Gramercy Property Trust 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Gramercy Property Trust Inc.
Entity Central Index Key	1,287,701
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	gpt
Entity Common Stock, Shares Outstanding		57,495,568
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Scenario, Unspecified [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments, at cost:
Land	$ 418,161	$ 239,503
Building and improvements	1,600,471	828,117
Less: accumulated depreciation	(51,773)	(27,598)
Total real estate investments, net	1,966,859	1,040,022
Cash and cash equivalents	43,595	200,069
Restricted cash	8,502	1,244
Joint ventures and equity investments	2,552	0
Assets held for sale, net	18,011
Servicing advances receivable	1,505	1,485
Retained CDO bonds	10,705	4,293
Tenant and other receivables, net	22,206	15,398
Acquired lease assets, net of accumulated amortization of $34,561 and $15,168	328,719	200,231
Deferred costs, net of accumulated amortization of $3,369 and $1,908	13,016	10,355
Goodwill	3,805	3,840
Other assets	18,351	23,063
Total assets	2,437,826	1,500,000
Liabilities:
Exchangeable senior notes, net	108,605	107,836
Mortgage notes payable	308,543	161,642
Total long term debt	967,148	469,478
Accounts payable and accrued expenses	17,056	18,806
Dividends payable	12,924	9,579
Accrued interest payable	3,414	2,357
Deferred revenue	16,036	11,592
Below-market lease liabilities, net of accumulated amortization of $11,662 and $3,961	227,755	53,826
Derivative instruments, fair value	3,853	3,189
Other liabilities	7,581	8,263
Total liabilities	$ 1,255,767	$ 577,090
Commitments and contingencies
Noncontrolling interest in Operating Partnership	$ 11,277	$ 16,129
Equity:
Common stock, par value $0.001, 200,000,000 and 220,000,000 shares authorized, and 57,396,418 and 46,736,392 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively.	57	47
Additional paid-in-capital	2,053,265	1,768,977
Accumulated other comprehensive income (loss)	1,445	(3,703)
Accumulated deficit	(968,516)	(942,934)
Total stockholders' equity	1,170,645	906,781
Noncontrolling interest in other partnerships	137
Total equity	1,170,782	906,781
Total liabilities and equity	2,437,826	1,500,000
Series B Preferred Stock [Member]
Liabilities:
Dividends payable	0	0
Equity:
Series B cumulative redeemable preferred stock, par value $0.001, liquidation preference $87,500, 3,500,000 shares authorized, issued and outstanding at June 30, 2015 and December 31, 2014.	84,394	84,394
Total equity	84,394	84,394
Term Loan [Member]
Liabilities:
Unsecured debt	200,000	$ 200,000
Unsecured Credit Facillity [Member]
Liabilities:
Unsecured debt	$ 350,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Acquired lease assets, accumulated amortization (in dollars)	$ 34,561	$ 15,168
Deferred costs, accumulated amortization (in dollars)	3,369	1,908
Below-market lease liabilities, accumulated amortization (in dollars)	$ 11,662	$ 3,961
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	220,000,000
Common stock, shares issued	57,396,418	46,736,392
Common stock, shares outstanding	57,396,418	46,736,392
Cumulative redeemable preferred stock, par value (in dollars per share)	$ 0.001
Cumulative redeemable preferred stock, shares authorized	25,000,000
Series B Preferred Stock [Member]
Cumulative redeemable preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Cumulative redeemable preferred stock, liquidation preference (in dollars)	$ 87,500	$ 87,500
Cumulative redeemable preferred stock, shares authorized	3,500,000	3,500,000
Cumulative redeemable preferred stock, shares issued	3,500,000	3,500,000
Cumulative redeemable preferred stock, shares outstanding	3,500,000	3,500,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental revenue		$ 39,565	$ 10,276	$ 70,755	$ 17,770
Management fees		4,232	7,054	12,418	14,019
Operating expense reimbursements		9,738	2,697	17,876	3,378
Investment income		525	525	763	901
Other income		87	76	270	144
Total revenues		54,147	20,628	102,082	36,212
Property operating expenses:
Property management expenses		4,611	4,981	9,777	10,225
Property operating expenses		9,572	2,858	17,955	3,680
Total property operating expenses		14,183	7,839	27,732	13,905
Depreciation and amortization		24,716	6,760	43,414	10,145
Interest expense		7,728	3,791	13,998	6,136
Realized loss on derivative instruments			3,415		3,300
Management, general and administrative		4,778	4,497	9,551	8,839
Acquisition and merger-related expenses		3,455	1,688	6,961	1,923
Total expenses		54,860	27,990	101,656	44,248
Income (loss) from continuing operations before equity in net income (loss) from joint ventures and equity investments, gain on remeasurement of previously held joint venture, loss on extinguishment of debt, net gains on disposals, and provision for taxes		(713)	(7,362)	426	(8,036)
Equity in net income (loss) of joint ventures and equity investments		123	1,125	122	1,753
Net gains on disposals		201		201
Income (loss) from continuing operations before gain on remeasurement of previously held joint venture, loss on extinguishment of debt, net gains on disposals, provision for taxes, and discontinued operations		(389)	(6,237)	749	(6,283)
Gain on remeasurement of previously held joint venture		0	72,345	0	72,345
Loss on extinguishment of debt			(1,925)		(1,925)
Provision for taxes		(17)	(437)	(1,131)	(806)
Income (loss) from continuing operations	[1]	(406)	63,746	(382)	63,331
Income (loss) from discontinued operations		120	(395)	58	(481)
Net income (loss)		(286)	$ 63,351	(324)	$ 62,850
Net loss attributable to noncontrolling interest		21		63
Net income (loss) attributable to Gramercy Property Trust Inc.		(265)	$ 63,351	(261)	$ 62,850
Preferred stock dividends		(1,558)	(1,791)	(3,117)	(3,581)
Net income (loss) available to common stockholders		$ (1,823)	$ 61,560	$ (3,378)	$ 59,269
Basic earnings per share:
Net income (loss) from continuing operations, after preferred dividends (in dollars per share)	[2]	$ (0.03)	$ 2.67	$ (0.07)	$ 2.91
Net income (loss) from discontinued operations (in dollars per share)	[2]		(0.02)		(0.02)
Net income (loss) available to common stockholders (in dollars per share)	[2]	$ (0.03)	2.65	$ (0.07)	2.89
Diluted earnings per share:
Net income (loss) from continuing operations, after preferred dividends (in dollars per share)	[2]	$ (0.03)	2.61	$ (0.07)	2.83
Net income (loss) from discontinued operations (in dollars per share)	[2]		(0.02)		(0.02)
Net income (loss) available to common stockholders (in dollars per share)	[2]	$ (0.03)	$ 2.59	$ (0.07)	$ 2.81
Basic weighted average common shares outstanding (in shares)	[2]	55,612,741	23,188,500	51,204,638	20,529,075
Diluted weighted average common shares and common share equivalents outstanding (in shares)	[2]	55,612,741	23,771,868	51,204,638	21,112,594
[1]	Net income (loss) from continuing operations represents loss before discontinued operations.
[2]	Adjusted for the 1-for-4 reverse stock split completed on March 20, 2015. Refer to Note 11, "Stockholders' Equity," for further information related to the reverse stock split.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,823)	$ 61,560	$ (3,378)	$ 59,269
Other comprehensive income (loss):
Unrealized gain on available for sale debt securities	11	107	5,761	441
Unrealized loss on derivative instruments	1,468	(2,062)	(664)	(2,203)
Foreign currency translation adjustments	269		51
Other comprehensive income (loss)	1,748	(1,955)	5,148	(1,762)
Comprehensive income (loss)	(75)	$ 59,605	1,770	$ 57,507
Net loss attributable to noncontrolling interest	21		63
Other comprehensive income attributable to noncontrolling interest	15		53
Comprehensive income (loss) attributable to Gramercy Property Trust Inc.	$ (39)	$ 59,605	$ 1,886	$ 57,507

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders’ Equity - Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings / (Accumulated Deficit) [Member]Series B Preferred Stock [Member]	Retained Earnings / (Accumulated Deficit) [Member]	Noncontrolling Interest [Member]	Parent Company [Member]Series B Preferred Stock [Member]	Parent Company [Member]	Series B Preferred Stock [Member]	Total
Balance at Dec. 31, 2014	$ 47	$ 1,768,977	$ (3,703)		$ (942,934)			$ 906,781	$ 84,394	$ 906,781
Balance (in shares) at Dec. 31, 2014	46,736,392									46,736,392
Net loss					(261)	$ (29)		(261)		$ (290)
Change in net unrealized loss on derivative instruments			(664)					(664)		(664)
Change in net unrealized gain on debt securities			5,761					5,761		5,761
Offering costs		(12,124)						(12,124)		(12,124)
Issuance of stock	$ 10	289,900						289,910		289,910
Issuance of stock (in shares)	10,544,034
Issuance of stock - stock purchase plan		32						32		32
Issuance of stock - stock purchase plan (in shares)	1,485
Stock based compensation - fair value		1,863						1,863		1,863
Conversion of OP Units to common stock		3,127						3,127		3,127
Conversion of OP Units to common stock (in shares)	114,507
Reallocation of noncontrolling interest in the operating partnership		1,490						1,490		1,490
Dividends on preferred stock				$ (3,117)			$ (3,117)		(3,117)
Dividends on common stock					(22,204)			(22,204)		(22,204)
Foreign currency translation adjustments			51			(5)		51		46
Balance at Jun. 30, 2015	$ 57	$ 2,053,265	$ 1,445		$ (968,516)	137		$ 1,170,645	$ 84,394	$ 1,170,782
Balance (in shares) at Jun. 30, 2015	57,396,418									57,396,418
Contribution to consolidated equity investment						$ 171				$ 171

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities:
Net income (loss)	$ (324)	$ 62,850
Adjustments to net cash provided by operating activities:
Depreciation and amortization	43,414	10,145
Amortization of acquired leases to rental revenue and expense	(6,067)	(66)
Amortization of deferred costs	1,352	1,073
Amortization of discount and other fees	(1,136)	(428)
Payment of capitalized tenant leasing costs	(838)	(26)
Amortization of lease inducement costs	96
Straight-line rent adjustment	(5,484)	(1,704)
Realized loss on derivative instruments		3,300
Distributions received from joint ventures and equity investments	206	3,165
Equity in net (income) loss of joint ventures and equity investments	(122)	(1,753)
Net gain on disposal of properties	(201)
Gain from remeasurement of previously held joint ventures		(72,345)
Loss on extinguishment of debt		1,925
Amortization of stock-based compensation	1,683	1,247
Changes in operating assets and liabilities:
Restricted cash	(963)	(77)
Tenant and other receivables	(579)	(4,824)
Accrued interest	(20)	(134)
Other assets	4,334	(719)
Accounts payable, accrued expenses and other liabilities	(1,920)	3,162
Deferred revenue	4,142	11,362
Net cash provided by operating activities	37,573	16,153
Investing Activities:
Capital expenditures	(1,769)	(12,933)
Distribution received from joint ventures property sales		3,841
Contributions to joint ventures and equity investments	(2,192)
Acquisition of real estate, net	(787,227)	(190,938)
Return of restricted cash held in escrow for 1031 exchange	3,338
Restricted cash for tenant improvements	(6,270)	(44)
Proceeds from repayments of servicing advances receivable		10
Net cash used for investing activities	(794,120)	(200,064)
Financing Activities:
Proceeds from sale of common stock	289,910	229,080
Proceeds from unsecured credit facility	575,000	200,000
Proceeds from secured credit facility		23,000
Repayment of unsecured credit facility	(225,000)
Repayment of secured credit facility		(68,000)
Repayment of mortgage notes payable	(2,471)	(198,627)
Proceeds from issuance of exchangeable senior notes		115,000
Offering costs	(12,124)	(11,421)
Payment of deferred financing costs	(3,274)	(7,573)
Proceeds from exercise of stock options and employee purchase under the employee share purchase plan	32
Contributions from noncontrolling interests in other partnerships	169
Distribution to noncontrolling interest holders	(215)
Change in restricted cash from financing activities	(25)
Net cash provided by financing activities	600,040	239,314
Net increase (decrease) in cash and cash equivalents	(156,507)	55,403
Increase in cash and cash equivalents related to foreign currency translation	33
Cash and cash equivalents at beginning of period	200,069	43,333
Cash and cash equivalents at end of period	43,595	98,736
Non-cash activity:
Consolidation of real estate investments - joint venture interest		106,294
Debt assumed in acquisition of real estate	141,033	2,657
Redemption of units of noncontrolling interest in operating partnership for common stock	(3,127)
Supplemental cash flow disclosures:
Interest paid	11,820	2,895
Income taxes paid	1,065	1,548
Proceeds from 1031 exchange transactions	8,619
Use of funds from 1031 exchanges for acquisitions of real estate	(5,050)
Common Stock [Member]
Financing Activities:
Dividends paid	(18,845)	(2,477)
Preferred Stock [Member]
Financing Activities:
Dividends paid	$ (3,117)	$ (39,668)

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2015
Business and Organization [Abstract]
Business and Organization	1. Business and Organization Gramercy Property Trust Inc., or the Company, is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net leased industrial and office properties. The Company focuses on income - producing properties leased to high quality tenants in major markets in the United States and Europe. Gramercy is organized as a Real Estate Investment Trust, or REIT. The Company earns revenues primarily through three sources, including (i) rental revenues on properties that it owns directly or in joint ventures in the United States, (ii) asset management revenues on properties owned by third parties in both the United States and Europe, and (iii) pro-rata rental revenues on its equity investment in Gramercy Property Europe plc, or the Gramercy European Property Fund. On July 1, 2015, the Company entered into an Agreement and Plan of Merger, or the Merger Agreement, with Chambers Street Properties, or Chambers Street, and Columbus Merger Sub, LLC, an indirect wholly owned subsidiary of Chambers Street. Refer to Note 16 for further information on the proposed merger transaction, or the Merger. In February 2015, the Company’s board of directors approved a 1-for-4 reverse stock split of its common stock and outstanding operating partnership units, or OP Units. The reverse stock split was effective after the close of trading on March 20, 2015, and the Company’s common stock began trading on a reverse split-adjusted basis on the New York Stock Exchange on March 23, 2015. No fractional shares were issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares received, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of the Company’s common stock on the New York Stock Exchange for the three consecutive trading days ending on March 20, 2015. The reverse stock split applied to all of the Company’s outstanding shares of common stock and therefore did not affect any stockholder’s relative ownership percentage. During the three months ended June 30, 2015, the Company acquired 16 properties aggregating approximately 2.3 million square feet for a total purchase price of approximately $368,586 . During the six months ended June 30, 2015, the Company acquired 43 properties aggregating approximately 6.8 million square feet for a total purchase price of approximately $938,592 . As of June 30, 2015, the Company’s wholly-owned portfolio of net leased properties is summarized as follows: Properties Number of Properties Rentable Square Feet Occupancy Industrial Properties Office/Banking Centers Specialty Industrial Specialty Retail Data Centers Total Tenants include Bank of America, N.A, Healthy Way of Life II, LLC (d.b.a Life Time Fitness), Nokia Networks, Kar Auction Services, CEVA Freight, LLC, and others. As of June 30, 2015, the Company’s asset management business, which operates under the name Gramercy Asset Management, manages approximately $800 ,000 of commercial real estate assets for third parties. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code, and generally will not be subject to U.S. federal income taxes to the extent it distributes its taxable income, if any, to its stockholders. The Company has in the past established, and may in the future establish, taxable REIT subsidiaries, or TRSs, to effect various taxable transactions , subject to the restrictions in the Merger Agreement . Those TRSs would incur U.S. federal, state and local taxes on the taxable income from their activities. The Company conducts substantially all of its operations through GPT Property Trust LP, the Company’s operating partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership. The Operating Partnership conducts its commercial real estate investment business through various wholly-owned entities and its realty management business primarily through a wholly-owned TRS. Unless the context requires otherwise, all references to “Gramercy,” “Company,” “we,” “our” and “us” mean Gramercy Property Trust Inc., a Maryland corporation, and one or more of its subsidiaries, including the Operating Partnership.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Quarterly Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, it does not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The 2015 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Condensed Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements. Principles of Consolidation The Condensed Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries that are wholly-owned or controlled by the Company, or entities which are variable interest entities, or VIEs, in which the Company is the primary beneficiary. The primary beneficiary is the party that absorbs a majority of the VIE’s anticipated losses and/or a majority of the expected returns. The Company has evaluated its investments for potential classification as variable interests by evaluating the sufficiency of each entity’s equity investment at risk to absorb losses. Entities which the Company does not control and are considered VIEs, but where the Company is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. Real Estate Investments The Company records acquired real estate investments as business combinations when the real estate is occupied, at least in part, at acquisition. Costs directly related to the acquisition of such investments are expensed as incurred. The Company allocates the purchase price of real estate to land, building, improvements and intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases at the acquisition date. The values of the above- and below-market leases are amortized and recorded as either an increase in the case of below-market leases or a decrease in the case of above-market leases to rental revenue over the remaining term of the associated lease. The values associated with in-place leases are amortized to depreciation and amortization expense over the remaining term of the associated lease. The Company assesses the fair value of the leases at acquisition based upon estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, the Company amortizes such below-market lease value into rental revenue over the renewal period. Additionally, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase at the time of acquisition. Acquired real estate investments that do not meet the definition of a business combination are recorded at cost. Acquired real estate investments which are under construction are considered build-to-suit transactions and are also recorded at cost. In build-to-suit transactions, the Company engages a developer to construct a property or provides funds to a tenant to develop a property. The Company capitalizes the funds provided to the developer/tenant and the internal costs of interest and real estate taxes, if applicable, during the construction period. Certain improvements are capitalized when they are determined to increase the useful life of the building. Depreciation is computed using the straight-line method over the shorter of the estimated useful life at acquisition of the capitalized item or 40 years for buildings, five to ten years for building equipment and fixtures, and the lesser of the useful life or the remaining lease term for tenant improvements and leasehold interests. Maintenance and repair expenditures are charged to expense as incurred. The Company also reviews the recoverability of a property’s carrying value when circumstances indicate there may be a possible impairment. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges and takes into account factors such as changes in strategy resulting in an increased or decreased holding period, expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If management determines it will be unable to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used and for assets held for sale, an impairment loss is recorded to the extent that the carrying value exceeds the fair value less estimated cost to dispose. These assessments are recorded in the Condensed Consolidated Statements of Operations in the period the determination is made. The estimated fair value of the asset becomes its new cost basis. For a depreciable long-lived asset to be held and used, the new cost basis will be depreciated or amortized over the remaining useful life of that asset. The Company recorded impairment charges of $149 during the three and six months ended June 30, 2015 on one propert y that were sold during the period and no impairment charges during the three and six months ended June 30, 2014. Joint Ventures and Equity Investments The Company accounts for its investments in joint ventures and equity investments under the equity method of accounting since it exercises significant influence, but does not unilaterally control the entities, and is not considered to be the primary beneficiary. In a joint venture, the rights of the other investors are protective and participating. Unless the Company is determined to be the primary beneficiary, these rights preclude it from consolidating the investment. The investment is recorded initially at cost as an investment in joint venture or equity investment, and subsequently is adjusted for equity interest in net income (loss) and cash contributions and distributions. The amount of the investment on the Condensed Consolidated Balance Sheets is evaluated for impairment at each reporting period. None of the joint venture or equity investment debt is recourse to the Company. As of June 30, 2015 and December 31, 2014, the Company had equity investments of $2,552 and $0 in unconsolidated joint ventures and equity investments, respectively. On June 9, 2014, the Company acquired from its joint venture partner the remaining 50% equity interest in its 67 property portfolio leased primarily to Bank of America, N.A., or the Bank of America Portfolio, and as of the acquisition date, the Company has consolidated the Bank of America Portfolio. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Restricted Cash The Company had restricted cash of $8,502 and $1,244 at June 30, 2015 and December 31, 2014, respectively, which primarily consisted of reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations. Variable Interest Entities The Company had one consolidated VIE as of June 30, 2015 and December 31, 2014. The Company had four unconsolidated VIEs as of June 30, 2015 and December 31, 2014. The following is a summary of the Company’s involvement with VIEs as of June 30, 2015: Company carrying Company carrying Face value of Face value of liabilities value-assets value-liabilities assets held by the VIEs issued by the VIEs Assets Consolidated VIEs European Fund Manager $ $ $ $ Unconsolidated VIEs European Fund Carry Co. $ - $ - $ $ Retained CDO Bonds $ $ - $ $ The following is a summary of the Company’s involvement with VIEs as of December 31, 2014: Company carrying Company carrying Face value of Face value of liabilities value-assets value-liabilities assets held by the VIEs issued by the VIEs Assets Consolidated VIEs European Fund Manager $ - $ - $ - $ - Unconsolidated VIEs European Fund Carry Co. $ - $ - $ - $ - Retained CDO Bonds $ $ - $ $ Consolidated VIEs Gramercy Europe Asset Management (European Fund Manager) In connection with the Company’s December 2014 investment in the Gramercy European Property Fund, the Company acquired equity interests in the entity, hereinafter the European Fund Manager, which provides investment and asset management services to Gramercy European Property Fund. The Company has determined that European Fund Manager is a VIE, as the equity holders of that entity do not have controlling financial interests and the obligation to absorb losses. As the Company controls the activities that most significantly affect the economic outcome of European Fund Manager, the Company has concluded that it is that entity’s primary beneficiary and has consolidated the VIE. European Fund Manager is expected to generate net cash inflows for the Company in the form of management fees in the future, however, if the VIE’s cash inflows are not sufficient to cover its obligations, the Company may provide financial support for the VIE. Unconsolidated VIEs Gramercy Europe Asset Management (European Fund Carry Co.) In connection with the Company’s December 2014 investment in the Gramercy European Property Fund, the Company acquired equity interests in the entity, hereinafter the European Fund Carry Co., entitled to receive certain preferential distributions, if any, made from time-to-time by Gramercy European Property Fund. The Company has determined that European Fund Carry Co. is a VIE, as the equity holders of that entity do not have controlling financial interests and the obligation to absorb losses. Decisions that most significantly affect the economic performance of European Fund Carry Co. are decided by a majority vote of that VIE’s shareholders. As such, the Company does not have a controlling financial interest in the VIE and has accounted for it as an equity investment. Investment in Retained CDO Bonds The Retained CDO Bonds are non-investment grade subordinate bonds, preferred shares and ordinary shares of three collateralized debt obligations, or CDOs, which the Company recognized subsequent to the disposal of Gramercy Finance in March 2013. The Company is not obligated to provide any financial support to these CDOs. The Company’s maximum exposure to loss is limited to its interest in the Retained CDO Bonds and the Company does not control the activities that most significantly impact the VIEs’ economic performance. Assets Held For Sale As of June 30, 2015 and December 31, 2014, the Company had one and zero assets classified as held for sale. The net asset value of the asset held for sale as of June 30, 2015 was $18,01 1 . Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. Once an asset is classified as held for sale, depreciation expense is no longer recorded. Tenant and Other Receivables Tenant and other receivables are derived from management fees, rental revenue and tenant reimbursements. Management fees, including incentive management fees, are recognized as earned in accordance with the terms of the management agreements. The management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. Rental revenue is recorded on a straight-line basis over the initial term of the lease. Since many leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that will only be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Tenant and other receivables also include receivables related to tenant reimbursements for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred. Tenant and other receivables are recorded net of the allowances for doubtful accounts, which as of June 30, 2015 and December 31, 2014 were $55 and $188 , respectively. The Company continually reviews receivables related to rent, tenant reimbursements, management fees, including incentive fees, and unbilled rent receivables and determines collectability by taking into consideration the tenant or asset management clients’ payment history, the financial condition of the tenant or asset management client, business conditions in the industry in which the tenant or asset management client operates and economic conditions in the area in which the property or asset management client is located. In the event that the collectability of a receivable is in doubt, the Company increases the allowance for doubtful accounts or records a direct write-off of the receivable. Intangible Assets and Liabilities The Company follows the acquisition method of accounting for business combinations. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their respective fair values. Tangible assets include land, buildings and improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analyses and other methods. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Management also considers information obtained about each property as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets and liabilities acquired. Above-market and below-market lease values for properties acquired are recorded based on the present value, using a discount rate which reflects the risks associated with the leases acquired, of the difference between the contractual amount to be paid pursuant to each in-place lease and management’s estimate of the fair market lease rate for each such in-place lease, measured over a period equal to the remaining non-cancelable term of the lease. The above-market and below-market lease values are amortized as a reduction and increase, respectively, of rental revenue over the remaining non-cancelable terms of the lease. The aggregate value of intangible assets related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as-if vacant. Factors considered by management in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. Management also estimates costs to execute similar leases including leasing commissions and other related expenses. The value of in-place leases is amortized to depreciation and amortization expense over the lesser of the remaining non-cancelable term of the respective leases or the remaining depreciable life of the building. Above-market and below-market ground rent values for properties acquired are recorded based on the present value, using a discount rate which reflects the risks associated with the ground leases assumed, of the difference between the contractual amount to be paid pursuant to each in-place ground lease and management’s estimate of the fair market lease rate for each such in-place ground lease, measured over a period equal to the remaining non-cancelable term of the lease. The above-market and below-market ground lease values are amortized as a reduction and increase, respectively, of rent expense over the remaining non-cancelable terms of the respective leases. The Company recorded $10,142 and $18,139 of amortization of intangible assets as part of depreciation and amortization for the three and six months ended June 30, 2015 , respectively. The Company recorded $2,411 and $3,168 of amortization of intangible assets as part of depreciation and amortization for the three and six months ended June 30, 2014, respectively. The Company recorded $2,105 and $6,050 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and six months ended June 30, 2015 , respectively. The Company recorded $212 and $70 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and six months ended June 30, 2014, respectively. The Company recorded $0 and ($40) of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and six months ended June 30, 2015 , respectively. The Company recorded $4 and $4 of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and six months end ed June 30, 2014, respectively. Intangible assets and acquired lease obligations consist of the following: June 30, 2015 December 31, 2014 Intangible assets: In-place leases, net of accumulated amortization of $31,436 and $13,581 $ $ Above-market leases, net of accumulated amortization of $3,397 and $1,520 Below-market ground rent, net of accumulated amortization of $100 and $67 Amounts related to assets held for sale, net of accumulated amortization of $372 and $0 - Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $11,560 and $3,932 $ $ Above-market ground rent, net of accumulated amortization of $102 and $29 Total intangible liabilities $ $ The following table provides the weighted-average amortization period as of June 30, 2015 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 In-place leases Total to be included in depreciation and amortization expense 10.2 $ $ $ $ $ Above-market lease assets 8.6 Below-market lease liabilities 21.9 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 37.7 Above-market ground rent 38.0 Total to be included in property operating expense $ $ $ $ $ Goodwill Goodwill represents the fair value of the synergies expected to be achieved upon consummation of a business combination and is measured as the excess of consideration transferred over the net assets acquired at acquisition date. The Company initially recognized goodwill of $3,887 related to the acquisition of Gramercy Europe Asset Management, however during the second quarter of 2015, as a result of finalization of the purchase price allocation for the acquisition, the Company decreased the amount allocated to goodwill by $85 and thus the final purchase price allocation to goodwill as a result of the acquisition was $3,802 . The adjustment to goodwill for the finalized purchase price was primarily related to a reduction in the contract intangible value as well as an increase in the accrued income recorded for incentive fees. The carrying value of goodwill is adjusted each reporting period for the effect of foreign currency translation adjustments. The carrying value of goodwill at June 30, 2015 and December 31, 2014 was $3,805 and $3,840 , respectively. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has no t recorded any impairment on its goodwill. Deferred Costs Deferred costs consist of deferred financing costs, deferred acquisition costs, and deferred leasing costs. Deferred costs are presented net of accumulated amortization. The Company’s deferred financing costs are comprised of various costs associated with the Company’s financing arrangements. These costs include commitment fees, issuance costs, and legal and other third-party costs associated with obtaining financing, as well as fees related to loans assumed as part of real estate acquisitions. Deferred financing costs are amortized over the terms of the respective agreements and the amortization is reflected as interest expense. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. The Company’s deferred acquisition costs consist primarily of lease inducement fees paid to secure acquisitions and are amortized on a straight-line basis over the related lease term as a reduction from rental revenue. The Company’s deferred leasing costs include direct costs, such as lease commissions, incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term. Other Assets The Company makes payments for certain expenses such as insurance and property taxes in advance of the period in which it receives the benefit. These payments are classified as other assets and amortized over the respective period of benefit relating to the contractual arrangement. Other assets also includes deposits related to pending acquisitions and financing arrangements, as required by a seller or lender, respectively. Costs prepaid in connection with securing financing for a property are reclassified into deferred financing costs at the time the transaction is completed. The Company capitalizes its costs of software purchased for internal use and once the software is placed into service, the costs are amortized into expense on a straight-line basis over the asset’s estimated useful life, which is generally three years. As of June 30, 2015 and December 31, 2014, the Company had $1,026 and $948 of unamortized computer software costs, respectively. The Company recorded amortization expense of $153 and $286 on capitalized software costs during the three and six months ended June 30, 2015, respectively. The Company recorded amortization expense of $170 and $241 on capitalized software costs during the three and six months ended June 30, 2014, respectively. The following table provides the weighted-average amortization period as of June 30, 2015 for capitalized software and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 Capitalized software costs 1.8 $ $ $ $ $ - Total to be included in depreciation and amortization expense $ $ $ $ $ - Contracts assumed by the Company pursuant to a business combination, such as asset or property management contracts, are recorded at fair value at the time of acquisition. The Company determines the fair value of the contract intangible using a discounted cash flow analysis that considers the future cash flows projected from the contract as well as the term of the contract and any renewal or termination provisions. The present value calculation utilizes a discount rate that reflects the risks associated with the contract acquired. The value of the contract intangible is amortized on a straight-line basis over the expected remaining useful term of the contract. If the contract is terminated prior to its contractual expiration and no future payments will be received, any unamortized balance of the contract intangible would be written off to property management expense. As of June 30, 2015 and December 31, 2014, the Company had $144 and $480 of unamortized contract intangible assets, respectively. The Company recorded amortization expense of ($9) and $24 related to the contract intangible during the three and six months ended June 30, 2015, respectively. The Company recorded no amortization expense related to the contract intangible during the three and six months ended June 30, 2014. Contract intangibles are recorded in other assets on the Company’s Condensed Consolidated Balance Sheets. The following table provides the weighted-average amortization periods as of June 30, 2015 for contract intangible assets and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 Contract intangible asset 3.0 $ $ $ $ $ - Total to be included in property management expense $ $ $ $ $ - Valuation of Financial Instruments At June 30, 2015 and December 31, 2014, the Company measured its Retained CDO Bonds and derivative instruments on a recurring basis. ASC 820-10, “Fair Value Measurements and Disclosures,” among other things, establishes a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, or an exit price. The level of pricing observability generally correlates to the degree of judgment utilized in measuring the fair value of financial instruments. The three broad levels defined are as follows: Level I — The types of financial instruments included in this category are highly liquid instruments with actively quoted prices. Level II — The nature of these financial instruments includes instruments for which quoted prices are available but traded less frequently and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level III — These financial instruments do not have active markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment and assumptions. For a further discussion regarding the measurement of financial instruments see Note 9, “Fair Value of Financial Instruments.” Revenue Recognition Real Estate Investments Rental revenue from leases on real estate investments is recognized on a straight-line basis over the term of the lease, regardless of when payments are contractually due. The excess of rental revenue recognized over the amounts contractually due according to the underlying leases are included in deferred revenue on the Condensed Consolidated Balance Sheets. For leases on properties that are under construction at the time of acquisition, the Company begins recognition of rental revenue upon completion of construction of the leased asset and delivery of the leased asset to the tenant. The Company’s lease agreements with tenants also generally contain provisions that require tenants to reimburse the Company for real estate taxes, insurance costs, common area maintenance costs, and other property-related expenses. Under lease arrangements in which the Company is the primary obligor for these expenses, such amounts are recognized as both revenues and operating expenses for the Company. Under lease arrangements in which the tenant pays these expenses directly, such amounts are not included in revenues or expenses. These reimbursement amounts are recognized in the period in which the related expenses are incurred. Investment income consists primarily of income accretion on the Company’s Retained CDO Bonds, which are measured at fair value on a quarterly basis using a discounted cash flow model. Other income includes interest income on servicing advances and interest income earned and reimbursed related to deposits the Company makes for real estate acquisitions. Interest income on servicing advances is recognized as it is earned and interest income on deposits made for pending acquisitions is recognized when the transaction closes. The Company recognizes sales of real estate properties only upon closing. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sale price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sale of real estate. Asset Management Business The Company’s asset and property management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. The Company recognizes revenue for fees pursuant to its management agreements in the period in which they are earned. Management fees received prior to the date earned are included in deferred revenue on the Condensed Consolidated Balance Sheets. Certain of the Company’s asset management contracts include provisions that may allow it to earn additional fees, generally described as incentive fees or profit participation interests, based on the achievement of a targeted valuation of the managed assets or the achievement of a certain internal rate of return on the managed assets. The Company recognizes incentive fees on its asset management contracts based upon the amount that would be due pursuant to the contract, if the contract were terminated at the reporting date. If the contact may be terminated at will, revenue will only be recognized to the amount that would be due pursuant to that termination. If the incentive fee is a fixed amount, only a proportionate share of revenue is recognized at the reporting date, with the remaining fees recognized on a straight-line basis over the measurement period. The values of incentive management fees are periodically evaluated by management. For the three months ended June 30, 2015, the Company recorded an adjustment of ($64) to incentive fees. For the six months ended June 30, 2015, the Company recognized incentive fees of $2,97 1 . For the three and six months ended June 30, 2014, the Company recognized incentive fees of $0 and $635 , respectively. Rent Expense Rent expense is recognized on a straight-line basis regardless of when payments are due. Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 includes an accrual for rental expense recognized in excess of amounts due at that time. Rent expense related to leasehold interests is included in property operating expenses, and rent expense related to office rentals is included in property management expense or management, general and administrative expense. Stock-Based Compensation Plans The Company has a stock-based compensation plan, described more fully in Note 11. The Company accounts for this plan using the fair value recognition provisions. Awards of stock or restricted stock are expensed as compensation over the be

Dispositions and Assets Held-fo

Dispositions and Assets Held-for-Sale	6 Months Ended
	Jun. 30, 2015
Dispositions and Assets Held-for-Sale [Abstract]
Dispositions and Assets Held-for-Sale	3. Dispositions and Assets Held for Sale During the three and six months ended June 30, 2015, the Company sold three properties, which were all classified as held for sale. During the three and six months ended June 30, 2014, the Company did not sell any properties. The three properties sold in 2015 were office/banking center properties from the Company’s Bank of America Portfolio, which comprised an aggregate 85,866 square feet and were sold for gross proceeds of $8,619 . The Company recognized $350 in gains on disposals and an impairment of $149 during the three and six months ended June 30, 2015, which is included within net gains on disposals on the Company’s Condensed Consolidated Statement of Operations. The three property sales in 2015 were structured as like-kind exchanges within the meaning of Section 1031 of the Internal Revenue Code. As a result of the sales, the Company deposited $8,619 of the total sales proceeds into an Internal Revenue Code Section 1031 exchange escrow account with a qualified intermediary. Of this amount, $5,0 50 was used as consideration for one of the properties the Company acquired during the three and six months ended June 30, 2015. The Company had one property classified as held for sale as of June 30, 2015 and no properties classified as held for sale as of December 31, 2014. The Company adopted ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, effective January 1, 2014, and pursuant to the updated provision, which revise s the definition of discontinued operations, th i s property did not meet the definition of a discontinued operation and is therefore classified as held for sale and is not included in discontinued operations . The following table summarizes information for the property classified as held for sale as of June 30, 2015: June 30, 2015 Assets held for sale: Real estate investments, at cost: Land $ Building and improvements Less: accumulated depreciation Total real estate investments, net Tenant and other receivables, net Acquired lease assets, net of accumulated amortization Other assets Total assets held for sale $ The following operating results for assets previously sold for the three and six months ended June 30, 2015 and 2014 are included in discontinued operations for all periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Operating Results: Revenues $ $ - $ $ Operating expenses Marketing, general and administrative Net income (loss) from discontinued operations $ $ $ $ Discontinued operations have not been segregated in the Condensed Consolidated Statements of Cash Flows.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2015
Real Estate Investments [Abstract]
Real Estate Investments	4. Real Estate Investments Property Acquisitions During the six months ended June 30, 2015, the Company’s property acquisitions are summarized as follows: Number of Number of Square Purchase Property Type Properties Buildings Feet Price Industrial (1) $ Office/banking center (1) Specialty industrial Specialty retail Data center Total $ (1) The Company assumed mortgages on 16 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $141,033 . Refer to Note 6 for more information on the Company’s debt obligations related to acquisitions. During the year ended December 31, 2014, the Company’s property acquisitions are summarized as follows: Number of Number of Square Purchase Property Type Properties Buildings Feet Price Industrial (1) $ Office/banking center (2) Specialty industrial Specialty retail - - - - Data center - - - - Total $ (1) The Company assumed mortgages on four of its property acquisitions in 2014. The unpaid principal value of the mortgages assumed at acquisition was $45,607 . Refer to Note 6 for more information on the Company’s debt obligations related to acquisitions. (2) Includes the 67 properties that comprise the Bank of America Portfolio, which the Company acquired through its acquisition of the remaining 50% equity interest of the Bank of America Portfolio joint venture on June 9, 2014. Prior to the acquisition, the Company accounted for its prior 50% equity interest in the Bank of America Portfolio as a joint venture. The Company recorded revenues and net income for the three months ended June 30, 2015 of $2,149 and $917 , respectively, related to the acquisitions during the period. The Company recorded revenues and net income for the six months ended June 30, 2015 of $17,731 and $1,985 , respectively, related to the acquisitions during the period. The Company recorded revenues and net loss for the three months ended June 30, 2014 of $803 and $313 , respectively, related to the acquisitions during the period , excluding the Bank of America Portfolio . The Company recorded revenues and net loss for the six months ended June 30, 2014 of $981 and $325 , respectively, related to the acquisitions during the period. The Company recorded revenues and net income for both the three and six months ended June 30, 2014 of $3,455 and $429 , respectively, related to the Bank of America Portfolio acquired during the period. Property Purchase Price Allocations The Company is currently analyzing the fair value of the lease and real estate assets of 40 of its property investments acquired in 2015 and 11 of its property investments acquired in 2014, and accordingly, the purchase price allocations are preliminary and subject to change. The initial recording of the assets is summarized as follows: Preliminary Allocations recorded Period of Acquisition Number of Acquisitions Real Estate Assets Intangible Assets Intangible Liabilities Six Months ended June 30, 2015 40 $ $ $ Year ended December 31, 2014 11 $ $ $ During the six months ended June 30, 2015 and the year ended December 31, 2014, the Company finalized the purchase price allocations for 25 and 22 properties acquired in prior periods, respectively, for which the Company had recorded preliminary purchase price allocations at the time of acquisition , excluding the Bank of America Portfolio, which is separately disclosed below . The aggregate changes from the preliminary purchase price allocations to the finalized purchase price allocation are shown in the table below: Preliminary Allocations recorded Finalized Allocations recorded Period Purchase Price Allocation Finalized Number of Acquisitions Real Estate Assets Intangible Assets Intangible Liabilities Real Estate Assets Intangible Assets Intangible Liabilities Net Income Increase (Decrease) Six Months ended June 30, 2015 (1) 25 $ $ $ $ $ $ $ Year ended December 31, 2014 22 $ $ $ $ $ $ $ (1) Allocations for the six months ended June 30, 2015 exclude the Bank of America Portfolio, which is separately disclosed below. Pro Forma The following table summarizes, on an unaudited pro forma basis, the Company’s combined results of operations for the three and six months ended June 30, 2015 and 2014 as though the acquisitions were completed on January 1, 2014. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 ( 2 ) 2015 2014 ( 2 ) Pro forma revenues $ $ $ $ Pro forma net income (loss) available to common stockholders ( 1 ) $ $ $ $ Pro forma earnings (loss) per common share-basic $ $ $ $ Pro forma earnings (loss) per common share-diluted $ $ $ $ Pro forma common shares-basic Pro forma common share-diluted ( 1 ) Net income for each period has been adjusted for acquisition costs related to the property acquisitions during the period. (2 ) The Company adjusted its pro forma net income for the three and six months ended June 3 0, 2014 for the $72,345 gain on r emeasurement of a previously held joint venture that was recorded in the second quarter of 2014 because it was directly related to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio joint venture. Gramercy Europe Asset Management On December 19, 2014, the Company acquired ThreadGreen Europe Limited, a United Kingdom based property and asset management platform, which the Company subsequently renamed Gramercy Europe Asset Management, for $3,755 and the issuance of 24,133 shares of the Company’s common stock, valued at $652 as of the date of closing. The Company accounted for the acquisition utilizing the acquisition method of accounting for business combinations. During the second quarter of 2015, the Company finalized the purchase price allocation for the acquisition of Gramercy Europe Asset Management. As a result of the finalized purchase price allocation, the Company increased the allocation to assets by $190 , increased the allocation to liabilities by $105 , and decreased goodwill by $85 . The final allocation of the purchase price included assets of $1,092 , liabilities of $503 , and goodwill of $3,802 recognized on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2015. Additionally, the finalization of the purchase price allocation resulted in a decrease to net income of $80 to record adjustments to amortization and incentive fees on the Condensed Consolidated Statements of Operations for the six months ended June 30, 2015. Bank of America Portfolio On June 9, 2014, the Company acquired the remaining 50% equity interest in the Bank of America Portfolio joint venture. The Company accounted for the acquisition of the remaining joint venture interest utilizing the acquisition method of accounting for business combinations. The Company valued its share of the joint venture at $106,294 based upon the purchase price of Garrison Investment Group’s 50% equity interest and recognized a gain on remeasurement of a previously held equity investment of $72,345 on the Company’s Condensed Consolidated Statement of Operations for the three months ended June 30, 2014. During the first quarter of 2015, the Company finalized the purchase price allocation for the Bank of American Portfolio. As a result of the finalized purchase price allocations, the Company increased real estate assets by $123,596 , increased intangible assets by $35,346 , and increased intangible liabilities by $158,942 . These final allocations resulted in an increase to net income of $2,034 to record adjustments to depreciation and amortization on the Condensed Consolidated Statements of Operations for the six months ended June 30, 2015 . The final allocation of the purchase price is as follows: June 9, 2014 Assets acquired: Real estate assets $ Cash Accounts receivable Intangible assets Other assets Total assets acquired Liabilities assumed: Accrued expenses Deferred revenue Intangible liabilities Other liabilities Total liabilities assumed Total consideration paid $

Investments in Joint Ventures a

Investments in Joint Ventures and Equity Investments	6 Months Ended
	Jun. 30, 2015
Investments in Joint Ventures and Equity Investments [Abstract]
Investments in Joint Ventures and Equity Investments	5. Investments in Joint Ventures and Equity Investments Gramercy European Property Fund In December 2014, the Company, along with several equity investment partners, formed Gramercy European Property Fund, a private real estate investment fund, which will target single-tenant industrial, office and specialty retail assets throughout Europe. The Company has committed $55,735 (€ 50,000 ), representing an interest of approximately 19.8% . As of June 30, 2015 and December 31, 2014, the Company contributed $2,63 8 (€ 2,390 ) and $0 (€ 0 ) to the Gramercy European Property Fund. Of the contributions made during the six months ended June 30, 2015, $44 6 (€ 396 ) was accrued as of June 30, 2015 and funded in July 2015. During the three and six months ended June 30, 2015, the Gramercy European Property Fund acquired one property. Bank of America Portfolio The Company owned a 50% interest in the Bank of America Portfolio joint venture until June 9, 2014, when it acquired the remaining 50% equity interest from Garrison Investment Group. The portfolio was encumbered with a $200,000 floating rate, interest-only mortgage note maturing in 2014, collateralized by 67 properties, which was paid off at the time of the Company’s acquisition of the remaining 50% interest. Philips Building The Company owns a 25% interest in the equity owner of a fee interest in 200 Franklin Square Drive, a 200,000 square foot building located in Somerset, New Jersey which is 100% net leased to Philips Holdings, USA Inc., a wholly-owned subsidiary of Royal Philips Electronics through December 2021. The property is financed by a $41,000 fixed rate mortgage note with an anticipated repayment date in September 2015. The Condensed Consolidated Balance Sheets for the Company’s joint ventures and equity investments at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Assets: Real estate assets, net $ $ Other assets Total assets $ $ Liabilities and members' equity: Mortgages payable $ $ Other liabilities Members' equity Liabilities and members' equity $ $ The Condensed Consolidated Statements of Operations for the joint ventures and equity investments for the three and six months ended June 30, 2015 and 2014 or partial period for acquisitions or dispositions which closed during these periods, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 (1) 2014 (2) 2015 (1) 2014 (2) Revenues $ $ $ $ Operating expenses - Interest Depreciation Total expenses Net income (loss) from operations Net gain (loss) on disposals - - Provision for taxes - - Net income (loss) $ $ $ $ Company's equity in net income within continuing operations $ $ $ $ ( 1) The results of operations for the three and six months ended June 30, 2015 include the Gramercy European Property Fund’s results for the period as the equity investment was formed by the Company and several investment partners in December 2014. (2) The results of operations for the three and six months ended June 30, 2014 include the Bank of America Portfolio joint venture’s results for the periods April 1, 2014 through June 9, 2014 and January 1, 2014 through June 9, 2014, respectively. Subsequent to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio, on June 9, 2014, the results of operations for the Bank of America Portfolio are consolidated into the Company’s Condensed Consolidated Statements of Operations. A summary of the activity during the three and six months ended June 30, 2015 and 2014 related to the Company’s joint ventures and equity investments is as follows: As of June 30, 2015 As of December 31, 2014 Gramercy European Property Fund Bank of America Portfolio Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Investment in joint venture or equity investment $ $ - $ - $ $ - $ - $ - $ - Three Months ended June 30, 2015 Three Months ended June 30, 2014 Gramercy European Property Fund Bank of America Portfolio Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Equity in net income of joint venture or equity investment $ $ - $ $ $ - $ $ $ Contributions to joint venture or equity investment $ $ - $ - $ $ - $ - $ - $ - Distributions from joint venture or equity investment $ - $ - $ $ $ - $ $ $ Six Months ended June 30, 2015 Six Months ended June 30, 2014 Gramercy European Property Fund Bank of America Portfolio Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Equity in net income (loss) of joint venture or equity investment $ $ - $ $ $ - $ $ $ Contributions to joint venture or equity investment $ $ - $ - $ $ - $ - $ - $ - Distributions from joint venture or equity investment $ - $ - $ $ $ - $ $ $

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2015
Debt Obligations [Abstract]
Debt Obligations	6. Debt Obligations Secured Debt Mortgage Loans Certain real estate assets are subject to mortgage liens. During the six months ended June 30, 2015, the Company assumed $141,033 of non-recourse mortgages in connection with 16 real estate acquisitions. During the year ended December 31, 2014, the Company assumed $45,607 of non-recourse mortgages in connection with four real estate acquisitions. The Company was in compliance with the covenants under the mortgages at June 30, 2015. The following is a summary of the Company’s secured financing arrangements as of June 30, 2015: Encumbered Properties Balance Interest Rate Weighted-average Effective Interest Rate Weighted-average Maturity Fixed-rate mortgages $ 3.28 % to 7.46 % 5.44% October 2016 to June 2029 Variable-rate mortgages (1) 1 Month LIBOR + 2.10 % 2.26% December 2020 Total secured financings $ Above market interest Balance at June 30, 2015 $ (1) The floating interest rate on this mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 10 for further information on hedging and the Company’s derivative instruments. The following is a summary of the Company’s secured financing arrangements as of December 31, 2014: Encumbered Properties Balance Interest Rate Weighted-average Effective Interest Rate Weighted-average Maturity Fixed-rate mortgages $ 3.28 % to 7.46 % 5.41 % October 2016 to June 2029 Variable-rate mortgages (1) 1 Month LIBOR + 2.10 % 2.26 % December 2020 Total secured financings $ Above market interest Balance at December 31, 2014 $ (1) The floating interest rate on this mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 10 for further information on hedging and the Company’s derivative instruments. Secured Credit Facility The Company’s $150,000 senior secured credit facility, or Secured Credit Facility, effective as of September 2013, was terminated on June 9, 2014. The Secured Credit Facility originally had a borrowing capacity of $100,000 until February 2014, when the Company exercised the $50,000 accordion feature, which increased its borrowing capacity to $150,000 . The Secured Credit Facility had an initial borrowing rate of LIBOR plus 1.90% . Unsecured Debt Unsecured Credit Facility and Term Loan On June 9, 2014, the Company entered into a $400,000 unsecured credit facility consisting of a $200,000 senior term loan, or the Term Loan, and a $200,000 senior revolving credit facility, or the Unsecured Credit Facility. In January 2015, the Company expanded the Unsecured Credit Facility, increasing the revolving borrowing capacity from $200,000 to $400,000 and the accordion feature by $200,000 , which if exercised in full would bring the total borrowing capacity under the Unsecured Credit Facility and Term Loan to $1,000,000 . In May 2015, the Company amended the revolving borrowing capacity to bifurcate the Unsecured Credit Facility into a $350,000 tranche denominated in U.S. dollars and a $50,000 tranche that may be denominated in certain foreign currencies. In July 2015, the Company expanded the Term Loan from $200,000 to $300,000 and exercised a portion of the accordion feature in the Unsecured Credit Facility to increase the borrowing capacity under the U.S denominated tranche of the Unsecured Credit Facility from $350,000 to $450,000 . The Term Loan expires in June 2019 and the Unsecured Credit Facility expires in June 2018 , but may be extended for an additional year upon the payment of applicable fees and satisfaction of certain customary conditions. Interest on outstanding balances on the Term Loan and advances made on the Unsecured Credit Facility, is incurred at a floating rate based upon LIBOR plus an applicable margin ranging from 1.35% to 2.05% , depending on the Company’s total leverage ratio. The Term Loan has a borrowing rate of one-month LIBOR plus 1.60% and the Unsecured Credit Facility has a borrowing rate of one-month LIBOR plus 1.65% . In connection with the Term Loan, the Company also entered into a fixed rate swap agreement with the lender, JP Morgan Chase Bank, N.A., which has been designated as an effective cash flow hedge resulting in a combined effective fixed rate of 3.42% which equals the hedge interest rate of 1.82% plus the applicable base rate of 1.60% . The Term Loan and the Unsecured Credit Facility are guaranteed by Gramercy Property Trust Inc. and certain subsidiaries. The facilities include a series of financial and other covenants that the Company must comply with in order to borrow under the facilities , and the Company is also subject to the restrictions contained in the Merger Agreement . The Company was in compliance with the covenants under the facilities at June 30, 2015 . As of June 30, 2015, there were borrowings of $200,000 outstanding under the Term Loan and borrowings of $350,000 outstanding under the Unsecured Credit Facility. Exchangeable Senior Notes On March 24, 2014, the Company issued $115,000 of 3.75% Exchangeable Senior Notes. The Exchangeable Senior Notes are senior unsecured obligations of the Operating Partnership and are guaranteed by the Company on a senior unsecured basis. The Exchangeable Senior Notes mature on March 15, 2019 and will be exchangeable, under certain circumstances, for cash, for shares of the Company’s common stock or for a combination of cash and shares of the Company’s common stock, at the Company’s election. The Exchangeable Senior Notes will also be exchangeable prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date, at any time beginning on December 15, 2018, and also upon the occurrence of certain events. On or after March 20, 2017, in certain circumstances, the Company may redeem all or part of the Exchangeable Senior Notes for cash at a price equal to 100% of the principal amount of the Exchangeable Senior Notes to be redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date. The Exchangeable Senior Notes have a current exchange rate of 40.3832 shares of the Company’s common stock per $1.0 principal amount of the Exchangeable Senior Notes, representing an exchange price of approximately $24.76 per share of the Company’s common stock. The exchange rate is subject to adjustment under certain circumstances. Due to the New York Stock Exchange’s limitation on the issuance of more than 19.99% of a company’s common stock outstanding without shareholder approval for issuances above this threshold, the embedded exchange option in the Exchangeable Senior Notes did not qualify for equity classification at the time of issuance. Instead, it was accounted for as a derivative liability upon issuance. As such, the value of the Exchangeable Senior Notes’ conversion options was recorded as a derivative liability on the balance sheet upon issuance of the Exchangeable Senior Notes. On June 26, 2014, the Company obtained the appropriate shareholder approval, and reclassified the embedded exchange option at a fair value of $11,726 into additional paid-in-capital within stockholders’ equity and recorded a loss on derivative of $3,415 on the Condensed Consolidated Statements of Operations. Combined aggregate principal maturities of the Company's unsecured debt obligations, non-recourse mortgages and Exchangeable Senior Notes, in addition to associated interest payments, as of June 30, 2015 are as follows: Unsecured Debt Mortgage Notes Payable Exchangeable Senior Notes Interest Payments Total July 1 through December 31, 2015 $ - $ $ - $ $ 2016 - - 2017 - - 2018 - 2019 Thereafter - - Above market interest - - - Total $ $ $ $ $

Leasing Agreements

Leasing Agreements	6 Months Ended
	Jun. 30, 2015
Leasing Agreements [Abstract]
Leasing Agreements	7. Leasing Agreements The Company’s properties are leased to tenants under operating leases with expiration dates extending through the year 2039 . These leases generally contain rent increases and renewal options. Future minimum rental revenue under non-cancelable leases excluding reimbursements for operating expenses as of June 30, 2015 are as follows: Operating Leases July 1 through December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total minimum lease rental income $

Transactions with Director Rela

Transactions with Director Related Entities and Related Parties	6 Months Ended
	Jun. 30, 2015
Transactions with Director Related Entities and Related Parties [Abstract]
Transactions with Director Related Entities and Related Parties	8. Transactions with Director Related Entities and Related Parties The Company’s CEO, Gordon F. DuGan, is on the board of directors of the Gramercy European Property Fund and has committed approximately $1,500 (€ 1,250 ) in capital to the Gramercy European Property Fund. The two Managing Directors of Gramercy Europe Asset Management have collectively committed approximately $1,500 (€ 1,250 ) in capital to the Gramercy European Property Fund. The Company acquired three properties in January 2015 in an arms-length transaction from affiliates of KTR Capital Partners, a private industrial real estate investment company, for which one of the Company’s directors , Jeffrey Kelter, serves as Chief Executive Officer and Chairman of the Board. The properties are located in Milwaukee, Wisconsin, comprise an aggregate 450,000 square feet and were acquired for an aggregate purchase price of approximately $19,750 . The Chief Executive Officer of SL Green Realty Corp. (NYSE: SLG), or SL Green, Marc Holliday, was one of the Company’s directors until September 30, 2014, when he resigned effective immediately as a member of the Company’s board of directors. There was no disagreement between the Company and the director on any matter relating to the Company’s operations, policies or practices. In June 2014, the Company signed a lease agreement with 521 Fifth Fee Owner LLC, an affiliate of SL Green, for new corporate office space located at 521 Fifth Avenue, 30 th Floor, New York, New York. The lease commenced in September 2013, is for approximately 6,580 square feet and expires in 2023 with rents of approximately $368 per annum for year one rising to $466 per annum in year ten. The Company paid $94 and $188 under the lease for the three and six months ended June 30, 2015, respectively. The Company paid $92 and $184 under the lease for the three and six months ended June 30, 2014, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	9. Fair Value of Financial Instruments The Company discloses fair value information about financial instruments, whether or not recognized in the statement of financial condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows based upon market yields or by using other valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. The following table presents the carrying value in the financial statements, and approximate fair value of financial instruments at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Retained CDO Bonds (1), (2) $ $ $ $ Marketable securities (3) $ - $ - $ $ Financial liabilities: Derivative instruments $ $ $ $ Long term debt Term Loan (2) $ $ $ $ Unsecured Credit Facility (2) $ $ $ - $ - Mortgage notes payable (2) $ $ $ $ Exchangeable Senior Notes (2) $ $ $ $ (1) Retained CDO Bonds represent the CDOs’ subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation. (2) Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions. (3) Marketable securities represent the Company’s investment in U.S. treasury securities, which are classified in cash and cash equivalents on the Condensed Consolidated Balance Sheets. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the value: Cash and cash equivalents, marketable securities, accrued interest, and accounts payable : These balances in the Condensed Consolidated Financial Statements reasonably approximate their fair values due to the short maturities of these items. Retained CDO Bonds : Non-investment grade, subordinate CDO bonds, preferred shares and ordinary shares are presented on the Condensed Consolidated Financial Statements at fair value. The fair value is determined by an internally developed discounted cash flow model. Derivative instruments : The Company’s derivative instruments, which are primarily comprised of interest rate caps and interest rate swap agreements, are carried at fair value in the Condensed Consolidated Financial Statements based upon third-party valuations. Mortgage notes payable, Term Loan, Unsecured Credit Facility, and Secured Credit Facility : These instruments are presented in the Condensed Consolidated Financial Statements at amortized cost and not at fair value. The fair value of each instrument is estimated by a discounted cash flows model, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality. Exchangeable Senior Notes: The Exchangeable Senior Notes are presented at amortized cost on the Condensed Consolidated Financial Statements. The fair value is determined based upon a discounted cash-flow methodology using discount rates that best reflect current market rates for instruments with similar with characteristics and credit quality. Disclosure about fair value of financial instruments is based on pertinent information available to the Company at June 30, 2015 and December 31, 2014. Although the Company is not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for the purpose of these financial statements since June 30, 2015 and December 31, 2014, and current estimates of fair value may differ significantly from the amounts presented herein. The following discussion of fair value was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations. At June 30, 2015 Total Level I Level II Level III Financial Assets: Retained CDO Bonds: Non-investment grade, subordinate CDO bonds $ $ - $ - $ $ $ - $ - $ Financial Liabilities: Derivative instruments: Interest rate swaps $ $ - $ - $ $ $ - $ - $ At December 31, 2014 Total Level I Level II Level III Financial Assets: Retained CDO Bonds: Non-investment grade, subordinate CDO bonds $ $ - $ - $ Marketable securities: U.S. Treasury securities - - $ $ $ - $ Financial Liabilities: Derivative instruments: Interest rate swaps $ $ - $ - $ $ $ - $ - $ Derivative instruments : Interest rate caps and swaps were valued with the assistance of a third-party derivative specialist, who uses a combination of observable market-based inputs, such as interest rate curves, and unobservable inputs which require significant judgment such as the credit valuation adjustments due to the risk of non-performance by both the Company and its counterparties. The fair value of derivatives classified as Level III are most sensitive to the credit valuation adjustment as all or a portion of the credit valuation adjustment may be reversed or otherwise adjusted in future periods in the event of changes in the credit risk of the Company or its counterparties. Total losses (gains) from derivatives for the three and six months ended June 30, 2015 were ($1,468) and $664, respectively, in accumulated other comprehensive income (loss). Total losses from derivatives for the three and six months ended June 30, 2014 were $2,062 and $2,203 , respectively, in accumulated other comprehensive income (loss). During the three and six months ended June 30, 2014, the Company entered into one interest rate swap. Retained CDO Bonds : Retained CDO Bonds are valued on a recurring basis using an internally developed discounted cash flow model. Management estimates the timing and amount of cash flows expected to be collected and applies a discount rate equal to the yield that the Company would expect to pay for similar securities with similar risks at the valuation date. Future expected cash flows generated by management require significant assumptions and judgment regarding the expected resolution of the underlying collateral, which includes loan investments, real estate investments, and collateralized mortgage-backed securities. The resolution of the underlying collateral requires further management assumptions regarding capitalization rates, lease-up periods, future occupancy rates, market rental rates, holding periods, capital improvements, net property operating income, timing of workouts and recoveries, loan loss severities and other factors. The models are most sensitive to the unobservable inputs such as the timing of a loan default or property sale and the severity of loan losses. Due to the inherent uncertainty in the determination of fair value, the Company has designated its Retained CDO Bonds as Level III. Quantitative information regarding the valuation techniques and the range of significant unobservable Level III inputs used to determine fair value measurements on a recurring basis as of June 30, 2015 are: At June 30, 2015 Financial Asset or Liability Fair Value Valuation Technique Unobservable Inputs Range Non-investment grade, subordinate CDO bonds $ Discounted cash flows Discount rate 20.00% Interest rate swaps $ Hypothetical derivative method Credit borrowing spread 150 to 250 basis points The following table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level III inputs: Retained CDO Bonds Balance as of December 31, 2014 $ Amortization of discounts or premiums Adjustments to fair value: Included in other comprehensive income Other-than-temporary impairments - Balance as of June 30, 2015 $ The following roll forward table reconciles the beginning and ending balances of financial liabilities measured at fair value on a recurring basis using Level III inputs: Derivative Instruments Balance as of December 31, 2014 $ Adjustments to fair value: Unrealized loss on derivatives Balance as of June 30, 2015 $ Fair Value on a Non-Recurring Basis The Company did not measure any of its financial instruments on a non-recurring basis as of June 30, 2015 or December 31, 2014.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments [Abstract]
Derivative Instruments	10. Derivative Instruments The Company recognizes all derivatives on the balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. As of June 30, 2015, all of the Company’s derivative instruments are cash flow hedges and changes in the fair value of the derivatives are recognized in other comprehensive income until the hedged item expires or is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Derivative accounting may increase or decrease reported net income and stockholders’ equity, depending on future levels of LIBOR interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows, provided the contract is carried through to full term. The following table summarizes the notional and fair value of the Company’s derivative financial instruments at June 30, 2015. The notional value is an indication of the extent of the Company’s involvement in this instrument at that time, but does not represent exposure to credit, interest rate or market risks: Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Assets of Non-VIEs: Interest Rate Swap 1 mo. USD-LIBOR-BBA $ 4.55% 12/19/13 12/19/20 $ Interest Rate Swap 1 mo. USD-LIBOR-BBA 1.82% 09/09/14 06/09/19 Total derivatives $ $ The Company is hedging exposure to variability in future interest payments on its debt facilities. At June 30, 2015, derivative instruments were reported at their fair value as a net liability of $3,853 . No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from ineffectiveness for the three and six months ended June 30, 2015 and 2014 . At December 31, 2014, derivative instruments were reported at their fair value as a net liability of $3,189 . Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings in the same periods in which the hedged interest payments affect earnings. During the next 12 months, the Company expects that $3,152 will be reclassified from other comprehensive income as an increase in interest expense.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Abstract]
Stockholders' Equity	11. Stockholders’ Equity The Company’s authorized capital stock consists of 230,000,000 shares, $0.001 par value per share, of which the Company is authorized to issue up to 200,000,000 shares of common stock, $0.001 par value per share, 25,000,000 shares of preferred stock, par value $0.001 per share and 5,000,000 shares of excess stock, $0.001 par value per share. As of June 30, 2015, 57,396,418 shares of common stock, 3,500,000 shares of preferred stock and no shares of excess stock were issued and outstanding , respectively. In February 2014, the Company’s board of directors approved a 1-for- 4 reverse stock split of its common stock and outstanding OP Units. The reverse stock split was effective after the close of trading on March 20, 2015, and the Company’s common stock began trading on a reverse split-adjusted basis on the New York Stock Exchange on March 23, 2015. No fractional shares were issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares received, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of the Company’s common stock on the New York Stock Exchange for the three consecutive trading days ending on March 20, 2015. The reverse stock split applied to all of the Company’s outstanding shares of common stock and therefore did not affect any stockholder’s relative ownership percentage. In March 2015 , the Company’s board of directors authorized and the Company declared a dividend of $0.20 per common share for the first quarter of 2015, which was paid on April 15, 2015 to holders of record as of March 31, 2015 . In June 2015 , the Company’s board of directors authorized and the Company declared a dividend of $0.22 per common share for the second quarter of 2015, which was paid on July 15, 2015 to holders of record as of June 30, 2015 . In April 2015, the Company completed an underwritten public offering of 9,775,000 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase up to 1,275,000 additional shares of common stock. The shares of common stock were issued at a public offering price of $27.75 per share and the net proceeds from the offering were approximately $259,325 , after expenses. On June 23, 2015, the stockholders of the Company approved Articles of Amendment to the Company’s Articles of Incorporation decreasing the number of authorized shares of Company common stock from 400,000,00 0 shares to 200,000,000 shares. The Articles of Amendment were filed with the Maryland State Department of Assessments and Taxation on June 23, 2015 and became effective on that date. At-The-Market Equity Offering Program In September 2014, the Company entered into an “at-the-market” equity offering program, or ATM Program, to issue an aggregate of up to $100,000 of the Company's common stock , subject to the requirements of the Merger Agreement . During the three and six months ended June 30, 2015, the Company sold 86,897 and 656,711 shares of its common stock through the ATM Program for $2,358 and $18,292 of net proceeds after related expenses. Preferred Stock The Company has 3,500,000 of its 7.125% Series B Preferred Stock, or Series B Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. Holders of the Series B Preferred Stock are entitled to receive annual dividends of $1.78125 per share on a quarterly basis and dividends are cumulative, subject to certain provisions. On or after August 15, 2019, the Company can, at its option, redeem the Series B Preferred Stock at par for cash. As of June 30, 2015 and December 31, 2014, the Company has no accrued Series B Preferred Stock dividends. Equity Incentive Plan As part of the Company’s initial public offering, the Company instituted its 2004 Equity Incentive Plan. The 2004 Equity Incentive Plan, as amended, authorized (i) the grant of stock options that qualify as incentive stock options under Section 422 of the Internal Revenue Code, or ISOs, (ii) the grant of stock options that do not qualify, or NQSOs, (iii) the grant of stock options in lieu of cash directors’ fees and (iv) grants of shares of restricted and unrestricted common stock. The exercise price of stock options was to be determined by the compensation committee, but could not be less than 100% of the fair market value of the shares of common stock on the date of grant. The 2004 Equity Incentive Plan expired by its terms in July 2014, the ten-year anniversary of adoption of the Plan by the Company’s board of directors. In June 2015, the Company instituted its 2015 Equity Incentive Plan, which was approved by the Company’s board of directors and stockholders. Subject to the restrictions contained in the Merger Agreement, t he 2015 Equity Incentive Plan allows for the following awards to be made: (i) ISOs, (ii) NQSOs, (iii) stock appreciation rights, or SARs, (iv) stock awards, (v) phantom shares and dividend equivalents, and (vi) other equity awards, including LTIP Units. The aggregate number of shares of the Company’s common stock that may be issued or transferred under the 2015 Equity Incentive Plan is 3,200,000 shares, subject to adjustment in certain circumstances. The shares of common stock that are issued or transferred under the 2015 Equity Plan may be authorized but unissued shares of the Company’s common stock or reacquired shares of the Company’s common stock, including shares of the Company’s common stock purchased by it on the open market for purposes of the 2015 Equity Plan. The 2015 Equity Incentive Plan became effective on June 23, 2015 and will terminate on the day immediately preceding the tenth anniversary of its effective date, unless sooner terminated by the Board. At June 30, 2015, 3,093,626 shares of common stock were available for issuance under the 2015 Equity Incentive Plan. Through June 30, 2015, 612,945 restricted shares had been issued under the Equity Incentive Plans, of which 70% have vested. Except for certain performance based awards, the vested and unvested shares are currently entitled to receive distributions on common stock if declared by the Company. Holders of restricted shares are prohibited from selling such shares until they vest but are provided the ability to vote such shares beginning on the date of grant. Compensation expense of $253 and $498 was recorded for the three and six months ended June 30, 2015, respectively, and compensation expense of $212 and $460 was recorded for the three and six months ended June 30, 2014, respectively, related to the issuance of restricted shares. Compensation expense of $4,827 will be recorded over the course of the next 46 months representing the remaining weighted average vesting period of equity awards issued under the Equity Incentive Plans as of June 30, 2015. In July 2012, the Company adopted the 2012 Outperformance Plan in connection with the hiring of Gordon F. DuGan, Benjamin P. Harris, and Nicholas L. Pell, who joined the Company on July 1, 2012 as Chief Executive Officer, President and Managing Director, respectively. Concurrently with execution of the Merger Agreement between the Company and Chambers Street on July 1, 2015, the Company entered into agreements with Gordon F. DuGan, Benjamin P. Harris, Jon W. Clark, and Edward J. Matey Jr., pursuant to which they agreed that the Merger will not constitute a change in control for purposes of the Company’s 2012 Long-Term Outperformance Plan and they agreed to waive any right to have the Merger treated as a change in control for such purposes. The LTIP units granted under the 2012 Outperformance Plan had a fair value of $2,715 on the date of grant, which was calculated in accordance with ASC 718. The Company used a probabilistic valuation approach to estimate the inherent uncertainty that the LTIP units may have with respect to the Company’s common stock. Compensation expense of $488 and $976 was recorded for the three and six months ended June 30, 2015, respectively, and compensation expense of $297 and $594 was recorded for the three and six months ended June 30, 2014, respectively, for the 2012 Outperformance Plan. Compensation expense of $3,670 will be recorded over the course of the next 23 months, representing the remaining weighted average vesting period of the LTIP Units as of June 30, 2015. As of June 30, 2015, there were approximately 154,594 phantom stock units outstanding, of which 153,094 units are vested. Earnings per Share The Company has adopted the two-class computation method, and thus includes all participating securities in the computation of basic shares for the periods in which the Company has net income available to common stockholders. A participating security is defined as an unvested share-based payment award containing non-forfeitable rights to dividends regardless of whether or not the awards ultimately vest or expire. Net losses are not allocated to participating securities unless the holder has a contractual obligation to share in the losses. Earnings per share for the three and six months ended June 30, 2015 and 2014 are computed as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator - Income (loss): Net income (loss) from continuing operations $ $ $ $ Net loss from discontinued operations Net loss Net loss attributable to noncontrolling interest - - Preferred stock dividends Net loss available to common stockholders $ $ $ $ Denominator-Weighted average shares: Weighted average basic shares outstanding Effect of dilutive securities: Unvested share based payment awards - - Options - - Phantom stock units - - OP Units - - - - Exchangeable Senior Notes - - - - Diluted Shares Diluted income (loss) per share assumes the conversion of all common share equivalents into an equivalent number of common shares if the effect is not anti-dilutive. Options were computed using the treasury share method. The Company only includes the effect of the excess conversion premium in the calculation of diluted earnings per share, as the Company has the intent and ability to settle the debt component of the Exchangeable Senior Notes in cash and the excess conversion premium in shares. The weighted average price of the Company’s common stock was above the exchange price of $24.76 and therefore, there is a potential dilutive effect of the excess conversion premium, however due to the Company’s net loss from continuing operations excluding amounts attributable to noncontrolling interest and adjusted for preferred dividends declared, this effect was excluded from the calculation of diluted earnings per share because it is anti-dilutive. For the three months ended June 30, 2015, 15,064 share options, 692,806 unvested share based payment awards, 154,594 phantom stock units, 485,374 OP Units, and 347,297 Exchangeable Senior Notes were computed using the treasury share method, which due to the net loss available to common stockholders were anti-dilutive. For the six months ended June 30, 2015, 15,381 share options, 689,111 unvested share based payment awards, 154,594 phantom stock units, 509,247 OP Units, and 446,765 Exchangeable Senior Notes were computed using the treasury share method, which due to the net loss available to common stockholders were anti-dilutive. For the three and six months ended June 30, 2015, the Company excluded unvested restricted stock awards of 170,634 , and 166,939 , respectively, from its weighted average basic shares outstanding due to the net loss from continuing operations excluding amounts attributable to noncontrolling interest and adjusted for preferred dividends declared during these periods. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 is comprised of the following: June 30, 2015 December 31, 2014 Net unrealized loss on derivative instruments $ $ Net unrealized gain on debt securities Foreign currency translation adjustments Total accumulated other comprehensive income (loss) $ $

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interests [Abstract]
Noncontrolling Interests	12. Noncontrolling Interests Noncontrolling interests represent the common units of limited partnership interest in the Company’s Operating Partnership, or OP Units, not held by the Company as well as third party equity interests in the Company’s other consolidated subsidiaries. OP Units may be redeemed for one unit of the Company’s common stock. The redemption rights are outside of the Company’s control and thus, the OP Units are classified as a component of temporary equity and are shown in the mezzanine equity section of the Company’s Condensed Consolidated Financial Statements. Noncontrolling interests in the Company’s other consolidated subsidiaries are shown in the equity section of the Company’s Condensed Consolidated Financial Statements. Common Units of Limited Partnership Interest in the Operating Partnership On July 31, 2014, the Company issued 944,601 OP Units in connection with the acquisition of three properties during the period. Each OP Unit may be redeemed at the election of the holder for cash equal to the then fair market value of a share of the Company’s common stock, par value $0.001 per share, except that the Company may, at its election, acquire each OP Unit for one share of the Co mpany’s common stock. The OP Unit holders do not have any obligation to provide additional contributions to the partnership, nor do they have any decision making powers or control over the Partnership’s business. The OP Unit holders do not have voting rights; however, they are entitled to share in dividends. On March 20, 2015, the Operating Partnership completed a 1-for-4 reverse stock split of its outstanding OP Units and common stock. As of June 30, 2015, the OP Unit holders owned 0.81% or 469,868 OP Units. At June 30, 2015, 469,868 shares of the Company’s common stock were reserved for issuance upon redemption of units of limited partnership interest of the Operating Partnership. OP Units are recorded at the greater of cost basis or fair market value based on the closing stock price of the Company’s common stock at the end of the reporting period. As of June 30, 2015 and December 31, 2014, the carrying value of the OP units was $11,277 and $16,129 , respectively. The Company attributes a portion of its net income (loss) during each reporting period to noncontrolling interest based on the percentage ownership of OP Unit holders relative to the Company’s total outstanding shares of common stock and OP Units. The Company recognizes changes in fair value in the OP Units through retained earnings, however decreases in fair value are recognized only to the extent that increases to the amount in temporary equity were previously recorded. The Company’s diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership as of June 30, 2015: Noncontrolling Interest Balance as of December 31, 2014 $ Issuance of noncontrolling interests in the operating partnership Redemption noncontrolling interests in the operating partnership Net loss attribution Fair value adjustments Distributions Balance as of June 30, 2015 $ Interests in Other Operating Partnerships In connection with the Company’s December 2014 investment in the Gramercy European Property Fund, the Company acquired a 50% equity interest in the European Fund Manager, which provides investment and asset management services to Gramercy European Property Fund. European Fund Manager is a VIE of the Company and is consolidated into its Condensed Consolidated Financial Statements. Refer to Note 2 for further discussion of the VIE and consolidation considerations. As of June 30, 2015 and December 31, 2014, the value of the Company’s interest in European Fund Manager was $137 and $0 , respectively. The Company’s interest in European Fund Manager is presented in the equity section of the Company’s Condensed Consolidated Financial Statements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Office Leases The Company has several office locations, which are each subject to operating lease agreements. These office locations include the Company’s corporate office at 521 Fifth Avenue, 30 th Floor, New York, New York, and the Company’s three regional offices located at 550 Blair Mill Road, Horsham, Pennsylvania, 130 South Bemiston Ave, Clayton, Missouri, and 15 Bedford Street, London WC2E 9HE, United Kingdom. Capital and Operating Ground Leases Certain properties acquired are subject to ground leases, which are accounted for as operating and capital leases. The ground leases have varying ending dates, renewal options, and rental rate escalations, with the latest leases extending to June 2053. Future minimum rental payments to be made by the Company under these noncancelable ground leases, excluding increases resulting from increases in the consumer price index, are as follows: Ground Leases - Operating Ground Leases - Capital Total July 1 through December 31, 2015 $ $ - $ 2016 - 2017 - 2018 - 2019 - Thereafter Total minimum rent expense $ $ $ The Company incurred rent expense on ground leases of $394 and $778 during the three and six months ended June 30, 2015, respectively. The company incurred rent expense on ground leases of $93 during the three and six months ended June 30, 2014. Legal Proceedings Two putative class action law suits challenging the proposed Merger between Gramercy and Chambers Street , or the Merger, have been filed in New York Supreme Court, New York County. The actions are captioned Berliner v. Gramercy Property Trust, et al. , Index No. 652424/2015 (filed July 9, 2015) and Gensler v. Baum, et al. , Index No. 157432/2015 (filed July 22, 2015). A third putative class action has been filed in the Circuit Court for Baltimore City, Maryland, captioned Jobin v. DuGan, et al. , Case No. 24-C-15-003942 (filed July 27, 2015). The complaints allege, among other things, that the directors of Gramercy breached their fiduciary duties to Gramercy shareholders by agreeing to sell Gramercy for inadequate consideration and agreeing to improper deal protection terms in the Merger Agreement. In addition, the lawsuits allege that Chambers Street and certain of its affiliates aided and abetted these purported breaches of fiduciary duty. The Jobin complaint also names Gramercy as a nominal defendant and asserts a derivative claim for breach of fiduciary duty agai nst the directors of Gramercy. The lawsuits seek, among other things, an injunction barring the Merger, rescission of the Merger to the extent it is already implemented, declaratory relief, and an award of damages. The defendants believe the lawsuits are without merit. As previously disclosed, following the Company’s sale in December 2010 of its 45% joint venture interest in the leased fee of the property located at 2 Herald Square, New York, New York, the New York City Department of Finance, or the NYC DOF, issued a notice of determination assessing approximately $2,924 of real property transfer tax, plus interest, the NYC DOF Transfer Tax Assessment, and the New York State Department of Taxation, or the NYS DOT, issued a notice of determination assessing approximately $446 of real property transfer tax, plus interest, the NYS DOT Transfer Tax Assessment, against the Company in connection with the transaction. The Company timely appealed both assessments. In April 2015, the New York City Tax Appeals Tribunal, or the NYC Tribunal, rendered an opinion denying the Company’s petition challenging the NYC DOF Transfer Tax Assessment and ruled that the Company is liable for the NYC DOF Transfer Tax Assessment. In July 2015, the Company appealed the adverse decision of the NYC Tribunal. A decision on the Company’s appeal is expected in early 2016. No decision has yet been rendered in connection with the NYS DOT Transfer Tax Assessment, which the Company anticipates will be set for trial in late 2015 or early 2016. In April 2015, to stop the accrual of additional interest while the Company’s appeals are pending, the Company paid the NYC DOF $4,025 in full satisfaction of the NYC DOF Transfer Tax Assessment and the NYS DOT $617 in full satisfaction of the NYS DOF Transfer Tax Assessment. There was $4,454 accrued for the matter as of December 31, 2014. There was $0 and $68 of additional interest recorded in discontinued operations for the matter for the three and six months ended June 30, 2015, respectively. There was $68 and $136 of interest recorded in discontinued operations for the matter for the three and six months ended June 30, 2014, respectively. In connection with the Company’s property acquisitions, the Company has determined that there is a risk it will have to pay future amounts to tenants related to open operating expense reimbursement audits. The Company has estimated a range of loss and determined that its best estimate of loss is $7,000 , which has been accrued and recorded in other liabilities as of June 30, 2015. The Company has determined that there is a reasonable possibility that a loss may be incurred in excess of $7,000 and estimates this range to be $7,000 to $12,000 . In addition, the Company and/or one or more of its subsidiaries is party to various litigation matters that are considered routine litigation incidental to its business, none of which are considered material.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	14. Income Taxes The Company has elected to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code beginning with its taxable year ended December 31, 2004. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distributions to stockholders. However, the Company believes that it is organized and will operate in such a manner as to qualify for treatment as a REIT and the Company intends to operate in the foreseeable future in such a manner so that it will qualify as a REIT for U.S. federal income tax purposes. The Company may, however, be subject to certain state and local taxes. The Company’s TRSs are subject to federal, state and local taxes. The Company’s Asset and Property management business, Gramercy Asset Management, conducts its business through a wholly-owned TRS. Since the Company uses separate taxable REIT subsidiaries to conduct different aspects of its business, losses incurred by the individual TRSs are only available to offset taxable income derived by each respective TRS. For the three and six months ended June 30, 2015, the Company recorded $17 and $1,131 of income tax expense all within continuing operations. For the three and six months ended June 30, 2014, the Company recorded $437 and $806 of income tax expense all within continuing operations. Tax expense for the three and six months ended June 30, 2015 and 2014 is comprised of federal, state, local, and foreign taxes primarily attributable to Gramercy Asset Management. The Company’s policy for interest and penalties, if any, on material uncertain tax positions recognized in the financial statements is to classify these as interest expense and operating expense, respectively. As of June 30, 2015 and December 31, 2014, the Company did not incur any material interest or penalties.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	15. Segment Reporting As of June 30, 2015, the Company has determined that it has two reportable operating segments: Asset Management and Investments/Corporate. The reportable segments are determined based upon the management approach, which looks to the Company’s internal organizational structure. The Company’s lines of business require different support infrastructures. All significant inter-segment balances and transactions have been eliminated. The Investments/Corporate segment includes all of the Company’s activities related to net lease investments in markets across the United States and Europe. The Investments/Corporate segment generates revenues from rental revenues from properties owned by the Company. The Asset Management segment includes substantially all of the Company’s activities related to asset and property management services throughout the United States and Europe. The Asset Management segment generates revenues from fee income related to the management agreements for properties owned by third parties throughout the United States and Europe. The Company’s reportable operating segments are summarized as follows: Asset Investments / Total Management Corporate Company Three Months Ended June 30, 2015 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Three Months Ended June 30, 2014 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Six Months Ended June 30, 2015 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Six Months Ended June 30, 2014 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Total Assets: June 30, 2015 $ $ $ December 31, 2014 $ $ $ (1) Total operating and interest expense includes operating costs on commercial property assets for the Investments/Corporate segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $24,716 and $6,760 , provision for taxes of $17 and $437 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the three months ended June 30, 2015 and 2014, respectively, are included in the amounts presented above. Depreciation and amortization of $43,414 and $10,145 , provision for taxes of $1,131 and $806 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the six months ended June 30, 2015 and 2014, respectively, are included in the amounts presented above. (2) Net income (loss) from continuing operations represents loss before discontinued operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Subsequent to June 30, 2015, the Company closed on the acquisition of three industrial properties, which comprise an aggregate 947,192 square feet and were acquired for an aggregate purchase price of approximately $100,400 . The Company assumed one in-place mortgage loan of $12,844 with a fixed interest rate of 4.28% and maturity of January 2019 related to one of the property acquisitions. The properties are 100% leased with lease terms ending in between October 2025 and June 2030. In July 2015, the Company expanded the Term Loan from $200,000 to $300,000 and exercised a portion of the accordion feature in the Unsecured Credit Facility to increase the borrowing capacity under the U.S denominated tranche of the Unsecured Credit Facility from $350,000 to $450,000 . In July 2015, the Company paid down $15,000 on its Unsecured Credit Facility and borrowed an additional $100,000 on its Term Loan . As a result, the outstanding balance of the Unsecured Credit Facility was changed to $ 3 35,000 and the outstanding balance of the Term Loan was changed to $300,000 . On July 29, 2015, the Company sold one property that was held for sale as of June 30, 2015 for gross proceeds of $19,100 . Proposed Merger with Chambers Street On July 1, 2015, the Company entered into the Merger Agreement with Chambers Street, a Maryland real estate investment trust, and Merger Sub, a Maryland limited liability company and indirect wholly owned subsidiary of Chambers Street, pursuant to which the Company will be merged with and into Merger Sub, with Merger Sub continuing as the surviving entity of the Merger. Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Merger, each share of Company common stock issued and outstanding immediately prior to the effective time will be converted into the right to receive 3.1898 validly issued, fully paid and nonassessable Chambers Street common shares of beneficial interest, par value $0.01 per share. Additionally, each share of the Company’s Series B Preferred Stock issued and outstanding prior to the effective time will be converted into a right to receive one newly issued share of 7.125 % Series A Cumulative Redeemable Preferred Shares of Chambers Street, or New Chambers Street Preferred Shares, having preferences, rights and privileges substantially identical to the preferences, rights and privileges of the Series B Preferred Stock. Following the completion of the Merger, Chambers Street will change its name to “Gramercy Property Trust” and it is anticipated that the Chambers Street common shares will cease to trade under its current ticker but rather trade on the New York Stock Exchange under the Gramercy ticker symbol “GPT”. The Merger Agreement provides that, at the effective time of the Merger, the Company’s stock options, restricted stock awards, and restricted stock unit awards generally will convert upon the effective time of the Merger into share options, restricted share awards, and restricted share unit awards, as applicable, with respect to a number of Chambers Street common shares, after giving effect to appropriate adjustments to reflect the consummation of the Merger. Chambers Street, Merger Sub, and the Company each made certain customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants by each party to conduct its business in all material respects in the ordinary course of business and use commercially reasonable efforts to preserve its business organization intact during the period between the execution of the Merger Agreement and the consummation of the Merger. The parties’ obligations to consummate the Merger are subject to certain mutual conditions, including, without limitation, (i) the approval by the holders of a majority of the outstanding shares of Company common stock entitled to vote on the adoption of the Merger Agreement at the special meeting of Company stockholders, or the Company Stockholder Approval, (ii) the approval by the holders of a majority of the Chambers Street common shares cast by the holders at the special meeting of Chambers Street shareholders held to vote on the issuance of Chambers Street common shares in connection with the Merger, or the Chambers Street Shareholder Approval, (iii) the absence of any law, order or injunction prohibiting the Merger, (iv) the effectiveness of the registration statement on Form S-4 to be filed by Chambers Street for purposes of registering the Chambers Street common shares issuable in connection with the Merger and (v) the approval for listing on the New York Stock Exchange of the Chambers Street common shares to be issued in the Merger, the New Chambers Street Preferred Shares and Chambers Street common shares into which the Company’s 3.75% Exchangeable Senior Notes due 2019 may be converted. In addition, each party’s obligation to consummate the Merger is subject to certain other conditions, including, without limitation, (w) the accuracy of the other party’s representations and warranties (subject to customary materiality qualifiers) and the absence of any material adverse effect (as such term is defined in the Merger Agreement) with respect to the other party, (x) the other party’s compliance with its covenants and agreements contained in the Merger Agreement (subject to customary materiality qualifiers), (y) the receipt of opinions that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, and (z) the receipt of customary opinions that the Company, Chambers Street and certain subsidiaries of Chambers Street have qualified as REITs under the Internal Revenue Code of 1986, as amended, and that the combined company will continue to qualify as a REIT. From the date of the Merger Agreement until the earlier of the effective time of the Merger and the termination of the Merger Agreement in accordance with its terms, Chambers Street and the Company agree not to (and will cause their subsidiaries and their respective representatives not to) (i) solicit, initiate, knowingly encourage or facilitate any inquiries or the making of any proposal or offer with respect to a Competing Proposal (as defined in the Merger Agreement), (ii) engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other person information in connection with or for the purpose of encouraging or facilitating, a Competing Proposal, (iii) approve, authorize or execute or enter into any letter of intent, option agreement, agreement or agreement in principle with respect to a Competing Proposal or (iv) propose or agree to do any of the foregoing. However, these restrictions are subject to customary “fiduciary-out” provisions which allow either Chambers Street or the Company under certain circumstances to provide information to and participate in discussions with third parties with respect to unsolicited alternative acquisition proposals that the Board of Directors of the Company or the Board of Trustees of Chambers Street (as applicable) has reasonably determined in good faith (after consultation with its outside legal counsel and independent advisors) is, or could reasonably be expected to lead to, a transaction more favorable to such party and its shareholders than the Merger and is reasonably likely to receive all required governmental approvals and financing on a timely basis and is otherwise capable of being completed on the terms proposed. The Merger Agreement also contains certain termination rights for both Chambers Street and the Company, including, but not limited to, if the Merger is not consummated on or before January 31, 2016 or if the Chambers Street Shareholder Approval or the Company Stockholder Approval are not obtained at the applicable stockholder or shareholder meeting. The Merger Agreement further provides that, upon termination of the Merger Agreement under certain specified circumstances, including, but not limited to, termination of the Merger Agreement by Chambers Street or the Company as a result of an adverse change in the recommendation of the Board of Directors of the Company or the Board of Trustees of Chambers Street, as applicable, Chambers Street may be required to pay to the Company a termination fee of $61,199 , or the Company may be required to pay to Chambers Street a termination fee of $43,506 , in each case in addition to reimbursing up to $20,000 of expenses of the other party. This description of certain terms of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is filed as an exhibit to a Current Report on Form 8-K which was filed on July 1, 2015.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Significant Accounting Policies [Abstract]
Basis of Quarterly Presentation	Basis of Quarterly Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, it does not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The 2015 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Condensed Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements.
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries that are wholly-owned or controlled by the Company, or entities which are variable interest entities, or VIEs, in which the Company is the primary beneficiary. The primary beneficiary is the party that absorbs a majority of the VIE’s anticipated losses and/or a majority of the expected returns. The Company has evaluated its investments for potential classification as variable interests by evaluating the sufficiency of each entity’s equity investment at risk to absorb losses. Entities which the Company does not control and are considered VIEs, but where the Company is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated.
Real Estate Investments	Real Estate Investments The Company records acquired real estate investments as business combinations when the real estate is occupied, at least in part, at acquisition. Costs directly related to the acquisition of such investments are expensed as incurred. The Company allocates the purchase price of real estate to land, building, improvements and intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases at the acquisition date. The values of the above- and below-market leases are amortized and recorded as either an increase in the case of below-market leases or a decrease in the case of above-market leases to rental revenue over the remaining term of the associated lease. The values associated with in-place leases are amortized to depreciation and amortization expense over the remaining term of the associated lease. The Company assesses the fair value of the leases at acquisition based upon estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, the Company amortizes such below-market lease value into rental revenue over the renewal period. Additionally, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase at the time of acquisition. Acquired real estate investments that do not meet the definition of a business combination are recorded at cost. Acquired real estate investments which are under construction are considered build-to-suit transactions and are also recorded at cost. In build-to-suit transactions, the Company engages a developer to construct a property or provides funds to a tenant to develop a property. The Company capitalizes the funds provided to the developer/tenant and the internal costs of interest and real estate taxes, if applicable, during the construction period. Certain improvements are capitalized when they are determined to increase the useful life of the building. Depreciation is computed using the straight-line method over the shorter of the estimated useful life at acquisition of the capitalized item or 40 years for buildings, five to ten years for building equipment and fixtures, and the lesser of the useful life or the remaining lease term for tenant improvements and leasehold interests. Maintenance and repair expenditures are charged to expense as incurred. The Company also reviews the recoverability of a property’s carrying value when circumstances indicate there may be a possible impairment. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges and takes into account factors such as changes in strategy resulting in an increased or decreased holding period, expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If management determines it will be unable to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used and for assets held for sale, an impairment loss is recorded to the extent that the carrying value exceeds the fair value less estimated cost to dispose. These assessments are recorded in the Condensed Consolidated Statements of Operations in the period the determination is made. The estimated fair value of the asset becomes its new cost basis. For a depreciable long-lived asset to be held and used, the new cost basis will be depreciated or amortized over the remaining useful life of that asset. The Company recorded impairment charges of $149 during the three and six months ended June 30, 2015 on one propert y that were sold during the period and no impairment charges during the three and six months ended June 30, 2014.
Joint Ventures and Equity Investments	Joint Ventures and Equity Investments The Company accounts for its investments in joint ventures and equity investments under the equity method of accounting since it exercises significant influence, but does not unilaterally control the entities, and is not considered to be the primary beneficiary. In a joint venture, the rights of the other investors are protective and participating. Unless the Company is determined to be the primary beneficiary, these rights preclude it from consolidating the investment. The investment is recorded initially at cost as an investment in joint venture or equity investment, and subsequently is adjusted for equity interest in net income (loss) and cash contributions and distributions. The amount of the investment on the Condensed Consolidated Balance Sheets is evaluated for impairment at each reporting period. None of the joint venture or equity investment debt is recourse to the Company. As of June 30, 2015 and December 31, 2014, the Company had equity investments of $2,552 and $0 in unconsolidated joint ventures and equity investments, respectively. On June 9, 2014, the Company acquired from its joint venture partner the remaining 50% equity interest in its 67 property portfolio leased primarily to Bank of America, N.A., or the Bank of America Portfolio, and as of the acquisition date, the Company has consolidated the Bank of America Portfolio.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.
Restricted Cash	Restricted Cash The Company had restricted cash of $8,502 and $1,244 at June 30, 2015 and December 31, 2014, respectively, which primarily consisted of reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations.
Variable Interest Entities, Consoldiated and Unconsolidated	Variable Interest Entities The Company had one consolidated VIE as of June 30, 2015 and December 31, 2014. The Company had four unconsolidated VIEs as of June 30, 2015 and December 31, 2014. The following is a summary of the Company’s involvement with VIEs as of June 30, 2015: Company carrying Company carrying Face value of Face value of liabilities value-assets value-liabilities assets held by the VIEs issued by the VIEs Assets Consolidated VIEs European Fund Manager $ $ $ $ Unconsolidated VIEs European Fund Carry Co. $ - $ - $ $ Retained CDO Bonds $ $ - $ $ The following is a summary of the Company’s involvement with VIEs as of December 31, 2014: Company carrying Company carrying Face value of Face value of liabilities value-assets value-liabilities assets held by the VIEs issued by the VIEs Assets Consolidated VIEs European Fund Manager $ - $ - $ - $ - Unconsolidated VIEs European Fund Carry Co. $ - $ - $ - $ - Retained CDO Bonds $ $ - $ $ Consolidated VIEs Gramercy Europe Asset Management (European Fund Manager) In connection with the Company’s December 2014 investment in the Gramercy European Property Fund, the Company acquired equity interests in the entity, hereinafter the European Fund Manager, which provides investment and asset management services to Gramercy European Property Fund. The Company has determined that European Fund Manager is a VIE, as the equity holders of that entity do not have controlling financial interests and the obligation to absorb losses. As the Company controls the activities that most significantly affect the economic outcome of European Fund Manager, the Company has concluded that it is that entity’s primary beneficiary and has consolidated the VIE. European Fund Manager is expected to generate net cash inflows for the Company in the form of management fees in the future, however, if the VIE’s cash inflows are not sufficient to cover its obligations, the Company may provide financial support for the VIE. Unconsolidated VIEs Gramercy Europe Asset Management (European Fund Carry Co.) In connection with the Company’s December 2014 investment in the Gramercy European Property Fund, the Company acquired equity interests in the entity, hereinafter the European Fund Carry Co., entitled to receive certain preferential distributions, if any, made from time-to-time by Gramercy European Property Fund. The Company has determined that European Fund Carry Co. is a VIE, as the equity holders of that entity do not have controlling financial interests and the obligation to absorb losses. Decisions that most significantly affect the economic performance of European Fund Carry Co. are decided by a majority vote of that VIE’s shareholders. As such, the Company does not have a controlling financial interest in the VIE and has accounted for it as an equity investment. Investment in Retained CDO Bonds The Retained CDO Bonds are non-investment grade subordinate bonds, preferred shares and ordinary shares of three collateralized debt obligations, or CDOs, which the Company recognized subsequent to the disposal of Gramercy Finance in March 2013. The Company is not obligated to provide any financial support to these CDOs. The Company’s maximum exposure to loss is limited to its interest in the Retained CDO Bonds and the Company does not control the activities that most significantly impact the VIEs’ economic performance.
Assets Held-for-Sale	Assets Held For Sale As of June 30, 2015 and December 31, 2014, the Company had one and zero assets classified as held for sale. The net asset value of the asset held for sale as of June 30, 2015 was $18,01 1 . Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. Once an asset is classified as held for sale, depreciation expense is no longer recorded.
Tenant and Other Receivables	Tenant and Other Receivables Tenant and other receivables are derived from management fees, rental revenue and tenant reimbursements. Management fees, including incentive management fees, are recognized as earned in accordance with the terms of the management agreements. The management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. Rental revenue is recorded on a straight-line basis over the initial term of the lease. Since many leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that will only be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Tenant and other receivables also include receivables related to tenant reimbursements for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred. Tenant and other receivables are recorded net of the allowances for doubtful accounts, which as of June 30, 2015 and December 31, 2014 were $55 and $188 , respectively. The Company continually reviews receivables related to rent, tenant reimbursements, management fees, including incentive fees, and unbilled rent receivables and determines collectability by taking into consideration the tenant or asset management clients’ payment history, the financial condition of the tenant or asset management client, business conditions in the industry in which the tenant or asset management client operates and economic conditions in the area in which the property or asset management client is located. In the event that the collectability of a receivable is in doubt, the Company increases the allowance for doubtful accounts or records a direct write-off of the receivable.
Intangible Assets and Liabilities	Intangible Assets and Liabilities The Company follows the acquisition method of accounting for business combinations. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their respective fair values. Tangible assets include land, buildings and improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analyses and other methods. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Management also considers information obtained about each property as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets and liabilities acquired. Above-market and below-market lease values for properties acquired are recorded based on the present value, using a discount rate which reflects the risks associated with the leases acquired, of the difference between the contractual amount to be paid pursuant to each in-place lease and management’s estimate of the fair market lease rate for each such in-place lease, measured over a period equal to the remaining non-cancelable term of the lease. The above-market and below-market lease values are amortized as a reduction and increase, respectively, of rental revenue over the remaining non-cancelable terms of the lease. The aggregate value of intangible assets related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as-if vacant. Factors considered by management in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. Management also estimates costs to execute similar leases including leasing commissions and other related expenses. The value of in-place leases is amortized to depreciation and amortization expense over the lesser of the remaining non-cancelable term of the respective leases or the remaining depreciable life of the building. Above-market and below-market ground rent values for properties acquired are recorded based on the present value, using a discount rate which reflects the risks associated with the ground leases assumed, of the difference between the contractual amount to be paid pursuant to each in-place ground lease and management’s estimate of the fair market lease rate for each such in-place ground lease, measured over a period equal to the remaining non-cancelable term of the lease. The above-market and below-market ground lease values are amortized as a reduction and increase, respectively, of rent expense over the remaining non-cancelable terms of the respective leases. The Company recorded $10,142 and $18,139 of amortization of intangible assets as part of depreciation and amortization for the three and six months ended June 30, 2015 , respectively. The Company recorded $2,411 and $3,168 of amortization of intangible assets as part of depreciation and amortization for the three and six months ended June 30, 2014, respectively. The Company recorded $2,105 and $6,050 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and six months ended June 30, 2015 , respectively. The Company recorded $212 and $70 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and six months ended June 30, 2014, respectively. The Company recorded $0 and ($40) of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and six months ended June 30, 2015 , respectively. The Company recorded $4 and $4 of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and six months end ed June 30, 2014, respectively. Intangible assets and acquired lease obligations consist of the following: June 30, 2015 December 31, 2014 Intangible assets: In-place leases, net of accumulated amortization of $31,436 and $13,581 $ $ Above-market leases, net of accumulated amortization of $3,397 and $1,520 Below-market ground rent, net of accumulated amortization of $100 and $67 Amounts related to assets held for sale, net of accumulated amortization of $372 and $0 - Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $11,560 and $3,932 $ $ Above-market ground rent, net of accumulated amortization of $102 and $29 Total intangible liabilities $ $ The following table provides the weighted-average amortization period as of June 30, 2015 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 In-place leases Total to be included in depreciation and amortization expense 10.2 $ $ $ $ $ Above-market lease assets 8.6 Below-market lease liabilities 21.9 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 37.7 Above-market ground rent 38.0 Total to be included in property operating expense $ $ $ $ $
Goodwill	Goodwill Goodwill represents the fair value of the synergies expected to be achieved upon consummation of a business combination and is measured as the excess of consideration transferred over the net assets acquired at acquisition date. The Company initially recognized goodwill of $3,887 related to the acquisition of Gramercy Europe Asset Management, however during the second quarter of 2015, as a result of finalization of the purchase price allocation for the acquisition, the Company decreased the amount allocated to goodwill by $85 and thus the final purchase price allocation to goodwill as a result of the acquisition was $3,802 . The adjustment to goodwill for the finalized purchase price was primarily related to a reduction in the contract intangible value as well as an increase in the accrued income recorded for incentive fees. The carrying value of goodwill is adjusted each reporting period for the effect of foreign currency translation adjustments. The carrying value of goodwill at June 30, 2015 and December 31, 2014 was $3,805 and $3,840 , respectively. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has no t recorded any impairment on its goodwill.
Deferred Costs	Deferred Costs Deferred costs consist of deferred financing costs, deferred acquisition costs, and deferred leasing costs. Deferred costs are presented net of accumulated amortization. The Company’s deferred financing costs are comprised of various costs associated with the Company’s financing arrangements. These costs include commitment fees, issuance costs, and legal and other third-party costs associated with obtaining financing, as well as fees related to loans assumed as part of real estate acquisitions. Deferred financing costs are amortized over the terms of the respective agreements and the amortization is reflected as interest expense. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. The Company’s deferred acquisition costs consist primarily of lease inducement fees paid to secure acquisitions and are amortized on a straight-line basis over the related lease term as a reduction from rental revenue. The Company’s deferred leasing costs include direct costs, such as lease commissions, incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term.
Other Assets	Other Assets The Company makes payments for certain expenses such as insurance and property taxes in advance of the period in which it receives the benefit. These payments are classified as other assets and amortized over the respective period of benefit relating to the contractual arrangement. Other assets also includes deposits related to pending acquisitions and financing arrangements, as required by a seller or lender, respectively. Costs prepaid in connection with securing financing for a property are reclassified into deferred financing costs at the time the transaction is completed. The Company capitalizes its costs of software purchased for internal use and once the software is placed into service, the costs are amortized into expense on a straight-line basis over the asset’s estimated useful life, which is generally three years. As of June 30, 2015 and December 31, 2014, the Company had $1,026 and $948 of unamortized computer software costs, respectively. The Company recorded amortization expense of $153 and $286 on capitalized software costs during the three and six months ended June 30, 2015, respectively. The Company recorded amortization expense of $170 and $241 on capitalized software costs during the three and six months ended June 30, 2014, respectively. The following table provides the weighted-average amortization period as of June 30, 2015 for capitalized software and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 Capitalized software costs 1.8 $ $ $ $ $ - Total to be included in depreciation and amortization expense $ $ $ $ $ - Contracts assumed by the Company pursuant to a business combination, such as asset or property management contracts, are recorded at fair value at the time of acquisition. The Company determines the fair value of the contract intangible using a discounted cash flow analysis that considers the future cash flows projected from the contract as well as the term of the contract and any renewal or termination provisions. The present value calculation utilizes a discount rate that reflects the risks associated with the contract acquired. The value of the contract intangible is amortized on a straight-line basis over the expected remaining useful term of the contract. If the contract is terminated prior to its contractual expiration and no future payments will be received, any unamortized balance of the contract intangible would be written off to property management expense. As of June 30, 2015 and December 31, 2014, the Company had $144 and $480 of unamortized contract intangible assets, respectively. The Company recorded amortization expense of ($9) and $24 related to the contract intangible during the three and six months ended June 30, 2015, respectively. The Company recorded no amortization expense related to the contract intangible during the three and six months ended June 30, 2014. Contract intangibles are recorded in other assets on the Company’s Condensed Consolidated Balance Sheets. The following table provides the weighted-average amortization periods as of June 30, 2015 for contract intangible assets and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 Contract intangible asset 3.0 $ $ $ $ $ - Total to be included in property management expense $ $ $ $ $ -
Valuation of Financial Instruments	Valuation of Financial Instruments At June 30, 2015 and December 31, 2014, the Company measured its Retained CDO Bonds and derivative instruments on a recurring basis. ASC 820-10, “Fair Value Measurements and Disclosures,” among other things, establishes a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, or an exit price. The level of pricing observability generally correlates to the degree of judgment utilized in measuring the fair value of financial instruments. The three broad levels defined are as follows: Level I — The types of financial instruments included in this category are highly liquid instruments with actively quoted prices. Level II — The nature of these financial instruments includes instruments for which quoted prices are available but traded less frequently and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level III — These financial instruments do not have active markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment and assumptions. For a further discussion regarding the measurement of financial instruments see Note 9, “Fair Value of Financial Instruments.”
Revenue Recognition	Revenue Recognition Real Estate Investments Rental revenue from leases on real estate investments is recognized on a straight-line basis over the term of the lease, regardless of when payments are contractually due. The excess of rental revenue recognized over the amounts contractually due according to the underlying leases are included in deferred revenue on the Condensed Consolidated Balance Sheets. For leases on properties that are under construction at the time of acquisition, the Company begins recognition of rental revenue upon completion of construction of the leased asset and delivery of the leased asset to the tenant. The Company’s lease agreements with tenants also generally contain provisions that require tenants to reimburse the Company for real estate taxes, insurance costs, common area maintenance costs, and other property-related expenses. Under lease arrangements in which the Company is the primary obligor for these expenses, such amounts are recognized as both revenues and operating expenses for the Company. Under lease arrangements in which the tenant pays these expenses directly, such amounts are not included in revenues or expenses. These reimbursement amounts are recognized in the period in which the related expenses are incurred. Investment income consists primarily of income accretion on the Company’s Retained CDO Bonds, which are measured at fair value on a quarterly basis using a discounted cash flow model. Other income includes interest income on servicing advances and interest income earned and reimbursed related to deposits the Company makes for real estate acquisitions. Interest income on servicing advances is recognized as it is earned and interest income on deposits made for pending acquisitions is recognized when the transaction closes. The Company recognizes sales of real estate properties only upon closing. Payments received from purchasers prior to closing are recorded as deposits. Profit on real estate sold is recognized using the full accrual method upon closing when the collectability of the sale price is reasonably assured and the Company is not obligated to perform significant activities after the sale. Profit may be deferred in whole or part until the sale meets the requirements of profit recognition on sale of real estate. Asset Management Business The Company’s asset and property management agreements may contain provisions for fees related to dispositions, administration of the assets including fees related to accounting, valuation and legal services, and management of capital improvements or projects on the underlying assets. The Company recognizes revenue for fees pursuant to its management agreements in the period in which they are earned. Management fees received prior to the date earned are included in deferred revenue on the Condensed Consolidated Balance Sheets. Certain of the Company’s asset management contracts include provisions that may allow it to earn additional fees, generally described as incentive fees or profit participation interests, based on the achievement of a targeted valuation of the managed assets or the achievement of a certain internal rate of return on the managed assets. The Company recognizes incentive fees on its asset management contracts based upon the amount that would be due pursuant to the contract, if the contract were terminated at the reporting date. If the contact may be terminated at will, revenue will only be recognized to the amount that would be due pursuant to that termination. If the incentive fee is a fixed amount, only a proportionate share of revenue is recognized at the reporting date, with the remaining fees recognized on a straight-line basis over the measurement period. The values of incentive management fees are periodically evaluated by management. For the three months ended June 30, 2015, the Company recorded an adjustment of ($64) to incentive fees. For the six months ended June 30, 2015, the Company recognized incentive fees of $2,97 1 . For the three and six months ended June 30, 2014, the Company recognized incentive fees of $0 and $635 , respectively.
Rent Expense	Rent Expense Rent expense is recognized on a straight-line basis regardless of when payments are due. Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 includes an accrual for rental expense recognized in excess of amounts due at that time. Rent expense related to leasehold interests is included in property operating expenses, and rent expense related to office rentals is included in property management expense or management, general and administrative expense.
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company has a stock-based compensation plan, described more fully in Note 11. The Company accounts for this plan using the fair value recognition provisions. Awards of stock or restricted stock are expensed as compensation over the benefit period and may require inputs that are highly subjective and require significant management judgment and analysis to develop. The Company assumes a forfeiture rate which impacts the amount of aggregate compensation cost recognized. In accordance with the provisions of the Company’s stock-based compensation plans, the Company accepts the return of shares of the Company's common stock, at the current quoted market price to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. The Company also grants awards pursuant to its stock-based compensation plans in the form of LTIP units, which are a class of limited partnership interests in the Company’s Operating Partnership. As of June 30, 2015, and December 31, 2014, the Company had 166,939 and 175,731 weighted-average unvested restricted shares outstanding. The Company uses the Black-Scholes option-pricing model to estimate the fair value of a stock option award. This model requires inputs such as expected term, expected volatility, and risk-free interest rate. These inputs are highly subjective and generally require significant analysis and judgment to develop. Compensation cost for stock options, if any, is recognized ratably over the vesting period of the award. The Company’s policy is to grant options with an exercise price equal to the quoted closing market price of its stock on the business day preceding the grant date. The fair value of each stock option granted is estimated on the date of grant for options issued to employees, and quarterly awards to non-employees, using the Black-Scholes option-pricing model. There have been no stock option grants in 2015 through June 30, 2015.
Foreign Currency	Foreign Currency The Company’s Gramercy Europe Asset Management operates an asset and property management business in the United Kingdom and has commitments to invest in Gramercy European Property Fund, which invests in assets throughout Europe. Translation The Company has interests in the European Union and United Kingdom for which the functional currency is the euro and the British pound sterling, respectively. The Company performs the translation from the euro or the British pound sterling to the U.S. dollar for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the period. The Company reports the gains and losses resulting from such translation as a component of other comprehensive income (loss). The Company recorded a net translation gain of $269 and $51 for the three and six months ended June 30, 2015, respectively. The Company did no t record a net translation gain or loss for the three and six months ended June 30, 2014. Translation gains and losses are reclassified to earnings when the Company has substantially exited from all investments in the related currency. Transaction Gains or Losses A transaction gain or loss realized upon settlement of a foreign currency transaction will be included in earnings for the period in which the transaction is settled. Foreign currency intercompany transactions that are scheduled for settlement are included in the determination of net income. Intercompany foreign currency transactions of a long term nature that do not have a planned or foreseeable future settlement date, in which the entities to the transactions are consolidated or accounted for by the equity method in the Company’s financial statements, are not included in net income but are reported as a component of other comprehensive income (loss). Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from or to foreign operations of subsidiaries or equity investments to the parent company. For the three and six months ended June 30, 2015, the Company recognized net realized foreign currency transaction losses of $4 and $10 , respectively. The company did no t recognize foreign currency transaction gains or losses during the three and six months ended June 30, 2014.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and limits these risks by following established risk management policies and procedures including the use of derivatives. The Company uses a variety of derivative instruments to manage, or hedge, interest rate risk. The Company requires that hedging derivative instruments be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential for qualifying for hedge accounting. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. The Company uses a variety of commonly used derivative products that are considered “plain vanilla” derivatives. These derivatives typically include interest rate swaps, caps, collars and floors. The Company expressly prohibits the use of unconventional derivative instruments and using derivative instruments for trading or speculative purposes. Further, the Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Derivative accounting may increase or decrease reported net income and stockholders’ equity prospectively, depending on future levels of LIBOR, swap spreads and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows, provided the contract is carried through to full term. All hedges held by the Company are deemed effective based upon the hedging objectives established by the Company’s corporate policy governing interest rate risk management. The effect of the Company’s derivative instruments on its financial statements is discussed more fully in Note 10.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code, beginning with its taxable year ended December 31, 2004. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income, to stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that the Company distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distributions to stockholders. However, the Company believes that it will be organized and operate in such a manner as to qualify for treatment as a REIT and the Company intends to operate in the foreseeable future in such a manner so that it will qualify as a REIT for U.S. federal income tax purposes. The Company is subject to certain state and local taxes. The Company’s TRSs are subject to federal, state, and local taxes. For the three and six months ended June 30, 2015, the Company recorded $17 and $1,131 of income tax expense, respectively. For the three and six months ended June 30, 2014, the Company recorded $437 and $806 of income tax expense, respectively. Tax expense for each year is comprised of federal, state, local, and foreign taxes. Income taxes, primarily related to the Company’s TRSs, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if the Company believes it is more likely than not that all or a portion of a deferred tax asset will not be realized. Any increase or decrease in a valuation allowance is included in the tax provision when such a change occurs. The Company’s policy for interest and penalties, if any, on material uncertain tax positions recognized in the financial statements is to classify these as interest expense and operating expense, respectively. As of June 30, 2015 and December 31, 2014, the Company did not incur any material interest or penalties.
Earnings Per Share	Earnings Per Share The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. The Company has adopted the two-class computation method, and thus includes all participating securities in the computation of basic shares for the periods in which the Company has net income available to stockholders. A participating security is defined as an unvested share-based payment award containing non-forfeitable rights to dividends regardless of whether or not the awards ultimately vest or expire. As the Company has the intent and ability to settle the debt component of the Exchangeable Senior Notes in cash and the excess conversion premium in shares, the Company only includes the effect of the excess conversion premium in the calculation of the diluted shares. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, as long as their inclusion would not be anti-dilutive.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash investments, debt investments and accounts receivable. The Company places its cash investments in excess of insured amounts with high quality financial institutions. Concentrations of the credit risk also arise when a number of the Company’s tenants or asset management clients are engaged in similar business activities or are subject to similar economic risks or conditions that cause their inability to meet contractual obligations to the Company. The Company regularly monitors its portfolio to assess potential concentrations of credit risk. Management believes the current credit risk portfolio is reasonably well diversified. One asset management client, KBS Real Estate Investment Trust, Inc., or KBS, accounted for 95% and 85% of the Company’s management fee income for the three and six months ended June 30, 2015, respectively. One asset management client, KBS, accounted for 67% of the Company’s management fee income for the three and six months ended June 30, 2014, respectively. One tenant, Bank of America, N.A, accounted for 24% and 30% of the Company’s rental revenue for the three and six months ended June 30, 2015. One tenant, Bank of America, N.A, accounted for 18% of the Company’s rental revenue for the three months ended June 30, 2014 and one tenant, Kar Auction Services, accounted for 16% of the Company’s rental revenue for the six months ended June 30, 2014.
Servicing Advances Receivable	Servicing Advances Receivable Servicing advances receivable is comprised of the accrual for the reimbursement of servicing advances recognized as part of the disposal of Gramercy Finance in March 2013. The accrual for reimbursement of servicing advances includes expenses such as legal fees incurred to negotiate modifications and foreclosures on loan investments, professional fees incurred on certain loans, or fees for services such as appraisals obtained on real estate properties that served as collateral for loan investments, incurred while the Company was the collateral manager of the CDOs. These reimbursement proceeds will be realized when the related assets within the CDOs are liquidated in accordance with the terms of the collateral management and sub-special servicing agreements, which were sold in connection with the disposal of Gramercy Finance. The Company has no control over the timing of the resolution of the related assets, however, the Company earns accrued interest at the prime rate for the time that these reimbursements are outstanding. For the three and six months ended June 30, 2015, the Company did not receive any reimbursements. For the three and six months ended June 30, 2014, the Company received $4 and $10 of reimbursements, respectively. As of June 30, 2015 and December 31, 2014, the servicing advances receivable is $1,505 and $1,485 , respectively. The Company reviews the servicing advances receivable on a quarterly basis and determines collectability by reviewing the expected resolution and timing of the underlying assets of the CDOs. As of June 30, 2015, the Company has reviewed the outstanding servicing advances and has determined that all amounts are collectible.
Retained CDO Bonds	Retained CDO Bonds The Retained CDO Bonds are non-investment grade subordinate bonds, preferred shares and ordinary shares of three CDOs, which the Company retained subsequent to the disposal of Gramercy Finance. The Company considers these investments to be not of high credit quality and does not expect a full recovery of interest and principal. Therefore, the Company has suspended interest income accruals on these investments. On a quarterly basis, the Company evaluates the Retained CDO Bonds to determine whether significant changes in estimated cash flows or unrealized losses on these investments, if any, reflect a decline in value which is other-than-temporary. If there is a decrease in estimated cash flows and the investment is in an unrealized loss position, the Company will record an other-than-temporary impairment, or OTTI, in the Condensed Consolidated Statements of Operations. To determine the component of the OTTI related to expected credit losses, the Company compares the amortized cost basis of the Retained CDO Bonds to the present value of the revised expected cash flows, discounted using the pre-impairment yield. Conversely, if the security is in an unrealized gain position and there is a decrease or significant increase in expected cash flows, the Company will prospectively adjust the yield using the effective yield method. For the three and six months ended June 30, 2015, the Company did not recognize any OTTI on its Retained CDO Bonds on the Condensed Consolidated Statements of Operations . For the three and six months ended June 30, 2014, the Company did not recognize any OTTI on its Retained CDO Bonds on the Condensed Consolidated Statements of Operations. A summary of the Company’s Retained CDO Bonds as of June 30, 2015 is as follows: Description Number of Securities Face Value Amortized Cost Gross Unrealized Gain (Loss) Other-than-temporary impairment Fair Value Weighted Average Expected Life Available for Sale, Non-investment Grade: Retained CDO Bonds $ $ $ $ - $ Total $ $ $ $ - $
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Business and Organization (Tabl

Business and Organization (Tables)	6 Months Ended
	Jun. 30, 2015
Business and Organization [Abstract]
Schedule of Portfolio of Net Leased Properties	As of June 30, 2015, the Company’s wholly-owned portfolio of net leased properties is summarized as follows: Properties Number of Properties Rentable Square Feet Occupancy Industrial Properties Office/Banking Centers Specialty Industrial Specialty Retail Data Centers Total

Significant Accounting Polici26

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Variable Interest Entities	The Company had one consolidated VIE as of June 30, 2015 and December 31, 2014. The Company had four unconsolidated VIEs as of June 30, 2015 and December 31, 2014. The following is a summary of the Company’s involvement with VIEs as of June 30, 2015: Company carrying Company carrying Face value of Face value of liabilities value-assets value-liabilities assets held by the VIEs issued by the VIEs Assets Consolidated VIEs European Fund Manager $ $ $ $ Unconsolidated VIEs European Fund Carry Co. $ - $ - $ $ Retained CDO Bonds $ $ - $ $ The following is a summary of the Company’s involvement with VIEs as of December 31, 2014: Company carrying Company carrying Face value of Face value of liabilities value-assets value-liabilities assets held by the VIEs issued by the VIEs Assets Consolidated VIEs European Fund Manager $ - $ - $ - $ - Unconsolidated VIEs European Fund Carry Co. $ - $ - $ - $ - Retained CDO Bonds $ $ - $ $
Schedule of Intangible Assets and Acquired Lease Obligations	Intangible assets and acquired lease obligations consist of the following: June 30, 2015 December 31, 2014 Intangible assets: In-place leases, net of accumulated amortization of $31,436 and $13,581 $ $ Above-market leases, net of accumulated amortization of $3,397 and $1,520 Below-market ground rent, net of accumulated amortization of $100 and $67 Amounts related to assets held for sale, net of accumulated amortization of $372 and $0 - Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $11,560 and $3,932 $ $ Above-market ground rent, net of accumulated amortization of $102 and $29 Total intangible liabilities $ $
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the weighted-average amortization period as of June 30, 2015 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 In-place leases Total to be included in depreciation and amortization expense 10.2 $ $ $ $ $ Above-market lease assets 8.6 Below-market lease liabilities 21.9 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 37.7 Above-market ground rent 38.0 Total to be included in property operating expense $ $ $ $ $
Schedule of Retained Collateralized Debt Obligation Bonds	For the three and six months ended June 30, 2014, the Company did not recognize any OTTI on its Retained CDO Bonds on the Condensed Consolidated Statements of Operations. A summary of the Company’s Retained CDO Bonds as of June 30, 2015 is as follows: Description Number of Securities Face Value Amortized Cost Gross Unrealized Gain (Loss) Other-than-temporary impairment Fair Value Weighted Average Expected Life Available for Sale, Non-investment Grade: Retained CDO Bonds $ $ $ $ - $ Total $ $ $ $ - $
Capitalized Software Costs [Member]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the weighted-average amortization period as of June 30, 2015 for capitalized software and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 Capitalized software costs 1.8 $ $ $ $ $ - Total to be included in depreciation and amortization expense $ $ $ $ $ -
Contract Intangible Asset [Member]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the weighted-average amortization periods as of June 30, 2015 for contract intangible assets and the projected amortization expense for the next five years. Weighted- Average July 1 to Amortization December 31, Period 2015 2016 2017 2018 2019 Contract intangible asset 3.0 $ $ $ $ $ - Total to be included in property management expense $ $ $ $ $ -

Dispositions and Assets Held-27

Dispositions and Assets Held-for-Sale (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of Operating Results of Assets Sold Included in Discontinued Operations	The following operating results for assets previously sold for the three and six months ended June 30, 2015 and 2014 are included in discontinued operations for all periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Operating Results: Revenues $ $ - $ $ Operating expenses Marketing, general and administrative Net income (loss) from discontinued operations $ $ $ $
Assets Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disclosure of Long Lived Assets Held-for-sale	The Company adopted ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, effective January 1, 2014, and pursuant to the updated provision, which revise s the definition of discontinued operations, th i s property did not meet the definition of a discontinued operation and is therefore classified as held for sale and is not included in discontinued operations . The following table summarizes information for the property classified as held for sale as of June 30, 2015: June 30, 2015 Assets held for sale: Real estate investments, at cost: Land $ Building and improvements Less: accumulated depreciation Total real estate investments, net Tenant and other receivables, net Acquired lease assets, net of accumulated amortization Other assets Total assets held for sale $

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Business Acquisitions, by Acquisition	During the six months ended June 30, 2015, the Company’s property acquisitions are summarized as follows: Number of Number of Square Purchase Property Type Properties Buildings Feet Price Industrial (1) $ Office/banking center (1) Specialty industrial Specialty retail Data center Total $ (1) The Company assumed mortgages on 16 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $141,033 . Refer to Note 6 for more information on the Company’s debt obligations related to acquisitions. During the year ended December 31, 2014, the Company’s property acquisitions are summarized as follows: Number of Number of Square Purchase Property Type Properties Buildings Feet Price Industrial (1) $ Office/banking center (2) Specialty industrial Specialty retail - - - - Data center - - - - Total $ (1) The Company assumed mortgages on four of its property acquisitions in 2014. The unpaid principal value of the mortgages assumed at acquisition was $45,607 . Refer to Note 6 for more information on the Company’s debt obligations related to acquisitions. (2) Includes the 67 properties that comprise the Bank of America Portfolio, which the Company acquired through its acquisition of the remaining 50% equity interest of the Bank of America Portfolio joint venture on June 9, 2014. Prior to the acquisition, the Company accounted for its prior 50% equity interest in the Bank of America Portfolio as a joint venture.
Schedule of Preliminary Purchase Price Allocations Acquired Assets and Liabilites	The initial recording of the assets is summarized as follows: Preliminary Allocations recorded Period of Acquisition Number of Acquisitions Real Estate Assets Intangible Assets Intangible Liabilities Six Months ended June 30, 2015 40 $ $ $ Year ended December 31, 2014 11 $ $ $ The aggregate changes from the preliminary purchase price allocations to the finalized purchase price allocation are shown in the table below: Preliminary Allocations recorded Finalized Allocations recorded Period Purchase Price Allocation Finalized Number of Acquisitions Real Estate Assets Intangible Assets Intangible Liabilities Real Estate Assets Intangible Assets Intangible Liabilities Net Income Increase (Decrease) Six Months ended June 30, 2015 25 $ $ $ $ $ $ $ Year ended December 31, 2014 22 $ $ $ $ $ $ $ (1) Allocations for the six months ended June 30, 2015 exclude the Bank of America Portfolio, which is separately disclosed below.
Business Acquisition, Pro Forma Information	The following table summarizes, on an unaudited pro forma basis, the Company’s combined results of operations for the three and six months ended June 30, 2015 and 2014 as though the acquisitions were completed on January 1, 2014. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 ( 2 ) 2015 2014 ( 2 ) Pro forma revenues $ $ $ $ Pro forma net income (loss) available to common stockholders ( 1 ) $ $ $ $ Pro forma earnings (loss) per common share-basic $ $ $ $ Pro forma earnings (loss) per common share-diluted $ $ $ $ Pro forma common shares-basic Pro forma common share-diluted ( 1 ) Net income for each period has been adjusted for acquisition costs related to the property acquisitions during the period. (2 ) The Company adjusted its pro forma net income for the three and six months ended June 3 0, 2014 for the $72,345 gain on r emeasurement of a previously held joint venture that was recorded in the second quarter of 2014 because it was directly related to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio joint venture.
Bank of America Portfolio [Member]
Schedule of Preliminary Purchase Price Allocations Acquired Assets and Liabilites	The final allocation of the purchase price is as follows: June 9, 2014 Assets acquired: Real estate assets $ Cash Accounts receivable Intangible assets Other assets Total assets acquired Liabilities assumed: Accrued expenses Deferred revenue Intangible liabilities Other liabilities Total liabilities assumed Total consideration paid $

Investments in Joint Ventures29

Investments in Joint Ventures and Equity Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in Joint Ventures and Equity Investments [Abstract]
Schedule of Combined Balance Sheet for the Company's Joint Venture	The Condensed Consolidated Balance Sheets for the Company’s joint ventures and equity investments at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Assets: Real estate assets, net $ $ Other assets Total assets $ $ Liabilities and members' equity: Mortgages payable $ $ Other liabilities Members' equity Liabilities and members' equity $ $
Schedule of Combined Income Statement for the Company's Joint Venture	The Condensed Consolidated Statements of Operations for the joint ventures and equity investments for the three and six months ended June 30, 2015 and 2014 or partial period for acquisitions or dispositions which closed during these periods, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 (1) 2014 (2) 2015 (1) 2014 (2) Revenues $ $ $ $ Operating expenses - Interest Depreciation Total expenses Net income (loss) from operations Net gain (loss) on disposals - - Provision for taxes - - Net income (loss) $ $ $ $ Company's equity in net income within continuing operations $ $ $ $ ( 1) The results of operations for the three and six months ended June 30, 2015 include the Gramercy European Property Fund’s results for the period as the equity investment was formed by the Company and several investment partners in December 2014. (2) The results of operations for the three and six months ended June 30, 2014 include the Bank of America Portfolio joint venture’s results for the periods April 1, 2014 through June 9, 2014 and January 1, 2014 through June 9, 2014, respectively. Subsequent to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio, on June 9, 2014, the results of operations for the Bank of America Portfolio are consolidated into the Company’s Condensed Consolidated Statements of Operations.
Summary of Activity in Joint Ventures and Equity Investments	A summary of the activity during the three and six months ended June 30, 2015 and 2014 related to the Company’s joint ventures and equity investments is as follows: As of June 30, 2015 As of December 31, 2014 Gramercy European Property Fund Bank of America Portfolio Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Investment in joint venture or equity investment $ $ - $ - $ $ - $ - $ - $ - Three Months ended June 30, 2015 Three Months ended June 30, 2014 Gramercy European Property Fund Bank of America Portfolio Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Equity in net income of joint venture or equity investment $ $ - $ $ $ - $ $ $ Contributions to joint venture or equity investment $ $ - $ - $ $ - $ - $ - $ - Distributions from joint venture or equity investment $ - $ - $ $ $ - $ $ $ Six Months ended June 30, 2015 Six Months ended June 30, 2014 Gramercy European Property Fund Bank of America Portfolio Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Equity in net income (loss) of joint venture or equity investment $ $ - $ $ $ - $ $ $ Contributions to joint venture or equity investment $ $ - $ - $ $ - $ - $ - $ - Distributions from joint venture or equity investment $ - $ - $ $ $ - $ $ $

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Obligations [Abstract]
Schedule of Mortgage Notes Payable	The Company was in compliance with the covenants under the mortgages at June 30, 2015. The following is a summary of the Company’s secured financing arrangements as of June 30, 2015: Encumbered Properties Balance Interest Rate Weighted-average Effective Interest Rate Weighted-average Maturity Fixed-rate mortgages $ 3.28 % to 7.46 % 5.44% October 2016 to June 2029 Variable-rate mortgages (1) 1 Month LIBOR + 2.10 % 2.26% December 2020 Total secured financings $ Above market interest Balance at June 30, 2015 $ (1) The floating interest rate on this mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 10 for further information on hedging and the Company’s derivative instruments. The following is a summary of the Company’s secured financing arrangements as of December 31, 2014: Encumbered Properties Balance Interest Rate Weighted-average Effective Interest Rate Weighted-average Maturity Fixed-rate mortgages $ 3.28 % to 7.46 % 5.41 % October 2016 to June 2029 Variable-rate mortgages (1) 1 Month LIBOR + 2.10 % 2.26 % December 2020 Total secured financings $ Above market interest Balance at December 31, 2014 $ (1) The floating interest rate on this mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 10 for further information on hedging and the Company’s derivative instruments.
Schedule of Maturities of Long-term Debt	Unsecured Debt Mortgage Notes Payable Exchangeable Senior Notes Interest Payments Total July 1 through December 31, 2015 $ - $ $ - $ $ 2016 - - 2017 - - 2018 - 2019 Thereafter - - Above market interest - - - Total $ $ $ $ $

Leasing Agreements (Tables)

Leasing Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Leasing Agreements [Abstract]
Schedule of Future Minimum Rental Payments for Leasing Agreements	Future minimum rental revenue under non-cancelable leases excluding reimbursements for operating expenses as of June 30, 2015 are as follows: Operating Leases July 1 through December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total minimum lease rental income $

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Carrying Value and Fair Value Disclosure	The following table presents the carrying value in the financial statements, and approximate fair value of financial instruments at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Retained CDO Bonds (1), (2) $ $ $ $ Marketable securities (3) $ - $ - $ $ Financial liabilities: Derivative instruments $ $ $ $ Long term debt Term Loan (2) $ $ $ $ Unsecured Credit Facility (2) $ $ $ - $ - Mortgage notes payable (2) $ $ $ $ Exchangeable Senior Notes (2) $ $ $ $ (1) Retained CDO Bonds represent the CDOs’ subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation. (2) Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions. (3) Marketable securities represent the Company’s investment in U.S. treasury securities, which are classified in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	At June 30, 2015 Total Level I Level II Level III Financial Assets: Retained CDO Bonds: Non-investment grade, subordinate CDO bonds $ $ - $ - $ $ $ - $ - $ Financial Liabilities: Derivative instruments: Interest rate swaps $ $ - $ - $ $ $ - $ - $ At December 31, 2014 Total Level I Level II Level III Financial Assets: Retained CDO Bonds: Non-investment grade, subordinate CDO bonds $ $ - $ - $ Marketable securities: U.S. Treasury securities - - $ $ $ - $ Financial Liabilities: Derivative instruments: Interest rate swaps $ $ - $ - $ $ $ - $ - $
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level III inputs: Retained CDO Bonds Balance as of December 31, 2014 $ Amortization of discounts or premiums Adjustments to fair value: Included in other comprehensive income Other-than-temporary impairments - Balance as of June 30, 2015 $
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following roll forward table reconciles the beginning and ending balances of financial liabilities measured at fair value on a recurring basis using Level III inputs: Derivative Instruments Balance as of December 31, 2014 $ Adjustments to fair value: Unrealized loss on derivatives Balance as of June 30, 2015 $
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Valuation Techniques	Quantitative information regarding the valuation techniques and the range of significant unobservable Level III inputs used to determine fair value measurements on a recurring basis as of June 30, 2015 are: At June 30, 2015 Financial Asset or Liability Fair Value Valuation Technique Unobservable Inputs Range Non-investment grade, subordinate CDO bonds $ Discounted cash flows Discount rate 20.00% Interest rate swaps $ Hypothetical derivative method Credit borrowing spread 150 to 250 basis points

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments [Abstract]
Schedule of Derivative Instruments	The following table summarizes the notional and fair value of the Company’s derivative financial instruments at June 30, 2015. The notional value is an indication of the extent of the Company’s involvement in this instrument at that time, but does not represent exposure to credit, interest rate or market risks: Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Assets of Non-VIEs: Interest Rate Swap 1 mo. USD-LIBOR-BBA $ 4.55% 12/19/13 12/19/20 $ Interest Rate Swap 1 mo. USD-LIBOR-BBA 1.82% 09/09/14 06/09/19 Total derivatives $ $

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings per Share	Earnings per share for the three and six months ended June 30, 2015 and 2014 are computed as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator - Income (loss): Net income (loss) from continuing operations $ $ $ $ Net loss from discontinued operations Net loss Net loss attributable to noncontrolling interest - - Preferred stock dividends Net loss available to common stockholders $ $ $ $ Denominator-Weighted average shares: Weighted average basic shares outstanding Effect of dilutive securities: Unvested share based payment awards - - Options - - Phantom stock units - - OP Units - - - - Exchangeable Senior Notes - - - - Diluted Shares
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 is comprised of the following: June 30, 2015 December 31, 2014 Net unrealized loss on derivative instruments $ $ Net unrealized gain on debt securities Foreign currency translation adjustments Total accumulated other comprehensive income (loss) $ $

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interests [Abstract]
Noncontrolling Interest in the Operating Partnership	Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership as of June 30, 2015: Noncontrolling Interest Balance as of December 31, 2014 $ Issuance of noncontrolling interests in the operating partnership Redemption noncontrolling interests in the operating partnership Net loss attribution Fair value adjustments Distributions Balance as of June 30, 2015 $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Operating Leased Assets [Line Items]
Schedule of Future Minimum Rental Payments for Leasing Agreements	Future minimum rental revenue under non-cancelable leases excluding reimbursements for operating expenses as of June 30, 2015 are as follows: Operating Leases July 1 through December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total minimum lease rental income $
Leases, Acquired-in-Place [Member]
Operating Leased Assets [Line Items]
Schedule of Future Minimum Rental Payments for Leasing Agreements	Future minimum rental payments to be made by the Company under these noncancelable ground leases, excluding increases resulting from increases in the consumer price index, are as follows: Ground Leases - Operating Ground Leases - Capital Total July 1 through December 31, 2015 $ $ - $ 2016 - 2017 - 2018 - 2019 - Thereafter Total minimum rent expense $ $ $

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Evaluation of Performance Based on Financials Measure for each Segment	The Company’s reportable operating segments are summarized as follows: Asset Investments / Total Management Corporate Company Three Months Ended June 30, 2015 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Three Months Ended June 30, 2014 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Six Months Ended June 30, 2015 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Six Months Ended June 30, 2014 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures and equity investments - Total operating and interest expense (1) Net income from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Total Assets: June 30, 2015 $ $ $ December 31, 2014 $ $ $ (1) Total operating and interest expense includes operating costs on commercial property assets for the Investments/Corporate segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $24,716 and $6,760 , provision for taxes of $17 and $437 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the three months ended June 30, 2015 and 2014, respectively, are included in the amounts presented above. Depreciation and amortization of $43,414 and $10,145 , provision for taxes of $1,131 and $806 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the six months ended June 30, 2015 and 2014, respectively, are included in the amounts presented above. (2) Net income (loss) from continuing operations represents loss before discontinued operations.

Business and Organization (Narr

Business and Organization (Narrative) (Details) - Class of Stock [Domain] $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2015USD ($)	Jun. 30, 2015USD ($)ft²property$ / shares	Jun. 30, 2015USD ($)ft²property$ / shares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)ft²property$ / shares	Jul. 31, 2015$ / shares
Business and Organization [Line Items]
Proceeds from issuance of common stock | $	$ 259,325		$ 289,910	$ 229,080
Common stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001		$ 0.001
Number of real estate properties		43	43		100
Area of real estate property | ft²		6,808,728	6,808,728		8,999,528
Purchase price of real estate | $			$ 938,592		$ 834,269
Stockholders' equity, reverse stock split			1-for-4 reverse stock split
Sold [Member]
Business and Organization [Line Items]
Number of real estate properties		3	3
Area of real estate property | ft²		85,866	85,866
Acquired [Member]
Business and Organization [Line Items]
Number of real estate properties		1	1
Gramercy Asset Management [Member] | Commercial Lease Properties [Member]
Business and Organization [Line Items]
Available for sale securities and other investments | $		$ 800,000	$ 800,000
Chambers Street Properties [Member]
Business and Organization [Line Items]
Common stock, par value (in dollars per share) | $ / shares						$ 0.01
Chambers Street Properties [Member] | Merger Agreement [Member]
Business and Organization [Line Items]
Other commitments, description			On July 1, 2015, the Company entered into an Agreement and Plan of Merger, or the Merger Agreement, with Chambers Street Properties, or Chambers Street, and Columbus Merger Sub, LLC, an indirect wholly owned subsidiary of Chambers Street. Refer to Note 16 for further information on the proposed merger transaction, or the Merger.In February 2015, the Company's board of directors approved a 1-for-4 reverse stock split of its common stock and outstanding operating partnership units, or OP Units. The reverse stock split was effective after the close of trading on March 20, 2015, and the Company's common stock began trading on a reverse split-adjusted basis on the New York Stock Exchange on March 23, 2015. No fractional shares were issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares received, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of the Company's common stock on the New York Stock Exchange for the three consecutive trading days ending on March 20, 2015. The reverse stock split applied to all of the Company's outstanding shares of common stock and therefore did not affect any stockholder's relative ownership percentage.
43 Properties Acquired [Member]
Business and Organization [Line Items]
Area of real estate property | ft²		6,800,000	6,800,000
Purchase price of real estate | $			$ 938,592
43 Properties Acquired [Member] | Acquired [Member]
Business and Organization [Line Items]
Number of real estate properties		43	43
16 Properties Acquired [Member]
Business and Organization [Line Items]
Number of real estate properties		16	16
Area of real estate property | ft²		2,300,000	2,300,000
Purchase price of real estate | $		$ 368,586
16 Properties Acquired [Member] | Acquired [Member]
Business and Organization [Line Items]
Number of real estate properties		16	16
22 Properties Acquired [Member]
Business and Organization [Line Items]
Number of real estate properties					22

Business and Organization (Sche

Business and Organization (Schedule of Portfolio of Note Leased Properties) (Details)	Jun. 30, 2015ft²property		Dec. 31, 2014ft²property
Property, Plant and Equipment [Line Items]
Number of real estate properties	43		100
Area of real estate property | ft²	6,808,728		8,999,528
Industrial Property [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	21	[1]	24	[2]
Area of real estate property | ft²	3,931,930	[1]	5,297,891	[2]
Office/Banking Centers [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	9	[1]	72	[3]
Area of real estate property | ft²	1,293,601	[1]	3,669,168	[3]
Specialty Industrial [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	1		4
Area of real estate property | ft²	24,700		32,469
Specialty Retail [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	10
Area of real estate property | ft²	1,330,544
Data Centers [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	2
Area of real estate property | ft²	227,953
Assets Leased to Others [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	171
Area of real estate property | ft²	20,249,450
Percentage of occupancy	99.60%
Assets Leased to Others [Member] | Industrial Property [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	64
Area of real estate property | ft²	13,088,869
Percentage of occupancy	100.00%
Assets Leased to Others [Member] | Office/Banking Centers [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	81
Area of real estate property | ft²	4,925,612
Percentage of occupancy	98.50%
Assets Leased to Others [Member] | Specialty Industrial [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	14
Area of real estate property | ft²	676,472
Percentage of occupancy	100.00%
Assets Leased to Others [Member] | Specialty Retail [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	10
Area of real estate property | ft²	1,330,544
Percentage of occupancy	100.00%
Assets Leased to Others [Member] | Data Centers [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties	2
Area of real estate property | ft²	227,953
Percentage of occupancy	100.00%
[1]	The Company assumed mortgages on 16 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $141,033. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[2]	The Company assumed mortgages on four of its property acquisitions in 2014. The unpaid principal value of the mortgages assumed at acquisition was $45,607. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[3]	Includes the 67 properties that comprise the Bank of America Portfolio, which the Company acquired through its acquisition of the remaining 50% equity interest of the Bank of America Portfolio joint venture on June 9, 2014. Prior to the acquisition, the Company accounted for its prior 50% equity interest in the Bank of America Portfolio as a joint venture.

Significant Accounting Polici40

Significant Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²propertyshares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²propertyshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)ft²propertyshares	Dec. 19, 2014USD ($)	Dec. 09, 2014property	Jun. 09, 2014property	Jun. 08, 2014
Accounting Policies [Line Items]
Impairment of long-lived assets held-for-use	$ 149	$ 0	$ 149	$ 0
Joint ventures and equity investments	2,552		2,552		$ 0
Restricted cash and cash equivalents	8,502		8,502		1,244
Real estate held-for-sale	18,011		18,011		0
Allowance for doubtful accounts receivable	55		55		188
Amortization of intangible assets	10,142	2,411	18,139	3,168
Amortization of off market lease unfavorable and off market lease favorable	2,105	212	6,050	70
Goodwill	3,805		3,805		3,840
Unamortized computer software costs	1,026		1,026		948
Capitalized computer software, amortization	153	170	286	241
Other assets, unamortized amount	18,351		18,351		$ 23,063
Asset management incentive fee		0	$ 2,971	635
Asset management incentive fee, adjustment during the period	$ (64)
Unvested restricted shares outstanding | shares	166,939		166,939		175,731
Foreign currency translation gain (loss)	$ 269		$ 51
Foreign currency transaction gain (loss), realized	4	0	10	0
Income tax expense (benefit)	17	437	1,131	806
Reimbursement revenue	9,738	2,697	17,876	3,378
Servicing asset, total	$ 1,505		$ 1,505		$ 1,485
Number of real estate properties | property	43		43		100
Area of real estate property | ft²	6,808,728		6,808,728		8,999,528
Threadgreen Europe Limited [Member]
Accounting Policies [Line Items]
Goodwill	$ 3,802		$ 3,802			$ 3,887
Goodwill, period increase (decrease)	(85)		$ (85)
Above Market Leases [Member]
Accounting Policies [Line Items]
Weighted-Average Amortization Period			8 years 7 months 6 days
Below Market Lease [Member]
Accounting Policies [Line Items]
Weighted-Average Amortization Period			21 years 10 months 24 days
Capitalized Software Costs [Member]
Accounting Policies [Line Items]
Weighted-Average Amortization Period			1 year 9 months 18 days
Ground Lease [Member]
Accounting Policies [Line Items]
Amortization of off market lease unfavorable and off market lease favorable	0	4	$ (40)	4
Contract Intangible Asset [Member]
Accounting Policies [Line Items]
Amortization of intangible assets	(9)		24
Other assets, unamortized amount	$ 144	0	$ 144	0	$ 480
Weighted-Average Amortization Period			3 years
Bank of America Portfolio [Member]
Accounting Policies [Line Items]
Joint ventures and equity investments
Business acquisition, percentage of voting interests acquired							50.00%	50.00%	50.00%
Number of real estate properties | property							67	67
Gramercy Finance [Member]
Accounting Policies [Line Items]
Reimbursement revenue		$ 4		$ 10
Management Fee Income Concentration [Member] | Customer Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk, percentage	95.00%		85.00%	67.00%
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk, percentage	24.00%	18.00%	30.00%	16.00%
Building [Member]
Accounting Policies [Line Items]
Property, plant and equipment, useful life			40 years
Building Equipment and Fixtures [Member] | Minimum [Member]
Accounting Policies [Line Items]
Property, plant and equipment, useful life			5 years
Building Equipment and Fixtures [Member] | Maximum [Member]
Accounting Policies [Line Items]
Property, plant and equipment, useful life			10 years

Significant Accounting Polici41

Significant Accounting Policies (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Company carrying value-assets, consolidated	$ 333
Company carrying value-liabilities, consolidated	58
Face value of assets held by the VIEs, consolidated	333
Face value of liabilities issued by the VIEs, consolidated	58
Face value of assets held by the VIEs, unconsolidated	11
Face value of liabilities issued by the VIEs, unconsolidated	12
Collateralized Debt Obligations Bonds [Member]
Variable Interest Entity [Line Items]
Company carrying value-assets, unconsolidated	10,705	$ 4,293
Face value of assets held by the VIEs, unconsolidated	1,489,123	1,691,854
Face value of liabilities issued by the VIEs, unconsolidated	$ 1,373,877	$ 1,547,693

Significant Accounting Polici42

Significant Accounting Policies (Schedule of Intangible Assets and Acquired Lease Obligations) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Intangible assets:
Total intangible assets	$ 328,719	$ 200,231
Finite-lived intangible assets, accumulated amortization	34,561	15,168
Intangible liabilities:
Total intangible liabilities	(227,755)	53,826
Leases, Acquired-in-Place [Member]
Intangible assets:
Total intangible assets	306,651	181,426
Finite-lived intangible assets, accumulated amortization	31,436	13,581
Assets Held-for-sale [Member]
Intangible assets:
Total intangible assets	(8,268)
Finite-lived intangible assets, accumulated amortization	372	0
Above Market Leases [Member]
Intangible assets:
Total intangible assets	26,882	14,380
Finite-lived intangible assets, accumulated amortization	3,397	1,520
Above Market Ground Rent [Member]
Intangible liabilities:
Total intangible liabilities	(3,569)	1,973
Finite lived intangible liabilities accumulated amortization	102	29
Below Market Lease [Member]
Intangible liabilities:
Total intangible liabilities	(224,186)	51,853
Finite lived intangible liabilities accumulated amortization	11,560	3,932
Below Market Ground Rent [Member]
Intangible assets:
Total intangible assets	3,454	4,425
Finite-lived intangible assets, accumulated amortization	$ 100	$ 67

Significant Accounting Polici43

Significant Accounting Policies (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Rental Revenue [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
July 1 to December 31, 2015	$ (5,140)
2,016	(10,042)
2,017	(6,799)
2,018	(7,597)
2,019	(7,509)
Rental Expense [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
July 1 to December 31, 2015	(1)
2,016	(2)
2,017	(2)
2,018	(2)
2,019	$ (2)
Depreciation and Amortization Expense [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	10 years 2 months 12 days
July 1 to December 31, 2015	$ 22,564
2,016	42,352
2,017	38,317
2,018	35,447
2,019	$ 30,857
Above Market Leases [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	8 years 7 months 6 days
July 1 to December 31, 2015	$ 2,003
2,016	3,991
2,017	3,931
2,018	3,058
2,019	$ 2,977
Below Market Lease [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	21 years 10 months 24 days
July 1 to December 31, 2015	$ (7,143)
2,016	(14,033)
2,017	(10,730)
2,018	(10,655)
2,019	$ (10,486)
Below Market Ground Rent [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	37 years 8 months 12 days
July 1 to December 31, 2015	$ 46
2,016	92
2,017	92
2,018	92
2,019	$ 92
Above Market Ground Rent [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	38 years
July 1 to December 31, 2015	$ (47)
2,016	(94)
2,017	(94)
2,018	(94)
2,019	$ (94)
Capitalized Software Costs [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	1 year 9 months 18 days
July 1 to December 31, 2015	$ 306
2,016	576
2,017	124
2,018	$ 20
Contract Intangible Asset [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	3 years
July 1 to December 31, 2015	$ 24
2,016	48
2,017	48
2,018	$ 24

Significant Accounting Polici44

Significant Accounting Policies (Schedule of Retained Collateralized Debt Obligation Bonds) (Details) - Jun. 30, 2015 $ in Thousands	USD ($)item
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Collateralized Debt Obligations, Number of Securities | item	9
Retained Collateralized Debt Obligations Bonds, Face Value	$ 369,908
Retained Collateralized Debt Obligations Bonds, Amortized Cost	5,410
Retained Collateralized Debt Obligations Bonds, Gross Unrealized Gain (Loss)	5,295
Retained Collateralized Debt Obligations Bonds, Fair Value	$ 10,705
Retained Collateralized Debt Obligations Bonds, Weighted Average Expected Life	3 years 2 months 12 days
Held-to-maturity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Collateralized Debt Obligations, Number of Securities | item	9
Retained Collateralized Debt Obligations Bonds, Face Value	$ 369,908
Retained Collateralized Debt Obligations Bonds, Amortized Cost	5,410
Retained Collateralized Debt Obligations Bonds, Gross Unrealized Gain (Loss)	5,295
Retained Collateralized Debt Obligations Bonds, Fair Value	$ 10,705
Retained Collateralized Debt Obligations Bonds, Weighted Average Expected Life	3 years 2 months 12 days

Dispositions and Assets Held fo

Dispositions and Assets Held for Sale (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)ft²property	Dec. 31, 2014ft²property	Dec. 09, 2014property	Jun. 09, 2014property
Number of real estate properties | property	43	100
Area of real estate property | ft²	6,808,728	8,999,528
Escrow deposits related to property sales	$ 8,619
Escrow deposit disbursements related to property acquisition	$ 5,050
Bank of America Portfolio [Member]
Number of real estate properties | property			67	67
Sold [Member]
Number of real estate properties | property	3
Area of real estate property | ft²	85,866
Proceeds from the sale of assets	$ 8,619
2 Properties Sold [Member]
Gain (loss) on sale of property	350
1 Property Sold [Member]
Impairment of assets, sold	$ 149
Acquired [Member]
Number of real estate properties | property	1

Dispositions and Assets Held-46

Dispositions and Assets Held-for-Sale (Disclosure of Long Lived Assets Held-for-sale) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments, at cost:
Less: accumulated depreciation	$ (51,773)	$ (27,598)
Total real estate investments, net	1,966,859	1,040,022
Tenant and other receivables, net	22,206	15,398
Total intangible assets	328,719	200,231
Other assets	18,351	23,063
Liabilities:
Accounts payable and accrued expenses	17,056	18,806
Deferred revenue	16,036	11,592
Below-market lease liabilities, net of accumulated amortization of $11,662 and $3,961	227,755	53,826
Other liabilities	7,581	8,263
Total liabilities	1,255,767	577,090
Assets Held-for-sale [Member]
Real estate investments, at cost:
Land	2,640
Building and improvements	7,120
Less: accumulated depreciation	(86)
Total real estate investments, net	9,674
Tenant and other receivables, net	65
Other assets	4
Total assets held for sale	18,011
Leases, Acquired-in-Place [Member]
Real estate investments, at cost:
Total intangible assets	306,651	$ 181,426
Leases, Acquired-in-Place [Member] | Assets Held-for-sale [Member]
Real estate investments, at cost:
Total intangible assets	$ 8,268

Dispositions and Assets Held-47

Dispositions and Assets Held-for-Sale (Schedule of Operating Results of Assets Held-for-Sale Included in Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating Results:
Revenues	$ 71
Operating expenses	38	$ (325)
Marketing, general and administrative	11	(70)
Income (loss) from discontinued operations	$ 120	$ (395)	$ 58	$ (481)
Discontinued Operations Disposed of by Sale [Member]
Operating Results:
Revenues			(29)	14
Operating expenses			248	(319)
Marketing, general and administrative			(161)	(176)
Income (loss) from discontinued operations			$ 58	$ (481)

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	Dec. 19, 2014USD ($)shares	Jun. 30, 2015USD ($)property		Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property		Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)property		Dec. 09, 2014property	Dec. 08, 2014	Jun. 09, 2014USD ($)property	Jun. 08, 2014
Business Acquisition [Line Items]
Total revenues		$ 54,147			$ 20,628	$ 102,082		$ 36,212
Net income (loss)		$ (265)			63,351	$ (261)		62,850
Number of properties | property		43				43			100
Goodwill		$ 3,805				$ 3,805			$ 3,840
Foreign currency transaction gain (loss), realized		4			0	10		0
Property Acquisitions during 2015 [Member]
Business Acquisition [Line Items]
Total revenues		2,149				17,731
Net income (loss)		917				1,985
Property Acquisitions druing 2014 [Member]
Business Acquisition [Line Items]
Total revenues					803			981
Net income (loss)					(313)			(325)
22 Properties Acquired [Member]
Business Acquisition [Line Items]
Number of properties | property									22
11 Properties Acquired [Member]
Business Acquisition [Line Items]
Number of properties | property									11
Threadgreen Europe Limited [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 3,755
Business acquisition, equity interest issued or issuable, number of shares | shares	24,133
Business acquisition, equity interest issued or issuable, value assigned	$ 652
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		1,092				1,092
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities		503				503
Goodwill	$ 3,887	3,802				3,802
Increase to purchase price allocation, real estate assets		190				190
Increase to purchase price allocation, intangible liabilities		105				105
Increase to purchase price allocation, net income						80
Goodwill, period increase (decrease)		$ (85)				$ (85)
Industrial Property [Member]
Business Acquisition [Line Items]
Number of properties | property		21	[1]			21	[1]		24	[2]
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Number of properties | property											67		67
Business combination, recognized identifiable assets acquired and liabilities assumed, assets													$ 616,053
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities													$ 216,409
Business acquisition remaining percentage purchased											50.00%		50.00%	50.00%
Fair value of joint venture													$ 106,294
Equity method investment, ownership percentage												50.00%	50.00%	50.00%
Venture capital gain (loss), net					$ 72,345
Increase to purchase price allocation, real estate assets				$ 123,596
Increase to purchase price allocation, intangible assets				35,346
Increase to purchase price allocation, intangible liabilities				158,942
Increase to purchase price allocation, net income				$ 2,034
Bank of America Portfolio [Member] | Property Acquisitions druing 2014 [Member]
Business Acquisition [Line Items]
Total revenues								3,455
Net income (loss)								$ 429
[1]	The Company assumed mortgages on 16 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $141,033. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[2]	The Company assumed mortgages on four of its property acquisitions in 2014. The unpaid principal value of the mortgages assumed at acquisition was $45,607. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Business Acquisitions, by Acquisition) (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)ft²propertyitem		Dec. 31, 2014USD ($)ft²propertyitem		Dec. 09, 2014property	Dec. 08, 2014	Jun. 09, 2014property	Jun. 08, 2014
Business Acquisition [Line Items]
Number of real estate properties	43		100
Number of buildings | item	49		103
Area of real estate property | ft²	6,808,728		8,999,528
Purchase price of real estate | $	$ 938,592		$ 834,269
16 Properties Acquired during 2015 [Member]
Business Acquisition [Line Items]
Number of real estate properties	16
Assumed mortgage due to acquisition | $	$ 141,033
4 Properties Acquired during 2014 [Member]
Business Acquisition [Line Items]
Number of real estate properties			4
Assumed mortgage due to acquisition | $			$ 45,607
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Number of real estate properties					67		67
Business acquisition, percentage of voting interests acquired					50.00%		50.00%	50.00%
Equity method investment, ownership percentage						50.00%	50.00%	50.00%
Industrial Property [Member]
Business Acquisition [Line Items]
Number of real estate properties	21	[1]	24	[2]
Number of buildings | item	25	[1]	25	[2]
Area of real estate property | ft²	3,931,930	[1]	5,297,891	[2]
Purchase price of real estate | $	$ 294,734	[1]	$ 302,349	[2]
Office/Banking Centers [Member]
Business Acquisition [Line Items]
Number of real estate properties	9	[1]	72	[3]
Number of buildings | item	11	[1]	73	[3]
Area of real estate property | ft²	1,293,601	[1]	3,669,168	[3]
Purchase price of real estate | $	$ 269,010	[1]	$ 494,620	[3]
Specialty Industrial [Member]
Business Acquisition [Line Items]
Number of real estate properties	1		4
Number of buildings | item	1		5
Area of real estate property | ft²	24,700		32,469
Purchase price of real estate | $	$ 6,400		$ 37,300
Specialty Retail [Member]
Business Acquisition [Line Items]
Number of real estate properties	10
Number of buildings | item	10
Area of real estate property | ft²	1,330,544
Purchase price of real estate | $	$ 300,500
Data Centers [Member]
Business Acquisition [Line Items]
Number of real estate properties	2
Number of buildings | item	2
Area of real estate property | ft²	227,953
Purchase price of real estate | $	$ 67,948
[1]	The Company assumed mortgages on 16 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $141,033. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[2]	The Company assumed mortgages on four of its property acquisitions in 2014. The unpaid principal value of the mortgages assumed at acquisition was $45,607. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[3]	Includes the 67 properties that comprise the Bank of America Portfolio, which the Company acquired through its acquisition of the remaining 50% equity interest of the Bank of America Portfolio joint venture on June 9, 2014. Prior to the acquisition, the Company accounted for its prior 50% equity interest in the Bank of America Portfolio as a joint venture.

Real Estate Investments (Sche50

Real Estate Investments (Schedule of Preliminary Purchase Price Allocations Acquired Assets and Liabilites) (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)property	Dec. 09, 2014property	Jun. 09, 2014USD ($)property
Number of properties | property		43		43		100
Real Estate Assets		$ 1,966,859		$ 1,966,859		$ 1,040,022
Net loss		(265)	$ 63,351	(261)	$ 62,850
Bank of America Portfolio [Member]
Number of properties | property							67	67
Intangible assets								$ 111,193
Intangible liabilities								202,783
Assets acquired:
Real estate assets								486,976
Cash								4,108
Accounts receivable								9,999
Intangible assets								111,193
Other assets								3,777
Total assets acquired								616,053
Liabilities assumed:
Accrued expenses								1,614
Deferred revenue								5,012
Intangible liabilities								202,783
Other liabilities								7,000
Total liabilities assumed								216,409
Total consideration paid								$ 399,644
Property Acquisitions during 2015 [Member]
Net loss		$ 917		$ 1,985
40 Properties Acquired [Member]
Number of properties | property		40		40
40 Properties Acquired [Member] | Scenario, Plan [Member]
Real Estate Assets		$ 820,919		$ 820,919
Intangible assets		130,595		130,595
Intangible liabilities		30,271		30,271
Assets acquired:
Intangible assets		130,595		130,595
Liabilities assumed:
Intangible liabilities		$ 30,271		$ 30,271
25 Properties Acquired [Member]
Number of properties | property	[1]	25		25
Decrease to net income, purchase price allocation adjustment	[1]			$ (39)
25 Properties Acquired [Member] | Scenario, Plan [Member]
Real Estate Assets	[1]	$ 265,092		265,092
Intangible assets	[1]	58,438		58,438
Intangible liabilities	[1]	3,645		3,645
Assets acquired:
Intangible assets	[1]	58,438		58,438
Liabilities assumed:
Intangible liabilities	[1]	3,645		3,645
25 Properties Acquired [Member] | Scenario, Actual [Member]
Real Estate Assets	[1]	274,633		274,633
Intangible assets	[1]	48,683		48,683
Intangible liabilities	[1]	3,431		3,431
Assets acquired:
Intangible assets	[1]	48,683		48,683
Liabilities assumed:
Intangible liabilities	[1]	$ 3,431		$ 3,431
Property Acquisitions druing 2014 [Member]
Net loss			$ (313)		(325)
Property Acquisitions druing 2014 [Member] | Bank of America Portfolio [Member]
Net loss					$ 429
22 Properties Acquired [Member]
Number of properties | property						22
Decrease to net income, purchase price allocation adjustment						$ (2,561)
22 Properties Acquired [Member] | Scenario, Plan [Member]
Real Estate Assets						248,977
Intangible assets						27,550
Intangible liabilities						2,236
Assets acquired:
Intangible assets						27,550
Liabilities assumed:
Intangible liabilities						2,236
22 Properties Acquired [Member] | Scenario, Actual [Member]
Real Estate Assets						237,499
Intangible assets						40,792
Intangible liabilities						4,000
Assets acquired:
Intangible assets						40,792
Liabilities assumed:
Intangible liabilities						$ 4,000
11 Properties Acquired [Member]
Number of properties | property						11
11 Properties Acquired [Member] | Scenario, Plan [Member]
Real Estate Assets						$ 115,926
Intangible assets						29,001
Intangible liabilities						2,396
Assets acquired:
Intangible assets						29,001
Liabilities assumed:
Intangible liabilities						$ 2,396
[1]	Allocations for the six months ended June 30, 2015 exclude the Bank of America Portfolio, which is separately disclosed below.

Real Estate Investments (Busine

Real Estate Investments (Business Acquisition, Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	[1]	Jun. 30, 2015	Jun. 30, 2014	[1]
Real Estate Investments [Abstract]
Pro forma revenues		$ 59,128	$ 46,694		$ 122,736	$ 116,042
Pro forma net income (loss) available to common stockholders	[2]	$ 2,166	$ (2,198)		$ 10,620	$ 7,290
Pro forma earnings per common share-basic (in dollars per share)		$ 0.04	$ (0.10)		$ 0.20	$ 0.36
Pro forma earnings per common share-diluted (in dollars per share)		$ 0.04	$ (0.10)		$ 0.20	$ 0.35
Pro forma common shares-basic (in shares)		56,363,272	23,000,871		51,975,347	20,529,075
Pro forma common share-diluted (in shares)		57,307,876	23,000,871		53,019,736	21,112,594
[1]	The Company adjusted its pro forma net income for the three and six months ended June 30, 2014 for the $72,345 gain on remeasurement of a previously held joint venture that was recorded in the second quarter of 2014 because it was directly related to the Company's acquisition of the remaining 50% equity interest in the Bank of America Portfolio joint venture.
[2]	Net income for each period has been adjusted for acquisition costs related to the property acquisitions during the period.

Investments in Joint Ventures52

Investments in Joint Ventures and Equity Investments (Narrative) (Details) € in Thousands, $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2014EUR (€)ft²property	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2015EUR (€)	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2014EUR (€)ft²property	Dec. 09, 2014USD ($)property	Dec. 08, 2014	Jun. 09, 2014property	Jun. 08, 2014
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties	100	100	43		100	100
Area of real estate property | ft²	8,999,528	8,999,528	6,808,728		8,999,528	8,999,528
Purchase price of real estate | $			$ 938,592		$ 834,269
Philips Building [Member]
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage			25.00%
Mortgage loans on real estate, face amount of mortgages | $			$ 41,000
Area of real estate property | ft²			200,000
Percentage of occupancy			100.00%
Bank of America Portfolio [Member]
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage								50.00%	50.00%	50.00%
Business acquisition remaining percentage purchased							50.00%		50.00%	50.00%
Mortgage loans on real estate, face amount of mortgages | $							$ 200,000
Number of real estate properties							67		67
Gramercy Europe [Member]
Investments in and Advances to Affiliates [Line Items]
Payments to acquire limited partnership interests			$ 2,638	€ 2,390	$ 0	€ 0
Accrued amount for limited partnership interests			$ 446	€ 396
Equity method investment, ownership percentage	19.80%	19.80%			19.80%	19.80%
Gramercy Europe Commited [Member]
Investments in and Advances to Affiliates [Line Items]
Payments to acquire limited partnership interests	$ 55,735	€ 50,000
Acquired [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties			1

Investments in Joint Ventures53

Investments in Joint Ventures and Equity Investments (Schedule of Combined Balance Sheet for the Company's Joint Venture2) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Other assets	$ 18,351	$ 23,063
Total assets	2,437,826	1,500,000
Liabilities and members' equity:
Other liabilities	7,581	8,263
Members' equity	171
Corporate Joint Ventures and Equity Method Investments [Member]
Assets:
Real estate assets, net	69,592	46,575
Other assets	19,178	15,225
Total assets	88,770	61,800
Liabilities and members' equity:
Mortgage payables	54,376	41,000
Other liabilities	16,949	16,602
Members' equity	17,445	4,198
Liabilities and members' equity	$ 88,770	$ 61,800

Investments in Joint Ventures54

Investments in Joint Ventures and Equity Investments (Schedule of Combined Income Statement for the Company's Joint Venture) (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Investments in and Advances to Affiliates [Line Items]
Interest		$ 7,728		$ 3,791		$ 13,998		$ 6,136
Total expenses		54,860		27,990		101,656		44,248
Net income (loss) from operations	[1]	(406)		63,746		(382)		63,331
Provision for taxes		(17)		(437)		(1,131)		(806)
Net income (loss) attributable to Gramercy Property Trust Inc.		(265)		63,351		(261)		62,850
Company's equity in net income within continuing operations		123		1,125		122		1,753
Corporate Joint Ventures and Equity Method Investments [Member]
Investments in and Advances to Affiliates [Line Items]
Revenues		1,316	[2]	13,839	[3]	2,274	[2]	30,730	[3]
Operating expenses				6,040	[3]	528	[2]	14,204	[3]
Interest		573	[2]	2,274	[3]	1,094	[2]	5,063	[3]
Depreciation		526	[2]	3,506	[3]	840	[2]	8,046	[3]
Total expenses		1,099	[2]	11,820	[3]	2,462	[2]	27,313	[3]
Net income (loss) from operations		$ 217	[2]	2,019	[3]	$ (188)	[2]	3,417	[3]
Net gain (loss) on disposals	[3]			6				(215)
Provision for taxes				(41)	[3]			(41)	[3]
Net income (loss) attributable to Gramercy Property Trust Inc.		$ 217	[2]	1,984	[3]	$ (188)	[2]	3,161	[3]
Company's equity in net income within continuing operations		$ 123	[2]	$ 1,125	[3]	$ 122	[2]	$ 1,753	[3]
[1]	Net income (loss) from continuing operations represents loss before discontinued operations.
[2]	The results of operations for the three and six months ended June 30, 2015 include the Gramercy European Property Fund's results for the period as the equity investment was formed by the Company and several investment partners in December 2014.
[3]	The results of operations for the three and six months ended June 30, 2014 include the Bank of America Portfolio joint venture's results for the periods April 1, 2014 through June 9, 2014 and January 1, 2014 through June 9, 2014, respectively. Subsequent to the Company's acquisition of the remaining 50% equity interest in the Bank of America Portfolio, on June 9, 2014, the results of operations for the Bank of America Portfolio are consolidated into the Company's Condensed Consolidated Statements of Operations.

Investments in Joint Ventures55

Investments in Joint Ventures and Equity Investments (Summary of Activity in Joint Ventures and Equity Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Equity in net income (loss) of joint ventures and equity investments	$ 123	$ 1,125	$ 122	$ 1,753
Contributions to joint venture or equity investment	2,036		2,638
Distributions from joint venture or equity investment	103	$ 3,203	206	$ 7,006
Investments in joint ventures	2,552		2,552		$ 0
Gramercy European Property Fund [Member]
Equity in net income (loss) of joint ventures and equity investments	20		(84)
Contributions to joint venture or equity investment	2,036		2,638
Distributions from joint venture or equity investment
Investments in joint ventures	$ 2,552		$ 2,552
Bank of America Portfolio [Member]
Equity in net income (loss) of joint ventures and equity investments		$ 1,022		$ 1,547
Contributions to joint venture or equity investment
Distributions from joint venture or equity investment		3,100		6,800
Investments in joint ventures
Philips Building [Member]
Equity in net income (loss) of joint ventures and equity investments	$ 103	103	$ 206	206
Distributions from joint venture or equity investment	$ 103	$ 103	$ 206	$ 206

Debt Obligations (Secured Debt)

Debt Obligations (Secured Debt) (Narrative) (Details) $ in Thousands	Feb. 28, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 09, 2015USD ($)	Dec. 31, 2014USD ($)property	Jan. 31, 2014USD ($)
Debt Obligation [Line Items]
Number of real estate properties | property		43		100
Senior Secured Revolving Credit Facility [Member]
Debt Obligation [Line Items]
Line of credit facility, current borrowing capacity	$ 150,000		$ 150,000		$ 100,000
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate		1.90%
Accordian Feature [Member]
Debt Obligation [Line Items]
Line of credit facility, increase (decrease), net	$ 50,000
16 Properties Acquired [Member]
Debt Obligation [Line Items]
Non-recourse debt		$ 141,033
Number of real estate properties | property		16
4 Properties Acquired [Member]
Debt Obligation [Line Items]
Non-recourse debt				$ 45,607
Number of real estate properties | property				4

Debt Obligations (Unsecured Deb

Debt Obligations (Unsecured Debt) (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jan. 31, 2015	Jun. 30, 2015	Jul. 31, 2015	Jun. 09, 2015	May. 31, 2015	Jun. 09, 2014	Feb. 28, 2014	Jan. 31, 2014
Unsecured Revolving Credit and Term Loan Agreement [Member]
Debt Obligation [Line Items]
Debt instrument, face amount	$ 1,000,000,000
Debt instrument, covenant compliance		The Company was in compliance with the covenants under the facilities at June 30, 2015
Unsecured Revolving Credit and Term Loan Agreement [Member] | Financial Guarantee [Member]
Debt Obligation [Line Items]
Debt instrument, face amount						$ 400,000,000
Term Loan [Member]
Debt Obligation [Line Items]
Debt instrument, face amount						200,000,000
Debt instrument, maturity date		Jun. 30, 2019
Term Loan [Member] | JP Morgan Chase Bank North America [Member]
Debt Obligation [Line Items]
Debt instrument, interest rate, effective percentage		3.42%
Term Loan [Member] | Interest Rate Hedge [Member] | JP Morgan Chase Bank North America [Member]
Debt Obligation [Line Items]
Debt instrument, interest rate, effective percentage		1.82%
Term Loan [Member] | London Interbank Offered Rate LIBOR 30-Day [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate		1.60%
Term Loan [Member] | Base Rate [Member] | JP Morgan Chase Bank North America [Member]
Debt Obligation [Line Items]
Debt instrument, interest rate, effective percentage		1.60%
Term Loan [Member] | Financial Guarantee [Member]
Debt Obligation [Line Items]
Long-term Debt, Gross		$ 200,000,000
Unsecured Credit Facillity [Member]
Debt Obligation [Line Items]
Debt instrument, face amount						$ 200,000,000
Line of credit facility, current borrowing capacity	400,000,000
Line of credit facility, increase (decrease), net	200,000,000
Debt instrument, maturity date		Jun. 30, 2018
Unsecured Credit Facillity [Member] | London Interbank Offered Rate LIBOR 30-Day [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate		1.65%
Unsecured Credit Facillity [Member] | Financial Guarantee [Member]
Debt Obligation [Line Items]
Long-term Debt, Gross		$ 350,000,000
Accordian Feature [Member]
Debt Obligation [Line Items]
Line of credit facility, current borrowing capacity	$ 200,000,000
Unsecured Tranche One [Member]
Debt Obligation [Line Items]
Debt instrument, face amount					$ 350,000,000
Unsecured Tranche Two [Member]
Debt Obligation [Line Items]
Debt instrument, face amount					$ 50,000,000
Senior Secured Revolving Credit Facility [Member]
Debt Obligation [Line Items]
Line of credit facility, current borrowing capacity				$ 150,000,000			$ 150,000,000	$ 100,000,000
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate		1.90%
Minimum [Member] | Unsecured Revolving Credit and Term Loan Agreement [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate		1.35%
Maximum [Member] | Unsecured Revolving Credit and Term Loan Agreement [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate		2.05%
Subsequent Event [Member] | Term Loan [Member]
Debt Obligation [Line Items]
Debt instrument, face amount			$ 300,000,000
Subsequent Event [Member] | Unsecured Credit Facillity [Member]
Debt Obligation [Line Items]
Debt instrument, face amount			$ 450,000,000

Debt Obligations (Exchangeable

Debt Obligations (Exchangeable Senior Notes) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015$ / shares	Jun. 30, 2014USD ($)	Mar. 18, 2014USD ($)
Debt Obligation [Line Items]
Reclassification of fair value of embedded exchange option on 3.75% exchangeable senior notes		$ 11,726,000
Convertible Debt [Member] | Exchangeable Senior Notes 3.75% [Member]
Debt Obligation [Line Items]
Debt instrument, face amount			$ 115,000,000
Debt instrument, interest rate, stated percentage	3.75%
Debt instrument, maturity date	Mar. 15, 2019
Debt instrument, redemption price, percentage of principal amount redeemable	100.00%
Debt instrument, convertible, conversion price | $ / shares	$ 24.76
Debt instrument, convertible, conversion ratio	40.3832
Derivative, loss on derivative		$ 3,415,000

Debt Obligations (Schedule of M

Debt Obligations (Schedule of Mortgage Notes Payable) (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)property
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties		27	11
Mortgage notes payable, balance		$ 308,543	$ 161,642
Above Below Market Interest [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, balance		$ 11,920	$ 3,581
Secured Debt [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties		27	11
Mortgage notes payable, balance		$ 296,623	$ 158,061
Secured Debt [Member] | Fixed-Rate Mortgages [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties		26	10
Mortgage notes payable, balance		$ 280,990	$ 142,279
Mortgage notes payable, minimum interest rate in range		3.28%	3.28%
Mortgage notes payable, maximum interest rate in range		7.46%	7.46%
Mortgage notes payable, weighted average effective interest rate		5.44%	5.41%
Secured Debt [Member] | Variable Rate Mortgages [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties	[1]	1	1
Mortgage notes payable, balance	[1]	$ 15,633	$ 15,782
Mortgage notes payable, weighted average effective interest rate	[1]	2.26%	2.26%
Mortgage notes payable, maturity date	[1]	Dec. 31, 2020	Dec. 31, 2020
Minimum [Member] | Secured Debt [Member] | Fixed-Rate Mortgages [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, maturity date		Oct. 31, 2016	Oct. 31, 2016
Maximum [Member] | Secured Debt [Member] | Fixed-Rate Mortgages [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, maturity date		Jun. 30, 2029	Jun. 30, 2029
London Interbank Offered Rate LIBOR 30-Day [Member] | Secured Debt [Member] | Variable Rate Mortgages [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, minimum interest rate in range	[1]	2.10%	2.10%
[1]	The floating interest rate on this mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 10 for further information on hedging and the Company's derivative instruments.

Debt Obligations (Schedule of60

Debt Obligations (Schedule of Maturities of Long-term Debt) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Longterm Debt Maturities [Line Items]
Long-term debt, Total	$ 1,108,886
July 1 through December 31, 2015, interest	16,787
2016, interest	33,182
2017, interest	31,222
2018, interest	26,218
2019, interest	16,440
Thereafter, interest	17,889
Above market interest, interest	5,525
Interest Payments, Total	147,263
July 1 through December 31, 2015, Total	19,880
2016, Total	61,015
2017, Total	52,840
2018, Total	410,859
2019, Total	337,322
Thereafter, Total	221,445
Above market interest, Total	5,525
Unsecured Debt [Member]
Longterm Debt Maturities [Line Items]
2,018	350,000
2,019	200,000
Long-term debt, Total	550,000
Mortgages [Member]
Longterm Debt Maturities [Line Items]
July 1 through December 31, 2015	3,093
2,016	27,833
2,017	21,618
2,018	34,641
2,019	5,882
Thereafter	203,556
Long-term debt, Total	296,623
Exchangeable Senior Notes 3.75% [Member]
Longterm Debt Maturities [Line Items]
2,019	115,000
Long-term debt, Total	$ 115,000
Exchangeable Senior Notes 3.75% [Member] | Convertible Debt [Member]
Longterm Debt Maturities [Line Items]
Debt instrument, interest rate, stated percentage	3.75%

Leasing Agreements (Narrative)

Leasing Agreements (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015
Leasing Agreements [Abstract]
Operating leases expiration, year	2,039

Leasing Agreements (Schedule of

Leasing Agreements (Schedule of Future Minimum Rental Payments for Leasing Agreements) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Leasing Agreements [Abstract]
July 1 through December 31, 2015	$ 77,519
2,016	158,109
2,017	157,338
2,018	153,557
2,019	145,583
Thereafter	1,014,150
Total minimum lease rental income	$ 1,706,256

Transactions with Director Re63

Transactions with Director Related Entities and Related Parties (Narrative) (Details) € in Thousands, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended			12 Months Ended
	Jan. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2014EUR (€)ft²property	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2015EUR (€)ft²property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2014EUR (€)ft²property
Related Party Transaction [Line Items]
Number of properties | property		100	100	43		43	43		100	100
Area of real estate property | ft²		8,999,528	8,999,528	6,808,728		6,808,728	6,808,728		8,999,528	8,999,528
Purchase price of property						$ 787,227		$ 190,938
Operating leases, rent expense				$ 394	$ 93	778		93
Gramercy Europe [Member]
Related Party Transaction [Line Items]
Payments to acquire limited partnership interests						2,638	€ 2,390		$ 0	€ 0
Gramercy Europe Commited [Member]
Related Party Transaction [Line Items]
Payments to acquire limited partnership interests		$ 55,735	€ 50,000
Chief Executive Officer [Member] | Gramercy European Property Fund Commited [Member]
Related Party Transaction [Line Items]
Payments to acquire limited partnership interests						1,500	1,250
Managing Directors Alistair D Calvert and Michael J Heal [Member] | Gramercy European Property Fund Commited [Member]
Related Party Transaction [Line Items]
Payments to acquire limited partnership interests						$ 1,500	€ 1,250
Fifth Fee Owner LLC [Member]
Related Party Transaction [Line Items]
Area of real estate property | ft²				6,580		6,580	6,580
Operating leases, rent expense				$ 94	$ 92	$ 188		$ 184
Fifth Fee Owner LLC [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Operating leases, rent expense, minimum rentals						368
Fifth Fee Owner LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Operating leases, rent expense, minimum rentals						$ 466
3 Properties Acquired [Member]
Related Party Transaction [Line Items]
Purchase price of property	$ 19,750
3 Properties Acquired [Member] | Milwaukee, Wisconsin [Member]
Related Party Transaction [Line Items]
Area of real estate property | ft²	450,000

Fair Value of Financial Instr64

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value of Financial Instruments [Abstract]
Change in net unrealized (gain) loss on derivative instruments	$ (1,468)	$ 2,062	$ 664	$ 2,203

Fair Value of Financial Instr65

Fair Value of Financial Instruments (Schedule of Carrying Value and Fair Value Disclosure) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Financial assets:
Retained CDO Bonds, Carrying Value	[1],[2]	$ 10,705	$ 4,293
Retained CDO Bonds, Fair Value	[1],[2]	10,705	4,293
Marketable securities, Carrying Value	[3]		165,001
Marketable securities, Fair Value	[3]		165,001
Financial liabilities:
Derivative instruments, fair value		3,853	3,189
Mortgage notes payable, Carrying Value	[1]	308,543	161,642
Mortgage notes payable, Fair Value	[1]	314,327	165,907
Exchangeable senior notes, Carrying Value	[1]	108,605	107,836
Exchangeable senior notes, Fair Value	[1]	115,661	116,064
Unsecured Credit Facillity [Member]
Financial liabilities:
Term Loan, Carrying Value	[1]	200,000	200,000
Term Loan, Fair Value	[1]	200,204	199,997
Line of credit, Carrying Value	[1]	350,000
Line of credit, Fair Value	[1]	350,816
Interest Rate Swap [Member]
Financial liabilities:
Derivative instruments, Carrying Value		3,853	3,189
Derivative instruments, fair value		$ 3,853	$ 3,189
[1]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
[2]	Retained CDO Bonds represent the CDOs' subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation.
[3]	Marketable securities represent the Company's investment in U.S. treasury securities, which are classified in cash and cash equivalents on the Condensed Consolidated Balance Sheets.

Fair Value of Financial Instr66

Fair Value of Financial Instruments (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds	$ 10,705	$ 4,293
Financial Assets	10,705	169,294
Financial Liabilities	3,853	3,189
External Credit Rating, Non Investment Grade [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds	10,705	4,293
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets		165,001
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets		165,001
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets		165,001
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets	10,705	4,293
Financial Liabilities	3,853	3,189
Fair Value, Inputs, Level 3 [Member] | External Credit Rating, Non Investment Grade [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds	10,705	4,293
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	3,853	3,189
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 3,853	$ 3,189

Fair Value of Financial Instr67

Fair Value of Financial Instruments (Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Fair Value	[1],[2]	$ 10,705	$ 4,293
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Fair Value		$ 10,705
Retained CDO Bonds, Valuation Technique		Discounted cash flows
Retained CDO Bonds, Unobservable Inputs		Discount rate
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Fair Value		$ 3,853
Retained CDO Bonds, Valuation Technique		Hypothetical derivative method
Retained CDO Bonds, Unobservable Inputs		Credit borrowing spread
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained collateralized debt obligations bonds discount basis points		1.50%
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Collateralized Debt Obligations Bonds [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Range		20.00%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained collateralized debt obligations bonds discount basis points		2.50%
[1]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
[2]	Retained CDO Bonds represent the CDOs' subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation.

Fair Value of Financial Instr68

Fair Value of Financial Instruments (Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Fair Value, Inputs, Level 3 [Member] - Collateralized Debt Obligations Bonds [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2014	$ 4,293
Amortization of discounts or premiums	651
Adjustments to fair value:
Included in other comprehensive income	$ 5,761
Other-than-temporary impairments
Balance as of June 30, 2015	$ 10,705

Fair Value of Financial Instr69

Fair Value of Financial Instruments (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded exchange option	[1],[2]	$ 10,705	$ 4,293
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2014		3,189
Adjustments to fair value:
Unrealized loss on derivatives		664
Balance as of June 30, 2015		$ 3,853
[1]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
[2]	Retained CDO Bonds represent the CDOs' subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation.

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative liability, fair value, amount not offset against collateral, total	$ 3,853		$ 3,853		$ 3,189
Gain (loss) on interest rate fair value hedge ineffectiveness	0	$ 0	0	$ 0
Gain (loss) on fair value hedge ineffectiveness, net	$ 0	$ 0	0	$ 0
Scenario, Plan [Member]
Amount expected to be reclassified			$ 3,152

Derivative Instruments (Schedul

Derivative Instruments (Schedule of Derivative Instruments) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Derivative [Line Items]
Derivative, Notional Amount	$ 215,633
Derivative, Fair Value, Net, Total	$ 3,853
Interest Rate Swap 4.55% Strike Rate [Member]
Derivative [Line Items]
Derivative, Benchmark Rate	1 mo. USD-LIBOR-BBA
Derivative, Notional Amount	$ 15,633
Derivative, Strike Rate	4.55%
Derivative, Fair Value, Net, Total	$ 589
Derivative, Inception Date	Dec. 19, 2013
Derivative, Maturity Date	Dec. 19, 2020
Interest Rate Swap 1.82% Strike Rate [Member]
Derivative [Line Items]
Derivative, Benchmark Rate	1 mo. USD-LIBOR-BBA
Derivative, Notional Amount	$ 200,000
Derivative, Strike Rate	1.82%
Derivative, Fair Value, Net, Total	$ 3,264
Derivative, Inception Date	Sep. 9, 2014
Derivative, Maturity Date	Jun. 9, 2019

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands	Mar. 20, 2015	Jun. 30, 2015$ / sharesshares	Apr. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015$ / shares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)	Jun. 22, 2015shares	Dec. 31, 2014$ / sharesshares
Capital stock authorized		230,000,000			230,000,000
Capital stock par value | $ / shares		$ 0.001			$ 0.001
Preferred stock, shares authorized		25,000,000			25,000,000
Preferred stock, par or stated value per share | $ / shares		$ 0.001			$ 0.001
Excess stock, shares authorized		5,000,000			5,000,000
Excess stock par or stated value per share | $ / shares					$ 0.001
Common stock, shares authorized		200,000,000			200,000,000		400,000,000	220,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001			$ 0.001			$ 0.001
Common stock, shares issued		57,396,418			57,396,418			46,736,392
Common stock, shares outstanding		57,396,418			57,396,418			46,736,392
Excess stock, shares issued		0			0
Excess stock, shares outstanding		0			0
Stockholders' equity, reverse stock split					1-for-4 reverse stock split
Stockholders' equity note, stock split, conversion ratio	4
Dividends declared, month and year		2015-06		2015-03	2015-06
Dividends payable, amount per share | $ / shares		$ 0.22		$ 0.20	$ 0.22
Dividends payable, date to be paid		Jul. 15, 2015		Apr. 15, 2015
Dividends payable, date of record		Jun. 30, 2015		Mar. 31, 2015
Stock issued during period, shares, new issues			9,775,000
Stock issued during period, value, new issues | $					$ 289,910
Proceeds from issuance of common stock | $			$ 259,325		289,910	$ 229,080
Underwriters [Member]
Stock issued during period, shares, new issues			1,275,000
Shares issued, price per share | $ / shares			$ 27.75
Parent Company [Member]
Stock issued during period, value, new issues | $					$ 289,910
Series B Preferred Stock [Member]
Preferred stock, shares authorized		3,500,000			3,500,000			3,500,000
Preferred stock, par or stated value per share | $ / shares		$ 0.001			$ 0.001			$ 0.001
Preferred stock, shares issued		3,500,000			3,500,000			3,500,000
Preferred stock, shares outstanding		3,500,000			3,500,000			3,500,000

Stockholders' Equity (At-The-Ma

Stockholders' Equity (At-The-Market Equity Offering Program) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Sep. 30, 2014
Schedule of Stockholders Equity Stock Option [Line Items]
Stock issued during period, value, new issues				$ 289,910
Stock issued during period, shares, new issues	9,775,000
At-The-Market Equity Offering Program [Member]
Schedule of Stockholders Equity Stock Option [Line Items]
Stock issued during period, shares, new issues		86,897		656,711
Proceeds from issuance of common stock, net		$ 2,358		$ 18,292
At-The-Market Equity Offering Program [Member] | Scenario, Plan [Member]
Schedule of Stockholders Equity Stock Option [Line Items]
Stock issued during period, value, new issues			$ 100,000		$ 100,000

Stockholders' Equity (Preferred

Stockholders' Equity (Preferred Stock) (Narrative) (Details) - Subsequent Event Type [Domain] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Dividends payable	$ 12,924	$ 9,579
Series B Preferred Stock [Member]
Preferred stock, shares outstanding	3,500,000	3,500,000
Preferred stock, dividend rate, percentage	7.125%
Preferred stock, redemption price per share	$ 25
Preferred stock, dividend rate, per-dollar-amount	$ 1.78125
Dividends payable	$ 0	$ 0

Stockholders' Equity (Equity In

Stockholders' Equity (Equity Incentive Plans) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Phantom Share Units (PSUs) [Member]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period				153,094
Share-based compensation arrangement by share-based payment award, options, outstanding, number, beginning balance		154,594		154,594
Equity Incentive Plan [Member]
Granted, other than options				612,945
Shares vesting percentage				70.00%
Share based compensation		$ 253	$ 212	$ 498	$ 460
Share based compensation expense, not yet recognized		4,827		$ 4,827
Share based compensation expense, not yet recognized, period of recognition				46 months
2012 Outperformance Plan [Member] | Long Term Incentive Plan Units (LTIP) [Member]
Share based compensation		488	$ 297	$ 976	$ 594
Share based compensation expense, not yet recognized		$ 3,670		$ 3,670
Share based compensation expense, not yet recognized, period of recognition				23 months
Grant date fair value	$ 2,715
2015 Equity Incentive Plan [Member]
Shares authorized for issuance, per plan		3,200,000		3,200,000
Shares available for grant		3,093,626		3,093,626
Minimum [Member] | Equity Incentive Plan [Member]
Purchase price percentage of market value				100.00%

Stockholders' Equity (Earnings

Stockholders' Equity (Earnings Per Share) (Narrative) (Details) - Jun. 30, 2015 - $ / shares	Total	Total
Weighted average common stock price, benchmark to exclude coversion premium		$ 24.76
Weighted average number of shares, restricted stock	170,634	166,939
Equity Option [Member]
Antidilutive securities excluded from computation of earnings per share, amount	15,064	15,381
Stock Compensation Plan [Member]
Antidilutive securities excluded from computation of earnings per share, amount	692,806
Phantom Share Units (PSUs) [Member]
Antidilutive securities excluded from computation of earnings per share, amount	154,594	154,594
Operating Partnership Units [Member]
Antidilutive securities excluded from computation of earnings per share, amount	485,374	509,247
Unvested Restricted Stock [Member]
Antidilutive securities excluded from computation of earnings per share, amount		689,111
Exchangeable Senior Notes 3.75% [Member]
Antidilutive securities excluded from computation of earnings per share, amount	347,297	446,765

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Calculation of Numerator and Denominator in Earnings per Share) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator-Income (loss)
Net income (loss) from continuing operations		$ (406)	$ 63,746	$ (382)	$ 63,331
Net income (loss) from discontinued operations		120	(395)	58	(481)
Net loss		(286)	$ 63,351	(324)	$ 62,850
Net loss attributable to noncontrolling interest		21		63
Preferred stock dividends		(1,558)	$ (1,791)	(3,117)	$ (3,581)
Net income (loss) available to common stockholders		$ (1,823)	$ 61,560	$ (3,378)	$ 59,269
Denominator-Weighted Average shares:
Weighted average basic shares outstanding	[1]	55,612,741	23,188,500	51,204,638	20,529,075
Effect of dilutive securities
Unvested share based payment awards (in shares)			425,708		425,708
Options (in shares)			15,983		16,134
Phantom stock units (in shares)			141,677		141,677
OP Units (in shares)
Exchangeable senior notes (in shares)
Diluted shares (in shares)	[1]	55,612,741	23,771,868	51,204,638	21,112,594
[1]	Adjusted for the 1-for-4 reverse stock split completed on March 20, 2015. Refer to Note 11, "Stockholders' Equity," for further information related to the reverse stock split.

Stockholders' Equity (Schedul78

Stockholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Stockholders' Equity Abstract]
Net unrealized loss on derivatives instruments	$ (3,853)	$ (3,189)
Net unrealized gain on debt securities	5,295	(466)
Foreign currency translation adjustments	3	(48)
Total accumulated other comprehensive income (loss)	$ 1,445	$ (3,703)

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ / shares in Units, $ in Thousands	Mar. 20, 2015	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / shares	Jul. 31, 2014shares
Common stock, par or stated value per share | $ / shares		$ 0.001	$ 0.001
Fair value of Operating Partnership units | $		$ 11,277	$ 16,129
Stockholders' equity attributable to noncontrolling interest | $		$ 137
Stockholders' equity, reverse stock split		1-for-4 reverse stock split
Stockholders' equity note, stock split, conversion ratio	4
Operating Partnership Units [Member]
Temporary Equity, Shares Issued				944,601
Noncontrolling interest, ownership percentage by noncontrolling owners		0.81%
Limited partners' capital account, units outstanding		469,868
Limited partners' capital account, units authorized		469,868
Fair value of Operating Partnership units | $		$ 11,277	$ 16,129

Noncontrolling Interests (Nonco

Noncontrolling Interests (Noncontrolling Interest in the Operating Partnership) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Noncontrolling Interests [Abstract]
Balance at beginning of period	$ 16,129
Issuance of noncontrolling interests in the operating partnership
Redemption noncontrolling interests in the operating partnership	$ (3,127)
Net loss attribution	(34)
Fair value adjustment	(1,490)
Distributions	(201)
Balance at end of period	$ 11,277

Commitments and Contingencies81

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2015	Dec. 31, 2010	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 08, 2014	Jun. 09, 2014	Jun. 08, 2014
Commitments And Contingencies [Line Items]
Operating leases, rent expense			$ 394	$ 93	$ 778	$ 93
Herald Square Property [Member]
Commitments And Contingencies [Line Items]
Equity method investment, ownership percentage		45.00%
Herald Square Property [Member] | New York State Division of Taxation and Finance [Member]
Commitments And Contingencies [Line Items]
Loss contingency accrual							$ 4,454
Additional interest recorded in discontinued operations			0	68	68	136
Herald Square Property [Member] | NYC DOF [Member]
Commitments And Contingencies [Line Items]
Real estate tax expense	$ 4,025	$ 2,924
Herald Square Property [Member] | NYS DOT [Member]
Commitments And Contingencies [Line Items]
Real estate tax expense	$ 617	$ 446
Bank of America Portfolio [Member]
Commitments And Contingencies [Line Items]
Equity method investment, ownership percentage								50.00%	50.00%	50.00%
Loss contingency accrual			7,000		7,000
Maximum [Member] | Bank of America Portfolio [Member]
Commitments And Contingencies [Line Items]
Loss contingency accrual			12,000		12,000
Minimum [Member] | Bank of America Portfolio [Member]
Commitments And Contingencies [Line Items]
Loss contingency accrual			7,000		7,000
Fifth Fee Owner LLC [Member]
Commitments And Contingencies [Line Items]
Operating leases, rent expense			$ 94	$ 92	$ 188	$ 184

Commitments and Contingencies82

Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies [Abstract]
July 1 through December 31, 2015, operating	$ 774
2016, operating	1,533
2017, operating	1,532
2018, operating	1,532
2019, operating	1,447
Thereafter, operating	45,312
Total minimum rent expense, operating	52,130
Thereafter, capital	329
Total minimum rent expense, captial	329
July 1 through December 31, 2015, total	774
2016, total	1,533
2017, total	1,532
2018, total	1,532
2019, total	1,447
Thereafter, total	45,641
Total minimum rent expense	$ 52,459

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Abstract]
Income tax expense (benefit)	$ 17	$ 437	$ 1,131	$ 806

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment				2
Total revenues		$ 54,147	$ 20,628	$ 102,082	$ 36,212
Equity in net loss from unconsolidated joint ventures		123	1,125	122	1,753
Total operating and interest expense	[1]	(54,676)	41,993	(102,586)	25,366
Net income (loss) from continuing operations	[2]	(406)	63,746	(382)	63,331
Assets:
Total assets		2,437,826		2,437,826		$ 1,500,000
Depreciation and amortization		24,716	6,760	43,414	10,145
Income tax expense (benefit)		17	437	1,131	806
Gain on remeasurement of previously held joint venture		0	72,345	0	72,345
Asset Management Financial Measures [Member]
Segment Reporting Information [Line Items]
Total revenues		4,228	7,054	12,408	14,019
Total operating and interest expense	[1]	(4,820)	(6,058)	(11,358)	(12,528)
Net income (loss) from continuing operations	[2]	(592)	996	1,050	1,491
Assets:
Total assets		11,137		11,137		8,140
Investments Corporate [Member]
Segment Reporting Information [Line Items]
Total revenues		49,919	13,574	89,674	22,193
Equity in net loss from unconsolidated joint ventures		123	1,125	122	1,753
Total operating and interest expense	[1]	(49,856)	48,051	(91,228)	37,894
Net income (loss) from continuing operations	[2]	186	$ 62,750	(1,432)	$ 61,840
Assets:
Total assets		$ 2,426,689		$ 2,426,689		$ 1,491,860
[1]	Total operating and interest expense includes operating costs on commercial property assets for the Investments/Corporate segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $24,716 and $6,760, provision for taxes of $17 and $437 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the three months ended June 30, 2015 and 2014, respectively, are included in the amounts presented above. Depreciation and amortization of $43,414 and $10,145, provision for taxes of $1,131 and $806 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the six months ended June 30, 2015 and 2014, respectively, are included in the amounts presented above.
[2]	Net income (loss) from continuing operations represents loss before discontinued operations.

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	Jul. 29, 2015USD ($)	Jul. 31, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)ft²property$ / shares		Jun. 30, 2014USD ($)	May. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2014ft²property$ / shares		Jun. 09, 2014USD ($)
Subsequent Event [Line Items]
Number of real estate properties | property			43					100
Area of real estate property | ft²			6,808,728					8,999,528
Purchase price of property			$ 787,227,000		$ 190,938,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.001					$ 0.001
Subsequent Event [Member]
Subsequent Event [Line Items]
Long-term line of credit		$ 335,000,000
Proceeds from sale of property held-for-sale	$ 19,100,000
Chambers Street Properties [Member]
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01
Industrial Property [Member]
Subsequent Event [Line Items]
Number of real estate properties | property			21	[1]				24	[2]
Area of real estate property | ft²			3,931,930	[1]				5,297,891	[2]
Industrial Property [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of real estate properties | property			3
Area of real estate property | ft²			947,192
Purchase price of property			$ 100,400,000
Assumed mortgage due to acquisition			$ 12,844,000
Debt instrument, interest rate, stated percentage			4.28%
Debt instrument, maturity date			Jan. 31, 2019
Percentage of occupancy			100.00%
Unsecured Revolving Credit and Term Loan Agreement [Member]
Subsequent Event [Line Items]
Debt instrument, face amount							$ 1,000,000,000
Term Loan [Member]
Subsequent Event [Line Items]
Debt instrument, maturity date			Jun. 30, 2019
Debt instrument, face amount										$ 200,000,000
Term Loan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Long-term line of credit		$ 300,000,000
Debt instrument, face amount		300,000,000
Unsecured Credit Facillity [Member]
Subsequent Event [Line Items]
Debt instrument, maturity date			Jun. 30, 2018
Debt instrument, face amount										$ 200,000,000
Unsecured Credit Facillity [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of long-term lines of credit		15,000,000
Proceeds from long-term lines of credit		100,000,000
Long-term line of credit		335,000,000
Debt instrument, face amount		450,000,000
Unsecured Tranche One [Member]
Subsequent Event [Line Items]
Debt instrument, face amount						$ 350,000,000
Unsecured Tranche Two [Member]
Subsequent Event [Line Items]
Debt instrument, face amount						$ 50,000,000
Merger Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Potential termination costs of agreement		$ 43,506,000
Merger Agreement [Member] | Chambers Street Properties [Member]
Subsequent Event [Line Items]
Conversion common stock, ratio		3.1898
Merger Agreement [Member] | Chambers Street Properties [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Potential termination costs of agreement		$ 61,199,000
Additional, reimbursable amount		$ 20,000,000
Series A Preferred Stock [Member] | Merger Agreement [Member] | Chambers Street Properties [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Shares received of acquired entity's preferred stock, conversion | shares		1
Preferred stock, dividend rate, percentage		7.125%
[1]	The Company assumed mortgages on 16 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $141,033. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[2]	The Company assumed mortgages on four of its property acquisitions in 2014. The unpaid principal value of the mortgages assumed at acquisition was $45,607. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.