)                   Retained earnings (140)                          (3,691)                 (8,235)                   (4,544)                       (2,019)                       Total Gramercy Realty equity 608,729                    602,923              596,600                638,343                    633,376                    Non-controlling interest 2,611                         2,573                 2,732                    2,712                       2,463                         Total stockholders' equity 611,340                    605,496              599,332                641,055                    635,839                    Total liabilities and stockholders' equity 4,014,920 $               4,033,309 $       4,083,506 $          4,163,186 $             4,089,253 $              

Gramercy Realty – Comparative Statements of Operations 25 (Unaudited - in thousands) September 30, 2009 June 30, 2009 * March 31, 2009 * December 31, 2008 * Revenues: Rental revenue 77,700 $                   81,740 $          77,889 $             76,275 $                   Operating expense reimbursements 30,315                       29,250              30,117                 29,811                      Interest and other income 804                            966                   988                      928                          Total revenues 108,819                    111,956           108,994              107,014                    Operating expenses: Ground rents and leasehold obligations 4,559                         4,068                4,435                   3,814                       Real estate taxes 9,942                         9,417                9,567                   9,173                       Utilities 11,159                       8,933                10,045                 9,457                       Other property operating expenses 17,913                       19,218              19,970                 17,209                      Direct billable expenses 2,453                         2,087                2,158                   1,606                       Total operating expenses 46,026                       43,723              46,175                 41,259                      Net operating income 62,793                       68,233              62,819                 65,755                      Other expenses: Marketing, general and administrative 1,528                         1,800                879                      1,396                       Total other expenses 1,528                         1,800                879                      1,396                       EBITDA 61,265                       66,433              61,940                 64,359                      Interest expense 31,496                       31,531              32,541                 39,388                      Depreciation and amortization 26,823                       29,555              27,106                 26,812                      Net gains from disposals -                            -                    -                      -                            Income (loss) before equity in loss from unconsolidated joint venture and non-controlling interest 2,946                         5,347                2,293                   (1,841)                       Equity in net income (loss) from unconsolidated joint ventures (659)                          (675)                 (641)                    (690)                          Net income (loss) from continuing operations 2,287 $                      4,672 $             1,652 $                (2,531) $                   Net income (loss) from discontinued operations (632) $                      (1,667) $            (5,681) $             170 $                        Net gains from disposals 1,934                         1,595                358                      -                            Net income (loss) from discontinued operations 1,302                         (72)                    (5,323)                 170                          Net (income) loss attributed to non-controlling interest (38)                            (55)                    (20)                      (165)                          Net income (loss) 3,551 $                      4,545 $             (3,691) $             (2,526) $                   * Reflects properties reclassified during Q3 2009 to Discontinued Operations. Quarter Ended

26 Gramercy Realty – Property NOI (Unaudited - in thousands) Quarter Ended September 30, 2009 June 30, 2009 * March 31, 2009 * December 31, 2008 * September 30, 2008 * Property operating NOI NOI from continuing operating 62,793 $                  68,670 $            63,558 $             67,240 $                61,783 $                   NOI from discontinued operations 246                          (1,365)                (4,860)                 54                          233                          Total property operating NOI 63,039                    67,305              58,698                67,294                    62,016                      NOI from joint ventures 1,359                       1,357                 1,377                 1,359                      1,365                       GAAP NOI 64,398                    68,662              60,075                68,653                    63,381                      Add: Straightline rental income 5,828                       9,405                 7,468                 5,770                      5,730                       Straightline rental expense / leasehold amortization (516)                         (626)                   (505)                    (1,082)                    (27)                            Amortization of fair market rental adjustment, net (16,562)                    (22,971)              (18,515)              (16,627)                   (14,711)                    Property impairments 2,066                       2,656                 5,774                 -                          -                            Other non-cash expenses 44                            43                      42                       63                          115                          Cash NOI 55,258 $                  57,169 $            54,339 $             56,777 $                54,488 $                   Components of debt service and fixed charges Interest expense 30,493 $                  30,546 $            31,501 $             37,944 $                37,769 $                   Interest expense on joint ventures 1,005                       997                    976                    999                         1,003                       Fixed amortization of principal payments 5,854                       5,371                 5,949                 7,549                      5,375                       Total consolidated debt service 37,352 $                  36,914 $            38,426 $             46,492 $                44,147 $                   * Not adjusted for properties subsequently reclassified to Discontinued Operations.

Gramercy Realty – Portfolio Summary 27 Gramercy Realty Portfolio Gramercy Realty Portfolio, as of June 30, 2009 Dispositions New Leasing Lease Terminations / Expirations Remeasure / Adjustments Gramercy Realty Portfolio, as of Sept. 30, 2009 Number of Properties 933 (16) 917 Branches 596 (12) 584 Office Buildings 331 (4) 327 Land 6 -     6 Rentable Sq. Ft. 26,411,701 (136,011) 116,767 26,392,457 Branches 3,813,584 (82,925) -     3,730,659 Office Buildings 22,598,117 (53,086) 116,767 22,661,798 Leased Sq. Ft. 23,285,411 (72,036) 463,239 (1,062,425) 113,495 22,727,684 Branches 3,245,885 (47,806) 13,263 (9,374) -     3,201,968 Office Buildings 20,039,526 (24,230) 449,976 (1,053,051) 113,495 19,525,716 % Leased 88.2% 86.1% % of Base Revenue from: Financial Institutions 81.8% 79.1% "A" Rated Tenants (1) 67.7% 70.3% Net Leases 79.9% 77.1% Lease Expiration (% of Base Revenue within Next Twelve Months) (2) 2.3% 6.6% Weighted Average Remaining Lease Term (years) 10.0 9.5 (1)  Ratings by Moody's. Individual lease agreements may be with tenants that are unrated subsidiaries of rated entities. (2)  Includes noticed Shedding Space, but excludes contractual rent reductions (Dana and Regions portfolios).

Gramercy Realty – Portfolio Summary – Core, Value-Add and Held for Sale 28 8.8 9.2 (years) Remaining Lease Term Weighted Average 9.7 10.1 (years) Remaining Lease Term Weighted Average 2.3% 2.2% (2) Revenue within Next Twelve Months) (% of Base Lease Expiration 7.2% 2.4% (2) Revenue within Next Twelve Months) (% of Base Lease Expiration 60.4% 63.5% Net Leases 79.8% 82.8% Net Leases 43.5% 38.7% (1) "A" Rated Tenants 74.7% 72.7% (1) "A" Rated Tenants 64.7% 67.7% Financial Institutions 82.2% 85.1% Financial Institutions % of Base Revenue from: % of Base Revenue from: 65.6% 66.6% % Leased 92.7% 95.7% % Leased 2,692,090 -     (7,631) 12,152 101,067 (5,562) 2,592,064 Office Buildings 15,936,340 113,495 (1,045,420) 437,824            -                - 16,430,441 Office Buildings 449,334 -     -     2,910 3,622 (4,480) 447,282 Branches 2,717,120 -     (9,374)   10,353            - (2,859) 2,719,000 Branches 3,141,424 -     (7,631) 15,062 104,689 (10,042) 3,039,346 Leased Sq. Ft. 18,653,460 113,495 (1,054,794) 448,177            - (2,859) 19,149,441 Leased Sq. Ft. 4,039,575 -     226,814 (10,515) 3,823,276 Office Buildings 17,345,977 116,767            -                - 17,229,210 Office Buildings 750,249 -     20,250 (7,886) 737,885 Branches 2,786,236 -                 - (2,859) 2,789,095 Branches 4,789,824 -     247,064 (18,401) 4,561,161 Rentable Sq. Ft. 20,132,213 116,767            - (2,859) 20,018,305 Rentable Sq. Ft. 1              -                   - 1 Land                   -            -                  -                    - Land 107 7 (1) 101 Office Buildings 197            -                  - 197 Office Buildings 104 3 (2) 103 Branches 446            - (1) 447 Branches 212 10 (3) 205 Number of Properties 643            - (1) 644 Number of Properties Sept. 30, 2009 Assets, as of Value-Add Realty Gramercy Adjustments Remeasure / Expirations Terminations / Lease Leasing New Reclass Dispositions June 30, 2009 Assets, as of Value-Add Realty Gramercy Value-Add Sept. 30, 2009 as of Core Assets, Realty Gramercy Adjustments Remeasure / Expirations Terminations / Lease Leasing New Reclass Dispositions June 30, 2009 as of Core Assets, Realty Gramercy Core Held for Sale Gramercy Realty HFS Assets, as of June 30, 2009 Dispositions Reclass New Leasing Lease Terminations / Expirations Remeasure / Adjustments Gramercy Realty HFS Assets, as of Sept. 30, 2009 Number of Properties 84 (12) (10) 62 Branches 46 (9) (3)                34 Office Buildings 33 (3) (7) 23 Land 5 -                    -                 5 Rentable Sq. Ft. 1,832,235 (114,751) (247,064) -     1,470,420 Branches 286,604 (72,180) (20,250)       -     194,174 Office Buildings 1,545,631 (42,571) (226,814) -     1,276,246 Leased Sq. Ft. 1,096,624 (59,135) (104,689) -     -     -     932,800 Branches 79,603 (40,467) (3,622)        -     -     -     35,514 Office Buildings 1,017,021 (18,668) (101,067) -     -     -     897,286 % Leased 59.9% 63.4% % of Base Revenue from: Financial Institutions 63.7% 62.6% "A" Rated Tenants (1) 59.3% 66.0% Net Leases 74.2% 74.8% Lease Expiration (% of Base Revenue within Next Twelve Months) (2) 0.9% 6.4% Weighted Average Remaining Lease Term (years) 9.7 9.5 (1)  Ratings by Moody's. Individual lease agreements may be with tenants that are unrated subsidiaries of rated entities. (2)  Includes noticed Shedding Space, but excludes contractual rent reductions (Dana and Regions portfolios).

Gramercy Realty – Portfolio Vacancies 29 Top Ten Vacancies by State Vacancy by Building Size Number of Rentable Leased Vacant % Number of Rentable Leased Vacant % Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Virginia 45 2,759,133       2,255,166       503,967        18.3% Over 100,000 SF 55             15,299,825       13,883,188     1,416,637       9.3% Maryland 7 1,041,138       655,911          385,227        37.0% 50,000 to 99,999 SF 27             1,995,601        1,457,932        537,669          26.9% Florida 142 3,115,156       2,748,358       366,798        11.8% 20,000 to 49,999 SF 133           3,779,509        2,935,827        843,682          22.3% Illinois 14 1,432,194       1,112,446       319,748        22.3% 10,000 to 19,999 SF 229           3,215,223        2,642,385        572,838          17.8% Texas 46 720,439          524,939          195,500        27.1% Under 10,000 SF 467           2,102,299        1,808,352        293,947          14.0% Missouri 20 1,383,386       1,189,146       194,240        14.0% Portfolio Total 911 26,392,457 22,727,684 3,664,773 13.9% New Jersey 62 1,269,405       1,076,428       192,977        15.2% Georgia 68 1,503,350       1,347,406       155,944        10.4% North Carolina 179 4,274,168       4,119,563       154,605        3.6% New York 14 620,872          487,155          133,717        21.5% 597 18,119,241 15,516,518 2,602,723 Top Ten Office Vacancies Portfolio by Percent Vacant Rentable Leased Vacant % Number of Rentable Leased Vacant Property Name Sq. Ft. Sq. Ft. Sq. Ft. Vacant Properties Sq. Ft. Sq. Ft. Sq. Ft. Calvert Center - Baltimore 411,731          63,104           348,627        84.7% Vacant 64             595,126           -                       595,126          Bank of America - Chicago 983,778          816,084          167,694        17.0% 90-99% Vacant -                -                       -                       -                      Nations Bank Center - Richmond 540,201          381,771          158,430        29.3% 80-89% Vacant 3              490,398           76,814             413,584          Wheat Innsbrook II - Glen Allen 103,603          -                      103,603        100.0% 70-79% Vacant 6              100,583           28,447             72,136           Wheat Innsbrook I - Glen Allen 88,584           -                      88,584          100.0% 60-69% Vacant 13             293,377           105,997           187,380          Downtown St. Petersburg 87,755           -                      87,755          100.0% 50-59% Vacant 23             491,388           221,785           269,603          Exchange Street - Malden 314,156          232,914          81,242          25.9% 40-49% Vacant 45             1,538,391        936,677           601,714          Bank of America Plaza - St. Louis 750,000          676,278          73,722          9.8% 30-39% Vacant 48             1,280,360        836,033           444,327          Peoria Main 243,611          176,342          67,269          27.6% 20-29% Vacant 55             2,115,447        1,592,457        522,990          Harborside - Jersey City 311,829          245,924          65,905          21.1% 10-19% Vacant 27             1,928,297        1,612,554        315,743          3,835,248 2,592,417 1,242,831 1-9% Vacant 29             4,482,662        4,240,492        242,170          No Vacancy 598           13,076,428       13,076,428     -                      14.5% of portfolio sq. ft. 33.9% of portfolio vacancy Portfolio Total 911 26,392,457 22,727,684 3,664,773 16.9% of office sq. ft. 39.6% of office vacancy Land parcels are excluded from property totals. Gramercy Realty Portfolio

Gramercy Realty – Portfolio Vacancies – Core, Value-Add and HFS 30 Top Ten Vacancies by State Top Ten Vacancies by State Top Ten Vacancies by State Number of Rentable Leased Vacant % Number of Rentable Leased Vacant % Number of Rentable Leased Vacant % Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Virginia 29 2,573,624        2,157,468        416,156          16.2% Florida 28 392,405          246,545          145,860          37.2% Florida 10 175,273          28,943           146,330        83.5% Maryland 7 1,041,138        655,911           385,227          37.0% New Jersey 17 690,295          545,016          145,279          21.0% Missouri 3 786,110          689,159        96,951          12.3% Illinois 4 1,245,533        1,008,559        236,974          19.0% New York 5 319,471          191,738          127,733          40.0% Texas 8 167,719          86,128           81,591          48.6% Massachusetts 2 622,635           541,393           81,242           13.0% Tennessee 13 277,497          164,089          113,408          40.9% Georgia 9 83,155           28,072           55,083          66.2% Florida 104 2,547,478        2,472,870        74,608           2.9% Texas 6 192,531          84,109           108,422          56.3% Pennsylvania 6 44,291           -                    44,291          100.0% North Carolina 163 4,090,056        4,031,798        58,258           1.4% Missouri 10 475,972          379,859          96,113           20.2% Illinois 4 61,719           32,109           29,610          48.0% Pennsylvania 26 1,335,228        1,289,242        45,986           3.4% Indiana 4 163,540          73,304           90,236           55.2% New Jersey 3 33,622           16,933           16,689          49.6% California 83 1,254,651        1,221,117        33,534           2.7% North Carolina 14 164,133          78,438           85,695           52.2% Alabama 4 22,062           6,574             15,488          70.2% Washington 9 244,171           212,319           31,852           13.0% Georgia 15 175,950          100,361          75,589           43.0% Mississippi 2 32,869           19,496           13,373          40.7% New Jersey 42 545,488           514,479           31,009           5.7% Virginia 13 172,324          97,698           74,626           43.3% Virginia 3 13,185           -                    13,185          100.0% 469 15,500,002 14,105,156 1,394,846 125 3,024,118 1,961,157 1,062,961 52 1,420,005 907,414 512,591 Top Ten Office Vacancies Top Ten Office Vacancies Top Ten Office Vacancies Rentable Leased Vacant % Rentable Leased Vacant % Rentable Leased Vacant % Property Name Sq. Ft. Sq. Ft. Sq. Ft. Vacant Property Name Sq. Ft. Sq. Ft. Sq. Ft. Vacant Property Name Sq. Ft. Sq. Ft. Sq. Ft. Vacant Calvert Center - Baltimore 411,731           63,104              348,627          84.7% Harborside - Jersey City 311,829          245,924          65,905           21.1% Downtown St. Petersburg 87,755           -                    87,755          100.0% Bank of America - Chicago 983,778           816,084           167,694          17.0% State Street - Albany 167,195          109,795          57,400           34.3% Bank of America Plaza - St. Louis 750,000          676,278        73,722          9.8% Nations Bank Center - Richmond 540,201           381,771           158,430          29.3% Arcadia - Kalamazoo 112,988          62,147           50,841           45.0% Cocoa Village 35,487           14,410           21,077          59.4% Wheat Innsbrook II - Glen Allen 103,603           -                       103,603          100.0% Fort Sam Houston 58,649           10,045           48,604           82.9% Moultrie Main 23,753           7,025             16,728          70.4% Wheat Innsbrook I - Glen Allen 88,584              -                       88,584           100.0% One East Ave - Rochester 99,921           55,067           44,854           44.9% Hanover 16,565           -                    16,565          100.0% Exchange Street - Malden 314,156           232,914           81,242           25.9% Vincennes 63,540           21,069           42,471           66.8% Denison 22,986           8,045  ��          14,941          65.0% Peoria Main 243,611           176,342           67,269           27.6% Las Vegas Ops Center 148,070          107,179          40,891           27.6% Fort Worth East 28,308           13,935           14,373          50.8% Nations Bank Center - Norfolk 336,710           286,324           50,386           15.0% Asheville Main 92,601           55,790           36,811           39.8% Brownwood 24,019           10,274           13,745          57.2% Charles Street - Baltimore 519,453           490,572           28,881           5.6% Central Avenue - Hot Springs 99,004           65,954           33,050           33.4% E Ridgewood Ave 30,611           16,933           13,678          44.7% Deland 64,075              35,944              28,131           43.9% Kansas City Ops Center 317,732          286,619          31,113           9.8% Mexico Facility 26,450           12,881           13,569          51.3% 3,605,902 2,483,055 1,122,847 1,471,529 1,019,589 451,940 1,045,934 759,781 286,153 17.9% of core sq. ft. 628.2% of core vacancy 30.7% of value-add sq. ft. 27.4% of value-add vacancy 71.1% of HFS sq. ft. 53.2% of HFS vacancy 20.8% of core office sq. ft. 79.7% of core office vacancy 36.4% of value-add office sq. ft. 33.5% of value-add office vacancy 82.0% of HFS office sq. ft. 75.5% of HFS office vacancy Vacancy by Building Size Vacancy by Building Size Vacancy by Building Size Number of Rentable Leased Vacant % Number of Rentable Leased Vacant % Number of Rentable Leased Vacant % Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant Over 100,000 SF 48                 13,231,080       12,152,407       1,078,673       8.2% Over 100,000 SF 6                    1,318,745       1,054,503       264,242          20.0% Over 100,000 SF 1                       750,000          676,278        73,722          9.8% 50,000 to 99,999 SF 17                 1,265,683        1,084,477        181,206          14.3% 50,000 to 99,999 SF 9                    642,163          373,455          268,708          41.8% 50,000 to 99,999 SF 1                       87,755           -                    87,755          100.0% 20,000 to 49,999 SF 72                 2,040,875        1,937,296        103,579          5.1% 20,000 to 49,999 SF 49                   1,425,936       845,601          580,335          40.7% 20,000 to 49,999 SF 12                    312,698          152,930        159,768        51.1% 10,000 to 19,999 SF 140                1,941,720        1,859,783        81,937           4.2% 10,000 to 19,999 SF 76                   1,099,159       698,932          400,227          36.4% 10,000 to 19,999 SF 13                    174,344          83,670           90,674          52.0% Under 10,000 SF 366                1,652,855        1,619,497        33,358           2.0% Under 10,000 SF 71                   303,821          168,933          134,888          44.4% Under 10,000 SF 30                    145,623          19,922           125,701        86.3% Core Total 643 20,132,213 18,653,460 1,478,753 7.3% Value-Add Total 211 4,789,824 3,141,424 1,648,400 34.4% HFS Total 57 1,470,420 932,800 537,620 36.6% Portfolio by Percent Vacant Portfolio by Percent Vacant Portfolio by Percent Vacant Number of Rentable Leased Vacant Number of Rentable Leased Vacant Number of Rentable Leased Vacant Properties Sq. Ft. Sq. Ft. Sq. Ft. Properties Sq. Ft. Sq. Ft. Sq. Ft. Properties Sq. Ft. Sq. Ft. Sq. Ft. Vacant 5                    204,014           -                       204,014          Vacant 31                   169,802          -                      169,802          Vacant 28                    221,310          -                    221,310        90-99% Vacant -                    -                       -                       -                    90-99% Vacant -                    -                      -                      -                      90-99% Vacant -                       -                      -                    -                    80-89% Vacant 1                    411,731           63,104              348,627          80-89% Vacant 2                    78,667           13,710           64,957           80-89% Vacant -                       -                      -                    -                    70-79% Vacant -                    -                       -                       -                    70-79% Vacant 5                    76,830           21,422           55,408           70-79% Vacant 1                       23,753           7,025             16,728          60-69% Vacant -                    -                       -                       -                    60-69% Vacant 8                    210,404          75,114           135,290          60-69% Vacant 5                       82,973           30,883           52,090          50-59% Vacant -                    -                       -                       -                    50-59% Vacant 17                   352,092          158,895          193,197          50-59% Vacant 6                       139,296          62,890           76,406          40-49% Vacant 10                 763,348           508,647           254,701          40-49% Vacant 27                   629,051          348,022          281,029          40-49% Vacant 8                       145,992          80,008           65,984          30-39% Vacant 7                    122,272           80,136              42,136           30-39% Vacant 37                   1,108,740       724,635          384,105          30-39% Vacant 4                       49,348           31,262           18,086          20-29% Vacant 15                 808,504           599,383           209,121          20-29% Vacant 37                   1,253,903       953,328          300,575          20-29% Vacant 3                       53,040           39,746           13,294          10-19% Vacant 23                 1,875,019        1,569,501        305,518          10-19% Vacant 4                    53,278           43,053           10,225           10-19% Vacant -                       -                      -                    -                    1-9% Vacant 22                 3,072,070        2,957,434        114,636          1-9% Vacant 6                    660,592          606,780          53,812           1-9% Vacant 1                       750,000          676,278        73,722          No Vacancy 560                12,875,255       12,875,255       -                    No Vacancy 37                   196,465          196,465          -                      No Vacancy 1                       4,708              4,708             -                    Core Total 643 20,132,213 18,653,460 1,478,753 Value-Add Total 211 4,789,824 3,141,424 1,648,400 HFS Total 57 1,470,420 932,800 537,620 Land parcels are excluded from property totals. Core Held for Sale Value-Add

Gramercy Realty – Lease Expiration Gramercy Realty Portfolio 31 Expiring Monthly 73 309,396 1.17% 0.04% Q4 2009 44 131,853 0.50% 0.12% Q1 2010 34 206,832 0.78% 0.34% Q2 2010 38 197,421 0.75% 0.94% Q3 2010 89 981,942 3.72% 5.12% % of Portfolio Rentable Sq. Ft. Number of Tenant Leases Leased Sq. Ft. Leases for parking, signs, antennae, etc. are excluded. Includes noticed Shedding Space, but excludes contractual rent reductions (Dana and Regions portfolios). Lease Expirations within Next 12 Months % of Portfolio Base Rent

Gramercy Realty – Lease Expiration – Core, Value-Add and HFS 32 Expiring Expiring Expiring Monthly 28 234,256 1.16% 0.03% Monthly 37 58,112 1.21% 0.10% Monthly 8 17,028 1.16% 0.07% Q4 2009 22 75,860 0.38% 0.09% Q4 2009 17 45,252 0.94% 0.28% Q4 2009 5 10,741 0.73% 0.08% Q1 2010 19 171,921 0.85% 0.34% Q1 2010 15 34,911 0.73% 0.48% Q1 2010 0 0 0.00% 0.00% Q2 2010 19 168,351 0.84% 1.04% Q2 2010 15 25,786 0.54% 0.52% Q2 2010 4 3,284 0.22% 0.27% Q3 2010 75 908,528 4.51% 5.72% Q3 2010 12 26,395 0.55% 0.96% Q3 2010 2 47,019 3.20% 6.01% Includes noticed Shedding Space, but excludes contractual rent reductions (Dana and Regions portfolios). Leases for parking, signs, antennae, etc. are excluded. % of Core Base Rent % of Core Rentable Sq. Ft. Number of Tenant Leases Leased Sq. Ft. Core Lease Expirations within Next 12 Months Held for Sale Lease Expirations within Next 12 Months Value-Add Lease Expirations within Next 12 Months % of HFS Base Rent Number of Tenant Leases Leased Sq. Ft. % of Value-Add Rentable Sq. Ft. % of Value-Add Base Rent Number of Tenant Leases Leased Sq. Ft. % of HFS Rentable Sq. Ft. Lease Expiration - 2009 to 2013 3.57% 5.58% 4.66% 8.37% 0.09% 0.03% 0 500,000 1,000,000 1,500,000 Monthly 2009 2010 2011 2012 2013 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% Rentable Sq. Ft. % of Core Base Rent Lease Expiration - 2009 to 2013 1.30% 0.07% 0.08% 6.57% 21.88% 15.34% 0 100,000 200,000 Monthly 2009 2010 2011 2012 2013 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Rentable Sq. Ft. % of HFS Base Rent Lease Expiration - 2009 to 2013 0.10% 0.28% 4.87% 5.91% 8.37% 5.47% 0 100,000 200,000 Monthly 2009 2010 2011 2012 2013 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% Rentable Sq. Ft. % of Value-Add Base Rent

Gramercy Realty – Top Ten Gramercy Realty Portfolio 33 Top Ten Tenants by Percent of Base Rent Tenants / Financial Institutions Credit Rating* Number of Locations Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % of Portfolio Base Rent 1 Bank of America, N.A. Aa3 368 11,675,993 44.2% 44.7% 2 Wachovia Bank, National Association Aa2 132 4,545,427 17.2% 12.7% 3 Regions Financial Corporation Baa3 72 661,094 2.5% 3.5% 4 Citizens Financial Group A1 9 267,585 1.0% 2.4% 5 General Services Administration (GSA) AAA 5 243,560 0.9% 2.0% 6 American International Insurance Company (AIG) A3 1 263,058 1.0% 1.9% 7 Branch Banking & Trust Co. (BB&T) Aa2 22 395,589 1.5% 1.6% 8 KeyBank A2 32 159,076 0.6% 1.4% 9 Citco Fund Services (USA), Inc. NR 1 104,343 0.4% 1.0% 10 Fifth Third Bank Baa1 16 60,791 0.2% 0.9% 658 18,376,516 69.5% 72.1% * Ratings by Moody's.  Individual lease agreements may be with tenants that are unrated subsidiaries of named entities. Top Ten States by Percent of Portfolio NOI States Number of Properties Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % Leased % of Portfolio NOI 1 North Carolina             179 4,274,168    16.2% 96.4% 20.8% 2 Florida             142 3,115,156    11.8% 88.2% 12.8% 3 Virginia               45 2,759,133    10.5% 81.7% 11.7% 4 Georgia               68 1,503,350    5.7% 89.6% 6.4% 5 Pennsylvania               46 1,470,529    5.6% 91.7% 6.2% 6 California               95 1,512,021    5.7% 93.5% 5.5% 7 Maryland                 7 1,041,138    3.9% 63.0% 4.8% 8 Missouri               20 1,383,386    5.2% 86.0% 4.8% 9 Illinois               14 1,432,194    5.4% 77.7% 3.6% 10 Delaware                 2 378,723       1.4% 100.0% 2.8% 618 18,869,798 71.5% 87.8% 79.4% Land parcels are excluded from property totals. Contractual Rent 1

Gramercy Realty – Top Ten – Core, Value-Add and HFS 34 Top Ten Tenants by Percent of Base Rent Core Tenants Credit Rating* Number of Locations Rentable Sq. Ft. % of Core Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % of Core Base Rent % of Portfolio Base Rent 1 Bank of America, N.A. Aa3 283 9,979,725 49.57% 37.81% 47.54% 39.46% 2 Wachovia Bank, National Association Aa2 111 4,141,306 20.57% 15.69% 14.17% 11.76% 3 Citizens Financial Group A1 3 223,307 1.11% 0.85% 2.57% 2.14% 4 American International Insurance Company (AIG) A3 1 263,058 1.31% 1.00% 2.30% 1.91% 5 General Services Administration (GSA) AAA 2 195,117 0.97% 0.74% 2.03% 1.68% 6 Branch Banking & Trust Co. (BB&T) Aa2 22 395,589 1.96% 1.50% 1.94% 1.61% 7 Key Bank A2 30 140,590 0.70% 0.53% 1.48% 1.23% 8 Fifth Third Bank Baa1 16 60,791 0.30% 0.23% 1.05% 0.87% 9 Regions Financial Corporation Baa3 16 63,116 0.31% 0.24% 1.04% 0.87% 10 Robinson, Brashaw & Hinson PA NR 1 120,606 0.60% 0.46% 0.91% 0.75% 485 15,583,205 77.40% 59.05% 75.03% 62.28% Value-Add Tenants Credit Rating* Number of Locations Rentable Sq. Ft. % of Value-Add Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % of Value-Add Base Rent % of Portfolio Base Rent 1 Bank of America, N.A. Aa3 71 1,212,561 25.32% 4.59% 25.12% 3.25% 2 Regions Financial Corporation Baa3 44 493,022 10.29% 1.87% 16.98% 2.20% 3 Citco Fund Services (USA), Inc. NR 1 104,343 2.18% 0.40% 7.66% 0.99% 4 Wachovia Bank, National Association Aa2 20 399,544 8.34% 1.51% 6.83% 0.88% 5 Sovereign Bank Baa1 5 29,436 0.61% 0.11% 2.73% 0.35% 6 General Services Administration (GSA) AAA 3 48,443 1.01% 0.18% 2.41% 0.31% 7 PNC Bank (includes former National City Bank) A1 4 54,778 1.14% 0.21% 2.40% 0.31% 8 Citizens Financial Group A1 6 44,278 0.92% 0.17% 2.24% 0.29% 9 Northern Trust Co. Aa3 1 26,570 0.55% 0.10% 2.07% 0.27% 10 Bank of Montreal Aa1 1 14,656 0.31% 0.06% 1.45% 0.19% 156 2,427,631 50.67% 9.20% 69.89% 9.04% Held for Sale Tenants Credit Rating* Number of Locations Rentable Sq. Ft. % of HFS Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % of HFS Base Rent % of Portfolio Base Rent 1 Bank of America, N.A. Aa3 14 483,707 32.90% 1.83% 48.96% 1.99% 2 International Business Machines Corp. A1 1 154,017 10.47% 0.58% 14.15% 0.58% 3 Regions Financial Corporation Baa3 12 104,956 7.14% 0.40% 10.81% 0.44% 4 PricewaterhouseCoopers LLP NR 1 49,762 3.38% 0.19% 9.43% 0.38% 5 Anheuser Busch Incorporated Baa2 1 45,052 3.06% 0.17% 5.67% 0.23% 6 C.J. Thomas Company, Inc. NR 1 19,307 1.31% 0.07% 3.58% 0.15% 7 Key Bank A2 1 14,858 1.01% 0.06% 2.60% 0.11% 8 South Associates, P.C. NR 1 4,861 0.33% 0.02% 0.88% 0.04% 9 Good Samaritan Comm Counseling NR 1 4,708 0.32% 0.02% 0.62% 0.03% 10 Brevard Co. Board of County Comm NR 1 4,406 0.30% 0.02% 0.62% 0.03% 34 885,634 60.22% 3.36% 97.32% 3.98% * Ratings by Moody's.  Individual lease agreements may be with tenants that are unrated subsidiaries of named entities. Contractual Rent 1 Contractual Rent 1

Gramercy Realty – Top Ten – Core, Value-Add and HFS 35 Top Ten States by Percent of NOI Core States Number of Properties Rentable Sq. Ft. % Leased % of Core Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % of Core NOI % of Portfolio NOI 1 North Carolina           163 4,090,056          98.6% 20.32% 15.50% 22.10%        21.02%       2 Florida           104 2,547,478          97.1% 12.65% 9.65% 14.61%        13.90%       3 Virginia             29 2,573,624          83.8% 12.78% 9.75% 12.25%        11.65%       4 Georgia             44 1,244,245          98.0% 6.18% 4.71% 6.56%           6.24%        5 Pennsylvania             26 1,335,228          96.6% 6.63% 5.06% 6.25%           5.95%        6 California             83 1,254,651          97.3% 6.23% 4.75% 5.34%           5.08%        7 Maryland               7 1,041,138          63.0% 5.17% 3.94% 5.02%           4.78%        8 Illinois               4 1,245,533          81.0% 6.19% 4.72% 3.49%           3.32%        9 Delaware               2 378,723             100.0% 1.88% 1.43% 2.98%           2.83%        10 New Jersey             42 545,488             94.3% 2.71% 2.07% 2.76%           2.62%        504 16,256,164 92.0% 80.74% 61.58% 81.36% 77.39% Value-Add States Number of Properties Rentable Sq. Ft. % Leased % of Value-Add Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % of Value-Add NOI % of Portfolio NOI 1 Missouri             10 475,972             79.8% 9.94% 1.80% 39.19%        0.92%        2 Arkansas               6 231,303             72.2% 4.83% 0.88% 22.00%        0.51%        3 Tennessee             13 277,497             59.1% 5.79% 1.05% 20.88%        0.49%        4 California             12 257,370             75.1% 5.37% 0.98% 19.11%        0.45%        5 Pennsylvania             14 91,010              65.7% 1.90% 0.34% 15.33%        0.36%        6 Alabama               7 109,902             61.6% 2.29% 0.42% 13.70%        0.32%        7 Washington             10 107,204             65.7% 2.24% 0.41% 12.64%        0.30%        8 Nevada               1 148,070             72.4% 3.09% 0.56% 12.29%        0.29%        9 Illinois               6 124,942             57.4% 2.61% 0.47% 8.63%           0.20%        10 Georgia             15 175,950             57.0% 3.67% 0.67% 8.30%           0.19%        94 1,999,220 69.1% 41.73% 7.58% 172.07% 4.03% Held for Sale States Number of Properties Rentable Sq. Ft. % Leased % of HFS Rentable Sq. Ft. % of Portfolio Rentable Sq. Ft. % of HFS NOI % of Portfolio NOI 1 Missouri               3 786,110             87.7% 53.46% 2.98% 133.58%       3.41%        2 Texas               8 167,719             51.4% 11.41% 0.64% 6.77%           0.17%        3 Mississippi               2 32,869              59.3% 2.24% 0.12% 4.31%           0.11%        4 Illinois               4 61,719              52.0% 4.20% 0.23% 4.17%           0.11%        5 Alabama               4 22,062              29.8% 1.50% 0.08% 0.97%           0.02%        6 North Carolina               2 19,979              46.7% 1.36% 0.08% 0.60%           0.02%        7 South Carolina               1 11,075              51.2% 0.75% 0.04% 0.21%           0.01%        8 Georgia               9 83,155              33.8% 5.66% 0.32% (0.48%)          (0.01%)        9 Kansas               1 16,742              62.0% 1.14% 0.06% (0.63%)          (0.02%)        10 New York               1 2,619                 0.0% 0.18% 0.01% (0.92%)          (0.02%)        35 1,204,049 73.7% 81.90% 4.56% 148.58% 3.80% Land parcels are excluded from property totals. 1

Gramercy Realty – Dispositions – Q3 36 Property Own. Zip Disposition Rentable Leased % Property Property Name Type Code Address City State Code Date     SF    SF Leased 3329 Madison Branch Own 400 W Base St Madison FL 32340 7/1/2009 10,415 10,415 100.0% 4320 Highway 90 West Branch Own 261 Highway 90 West DeFuniak Spring FL 32433 7/8/2009 8,176 8,176 100.0% 3677 Cherry & Mt Galliant Branch Own 2043 Cherry Road Rock Hill SC 29732 7/24/2009 3,190                - 5399 51st St (Western) Branch Own 5051 S. Lewis Tulsa OK 74105 7/27/2009 8,734 4,477 51.3% 3334 Perry Branch Own 200 W Main St Perry FL 32347 7/29/2009 12,860 6,560 51.0% 5347 Cranbury Rd Branch Own 591 Cranbury Road East Brunswick NJ 08816 7/31/2009 11,784 7,755 65.8% 4198 Washington Strt Branch Own 715 Washington Street Eden NC 27288 8/7/2009 4,032                - 3369 Hillside Branch Own 1221 Liberty Ave Hillside NJ 07205 8/18/2009 9,489 3,084 32.5% 3661 Sandy Plains Branch Own 3615 Sandy Plains Marietta GA 30066 9/11/2009 3,406                - 4144 Holly Hill Branch Own 201 Huffman Mill Road Burlington NC 27215 9/16/2009 2,859 2,859 100.0% 3203 Hampton Branch Own 2205 Executive Drive Hampton VA 23666 9/29/2009 3,500                - 2901 Alexander Old Town Branch Leased 325 S. Washington Street Alexandria VA 22314 9/30/2009 4,480 4,480 100.0% Total Number of Properties for Branch 12 82,925 47,806 57.6% 4263 Loop 323 Office Own 1000 WSW Loop 323 Tyler TX 75711 7/8/2009 12,367 6707 54.2% 4222 West 4th Avenue Office Own 2899 West 4th Ave Hialeah FL 33012 8/14/2009 10,515 5562 52.9% 4255 Decatur Office Own 116 N. Main Decatur TN 37322 9/14/2009 13,297 3993 30.0% 5272 Eustis Office Own 100 North Bay Street Eustis FL 32726 9/15/2009 16,907 7968 47.1% Total Number of Properties for Office 4 53,086 24,230 45.6% Total Number of Properties 16 136,011 72,036 53.0% For Dispositions between 7/1/2009 and 9/30/2009 Gramercy Realty Dispositions Report Date of Inventory 9/30/2009

Glossary 37 Term Definition Annualized Base Rent The base rent , excluding Reimbursable Expenses and without Straightlining, required to be paid by a tenant under a lease during the most recently completed calendar quarter multiplied by four.  Annualized Bas e Rent is computed without regard for scheduled rental increases , decreases or lease expirations, but does not include any amounts attributable to periods after a property is sold.  For gross leases, Annualized Base Rent includes the entire amount paid by the tenant, including any portion that may be applied by the landlord to the payment of operating expenses. EBITDA Earnings before Interest, Taxes, Depreciation and Amortization equals Total Revenues (calculated on a GAAP basis, inclusive of the impa ct of straightlining of rents) less Operating Expenses. Funds From Operations (FFO)   The revised White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, in April 2002 defines FF O as net income (loss) (computed in accordance with GAAP, inclusive of the impact of straight line rents), excluding gains (or losses) from items which are not a recurring part of our busine ss, such as sales of properties, plus real estate - related deprecia tion and amortization and after adjustments for unconsolidated partnerships and joint ventures.  We consider gains and losses on the sales of debt investments to be a normal part of our recurring operations and therefore include such gains and losses when arriving at FFO.   GAAP Generally accepted accounting principles. Gross Revenue Annualized Base Rent p lus Reimbursable Expenses. LIBOR London Interbank Offered Rate. REIT Real estate investment trust. Reimbursable Expenses The am ount of operating expenses, real estate taxes and other charges incurred by the landlord that are required to be reimbursed by tenants under Base Year Leases and Triple Net Leases that do not require direct payment thereof by the tenants.  Reimbursable Exp enses do not include operating expenses, real estate taxes or other charges directly incurred and paid by tenants under Bond Net Leases or Triple Net Leases that require direct payments by the tenant. Shedding Space The whole or partial termination of a le ase by a tenant pursuant to a contractual right set forth in the tenant’s lease, which termination typic ally becomes effective after a 6 0 day or longer notice period and often with nominal economic consideration paid to the landlord. Straightlining R ecognition of income or expense on a consistent basis throughout the term of the lease, regardless of when payments are actually due.

Investor Information 38 RESEARCH COVERAGE - EQUITY Stephen Laws Deutsche Bank Securities, Inc. (212) 250 - 6219 David Fick Stifel Nicolaus & Company, Inc. (443) 224 - 1308 INVESTOR INFORMATION Transfer Agent The Bank of New York Mellon Corporation 480 Washing ton Blvd Jersey City, New Jersey 07310 Investor Inquiries Shareholders, prospective investors and analysts seeking information about the Company should direct their inquiries to: Director of Investor Relations Gramercy Capital Corp. 420 Lexington Avenue , Suite 1926 New York, NY 10170 212 - 297 - 1000 www.g k k .com This information is provided as a service to interested parties and not as an endorsement of any report, nor representati on as to the accuracy of any information contained therein.  Opinions, forecasts and other forward - looking statements expressed in analysts’ reports may change without notice.

Corporate Directory 39 General Counsel Edward J. Matey Jr. Officer Legal ef Chi Michael G. Kavourias Vice Presidents Executive Chief Financial Officer Jon W. Clark Chief Operating Officer Robert R. Foley President Timothy J. O’Connor Director, Investment Committee Chief Executive Officer Cozzi M. Roger Executive Officers New York, NY Clifford Chance US LLP Legal Counsel New York, NY Ernst & Young LLP Independent Auditors Forsyth Street Advisors, LLC President, Nominating and Corporate Governance Committee; Compensation Committee; Director; Audit Committee; Charles S. Laven Senior Partner and President, Konigsberg Wolf and Co., P.C. Nominating and Corporate Governance Committee; ctor; Audit Committee; Dire Paul J. Konigsberg Chief Executive Officer, KTR Capital Partners, LLC Investment Committee; Nominating and Corporate Governance Committee; Director; Compensation Committee; Jeffrey E. Kelter Chief Executive Officer, SL Green Realty Corp. t Committee , Investmen Director Marc Holliday Private Investor Compensation Committee; Director; Audit Committee; Allan J. Baum Officer Directors - Non Headquarters 420 Lexington Avenue, Suite 1926 New York, NY 10170 (212) 297 - 1000 (212) 297 - 1090 fax www.g k k .com