Gramercy Property Trust 8-K/A 22 Dec 15 Financial Statements and Exhibits Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Gramercy Property Trust
Entity Central Index Key	1,297,587
Document Type	8-K/A
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Current Fiscal Year End Date	--12-31
Trading Symbol	gpt

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Real estate investments, at cost:
Land	$ 439,591	$ 239,503	$ 73,131
Building and improvements	1,623,447	828,117	264,581
Less: accumulated depreciation	(66,336)	(27,598)	(4,247)
Total real estate investments, net	1,996,702	1,040,022	333,465
Cash and cash equivalents	38,108	200,069	43,333
Restricted cash	9,128	1,244	179
Joint ventures and equity investments	13,928	0	39,385
Servicing advances receivable	1,515	1,485	8,758
Retained CDO bonds	11,568	4,293	6,762
Tenant and other receivables, net	26,429	15,398	5,976
Acquired lease assets, net of accumulated amortization	324,421	200,231	40,960
Deferred costs, net of accumulated amortization	15,566	10,355	5,815
Goodwill	3,663	3,840
Other assets	10,699	23,063	7,030
Total assets	2,451,727	1,500,000	491,663
Liabilities:
Exchangeable senior notes, net	108,997	107,836
Senior unsecured term loan	300,000	200,000
Mortgage notes payable	318,874	161,642	122,180
Total long term debt	997,930	469,478	167,180
Accounts payable and accrued expenses	25,762	18,806	11,517
Dividends payable	12,927	9,579	37,600
Accrued interest payable	2,302	2,357	81
Deferred revenue	15,985	11,592	1,581
Below-market lease liabilities, net of accumulated amortization	214,609	53,826	6,077
Derivative instruments, at fair value	6,437	3,189	302
Other liabilities	7,849	8,263	852
Total liabilities	$ 1,283,801	$ 577,090	$ 225,190
Commitments and contingencies
Noncontrolling interest in operating partnership	$ 11,277	$ 16,129
Equity:
Common stock	57	47	$ 71
Additional paid-in-capital	2,053,955	1,768,977	1,149,896
Accumulated other comprehensive income (loss)	(1,131)	(3,703)	(1,405)	[1]
Accumulated deficit	(980,781)	(942,934)	(967,324)
Total Gramercy Property Trust Inc. stockholders' equity (deficit)	1,156,494	906,781
Non-controlling interest	155
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total	1,156,649	906,781	266,473
Total liabilities and equity	2,451,727	1,500,000	491,663
Scenario, Previously Reported [Member]
Equity:
Common stock		187
Additional paid-in-capital		1,768,837
Senior Secured Revolving Credit Facility [Member]
Liabilities:
Credit facility			45,000
Unsecured Revolving Credit Facility [Member]
Liabilities:
Credit facility	270,059
Series A Preferred Stock [Member]
Equity:
Preferred stock, value			85,235
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total			$ 85,235
Series B Preferred Stock [Member]
Equity:
Preferred stock, value	84,394	84,394
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total	$ 84,394	$ 84,394
[1]	The Company reclassified unrealized gains on CMBS of $107,774 for the year ended December 31, 2013 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations. The Company also reclassified the unamortized fair value of terminated swaps previously designated as cash flow hedges of $6,359 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquired lease assets, accumulated amortization (in dollars)	$ 44,231,000	$ 15,168,000	$ 1,596,000
Deferred costs, accumulated amortization (in dollars)	4,309,000	1,908,000	634,000
Below market lease liabilities, accumulated amortization (in dollars)	$ 14,648,000	$ 3,961,000	$ 300,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	220,000,000	100,000,000
Common stock, shares issued	57,493,902	46,736,392	71,313,043
Common stock, shares outstanding	57,493,902	46,736,392	71,313,043
Cumulative redeemable preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Cumulative redeemable preferred stock, shares authorized	25,000,000	25,000,000
Cumulative redeemable preferred stock, shares issued	3,500,000
Cumulative redeemable preferred stock, shares outstanding	3,500,000
Series A Preferred Stock [Member]
Cumulative redeemable preferred stock, par value (in dollars per share)			$ 0.001
Cumulative redeemable preferred stock, liquidation preference (in dollars)			$ 88,146
Cumulative redeemable preferred stock, shares authorized			3,525,822
Cumulative redeemable preferred stock, shares issued			3,525,822
Cumulative redeemable preferred stock, shares outstanding			3,525,822
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)	$ 87,500,000	$ 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
Scenario, Previously Reported [Member]
Common stock, shares issued		186,945,569
Common stock, shares outstanding		186,945,569

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended				9 Months Ended				12 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Revenues
Rental revenue	$ 47,235		$ 19,921		$ 117,990		$ 37,691		$ 60,258		$ 12,181		$ 267
Management fees	5,153		4,848		17,571		18,867		25,033		40,896		34,667
Operating expense reimbursements	11,237		8,960		29,113		12,338		20,604		1,203		174
Investment income	445		492		1,208		1,393		1,824		1,717		600
Other income	1,143		80		1,413		224		221		707		1,113
Total revenues	65,213		34,301		167,295		70,513		107,940		56,704		36,821
Property operating expenses:
Property management expenses	4,780		3,293		14,557		13,425		17,500		20,868		21,380
Property operating expenses	11,051		9,238		29,006		13,011		21,120		1,411		1,846
Total property operating expenses	15,831		12,531		43,563		26,436		38,620		22,279		23,226
Other-than-temporary impairment			1,650				1,650		4,064		3,339
Portion of impairment recognized in other comprehensive loss			(907)				(907)		752		(1,337)
Net impairment recognized in earnings			743				743		4,816		2,002
Depreciation and amortization	25,120		12,306		68,534		22,451		36,408		5,675		256
Interest expense	9,227		4,934		23,225		11,070		16,586		1,732
Realized loss on derivative instruments							3,300		3,300		115
Management, general and administrative	4,748		4,819		14,299		13,658		18,416		18,210		25,335
Acquisition expenses	6,547		1,323		13,508		3,246		6,171		2,808		111
Total expenses	61,473		36,656		163,129		80,904		124,317		52,821		48,928
Income (loss) from continuing operations before equity in income (loss) from joint ventures, gain on remeasurement of previously held joint venture, loss on extinguishment of debt, and provision for taxes	3,740		(2,355)		4,166		(10,391)		(16,377)		3,883		(12,107)
Equity in net income (loss) of joint ventures	(1,096)		103		(974)		1,856		1,959		(5,662)		(2,904)
Income (loss) from continuing operations before gain on remeasurement of previously held joint venture, loss on extinguishment of debt, provision for taxes, and discontinued operations	3,036		(2,252)		3,785		(8,535)		(14,418)		(1,779)		(15,011)
Gain on remeasurement of previously held joint venture							72,345		72,345
Loss on extinguishment of debt							(1,925)		(1,925)
Provisions for taxes	(985)		(165)		(2,116)		(971)		(809)		(6,393)		(3,330)
Income (loss) from continuing operations	2,051	[1]	(2,417)	[1]	1,669	[1]	60,914	[1]	55,193	[2]	(8,172)	[2]	(18,341)	[2]
Income (loss) from discontinued operations	(41)		(41)		17		(522)		(524)		5,057		(169,174)
Gain on sale of joint venture interest to a director related entity											1,317
Gains from disposals	392				593						389,140		15,967
Provision for taxes, discontinue operations									0		(2,515)		0
Income (loss) from discontinued operations	(41)		(41)		17		(522)		(524)		392,999		(153,207)
Net income (loss)	2,010		(2,458)		1,686		60,392		54,669		$ 384,827		$ (171,548)
Net (income) loss attributable to noncontrolling interest	(20)		104		43		104		236
Net income (loss) attributable to parent, total	1,990		(2,354)		1,729		60,496		54,905		$ 384,827		$ (171,548)
Preferred stock redemption costs			(2,912)				(2,912)		(2,912)
Preferred stock dividends	(1,559)		(2,192)		(4,676)		(5,773)		(7,349)		(7,162)		(7,162)
Net income (loss) available to common stockholders	$ 431		$ (7,458)		$ (2,947)		$ 51,811		$ 44,644		$ 377,665		$ (178,710)
Basic earnings per share:
Net income (loss) from continuing operations, after preferred dividends	$ 0.01	[3]	$ (0.25)	[3]	$ (0.06)	[3]	$ 2.21	[3]	$ 0.43		$ (0.25)		$ (0.49)
Net income (loss) from discontinued operations							(0.02)	[3]			6.39		(2.95)
Net income (loss) available to common stockholders	0.01	[3]	$ (0.25)	[3]	(0.06)	[3]	2.19	[3]	0.43		6.14		(3.44)
Diluted earnings per share:
Net loss from continuing operations, after preferred dividends	0.01	[3]	$ (0.25)	[3]	(0.06)	[3]	2.15	[3]	0.41		(0.25)		(0.49)
Net income (loss) from discontinued operations							(0.02)	[3]			6.39		(2.95)
Net income (loss) available to common stockholders	$ 0.01	[3]	$ (0.25)	[3]	$ (0.06)	[3]	$ 2.13	[3]	$ 0.41		$ 6.14		$ (3.44)
Basic weighted average common shares outstanding	57,666,780	[3]	29,481,537	[3]	53,226,406	[3]	23,702,710	[3]	104,811,814		61,500,847		51,976,462
Diluted weighted average common shares and common share equivalents outstanding	58,838,683	[3]	29,481,537	[3]	53,226,406	[3]	24,296,691	[3]	107,750,340		61,500,847		51,976,462
[1]	Net income (loss) from continuing operations represents income (loss) before discontinued operations.
[2]	Net income (loss) from continuing operation represents income (loss) before discontinued oeprations.Net income (loss) from continuing operations represents income (loss) before discontinued operations.
[3]	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.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,010	$ (2,458)	$ 1,686	$ 60,392	$ 54,669	$ 384,827	$ (171,548)
Other comprehensive income (loss):
Unrealized gain (loss) on available for sale debt securities	368	(907)	6,129	(466)	752	(3,221)	174,331
Reclassification adjustment for other-than-temporary impairment in net income						2,002	169,197
Unrealized gain (loss) on derivative instruments	(2,584)	1,031	(3,248)	(1,172)	(3,002)	(187)	2,146
Reclassification of unrealized holding losses on debt securities and derivative instruments into discontinued operations						95,265
Foreign currency translation adjustments	(360)		(309)		(48)
Other comprehensive income (loss)	(2,576)	124	2,572	(1,638)	(2,298)	93,859	345,674
Comprehensive income (loss)	(566)	(2,334)	4,258	58,754	52,371	$ 478,686	$ 174,126
Net (income) loss attributable to noncontrolling interest	(20)	104	43	104	236
Other comprehensive (income) loss attributable to noncontrolling interest	21	(2)	(32)	(2)	41
Comprehensive income (loss) attributable to common stockholders	$ (565)	$ (2,232)	$ 4,269	$ 58,856	$ 52,648	$ 478,686	$ 174,126

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) and Non-controlling Interests - USD ($)		Parent Company [Member]Series A Preferred Stock [Member]	Parent Company [Member]Series B Preferred Stock [Member]	Parent Company [Member]	Common Class B-1 [Member]	Common Class B-2 [Member]	Series A Preferred Stock [Member]Retained Earnings / (Accumulated Deficit) [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]Retained Earnings / (Accumulated Deficit) [Member]	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings / (Accumulated Deficit) [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2011				$ (441,333,000)				$ 85,235,000			$ 50,000	$ 1,080,600,000	$ (440,939,000)	$ (1,166,279,000)	$ 903,000	$ (440,430,000)
Balance (in shares) at Dec. 31, 2011											51,086,266
Net income (loss)				(171,548,000)										(171,548,000)		(171,548,000)
Total																(171,548,000)
Change in net unrealized loss on derivative instruments				2,146,000									2,146,000			2,146,000
Change in net unrealized gain on debt securities available for sale				343,528,000									343,528,000			343,528,000
Issuance of stock - stock purchase plan				186,000							$ 1,000	185,000				186,000
Issuance of stock - stock purchase plan (in shares)											36,324
Stock based compensation - fair value				2,432,000							$ 3,000	2,429,000				2,432,000
Stock based compensation - fair value (in shares)											2,608,412
Issuance of stock				19,020,000	$ 2,000	$ 2,000					$ 3,000	19,013,000				19,020,000
Issuance of stock (in shares)					2,000,000	2,000,000					3,000,000
Dividends on preferred stock				(7,162,000)										(7,162,000)		(7,162,000)
Balance at Dec. 31, 2012				(252,731,000)	$ 2,000	$ 2,000		85,235,000			$ 57,000	1,102,227,000	(95,265,000)	(1,344,989,000)	903,000	(251,828,000)
Balance (in shares) at Dec. 31, 2012					2,000,000	2,000,000					56,731,002
Net income (loss)				384,827,000										384,827,000		384,827,000
Total																384,827,000
Change in net unrealized loss on derivative instruments																(187,000)
Change in net unrealized gain on debt securities available for sale				(1,219,000)									(1,219,000)			(1,219,000)
Change in net unrealized gain (loss) on investment instruments				9,914,000									9,914,000			9,914,000
Change in net unrealized gain (loss) on securities available for sale				23,083,000									23,083,000			23,083,000
Gramercy Finance disposal				62,082,000									62,082,000		(42,000)	62,040,000
Conversion of Class B-1 & Class B-2 shares into common stock					$ (2,000)	$ (2,000)
Conversion of Class B-1 & Class B-2 shares into common stock (in shares)					(2,000,000)	(2,000,000)
Class of Stock converted to common stock, shares											4,000,000
Class of Stock converted to common stock, value											$ 4,000
Issuance of stock - stock purchase plan				13,000								13,000				13,000
Issuance of stock - stock purchase plan (in shares)											9,002
Stock based compensation - fair value	[1]			2,134,000							$ (2,000)	2,136,000				2,134,000
Stock based compensation - fair value (in shares)	[1]										(962,161)
Issuance of stock				45,532,000							$ 12,000	45,520,000				45,532,000
Issuance of stock (in shares)											11,535,200
Dividends on preferred stock				(7,162,000)										(7,162,000)		(7,162,000)
Liquidation of non- controlling interest															(861,000)	(861,000)
Balance at Dec. 31, 2013				266,473,000				85,235,000			$ 71,000	1,149,896,000	(1,405,000)	(967,324,000)		$ 266,473,000
Balance (in shares) at Dec. 31, 2013											71,313,043					71,313,043
Net income (loss)				54,905,000										54,905,000		$ 54,905,000
Total																54,669,000
Change in net unrealized loss on derivative instruments				(3,002,000)									(3,002,000)			(3,002,000)
Reclassification of fair value of embedded exchange option on 3.75% exchangeable senior				11,726,000								11,726,000				11,726,000
Change in net unrealized gain on debt securities available for sale				752,000									752,000			752,000
Change in net unrealized gain (loss) on investment instruments																(3,002,000)
Offering costs				(32,313,000)						$ (3,106,000)		(29,207,000)				(32,313,000)
Stock redemption costs				(3,000)				(3,000)								(3,000)
Redemption of Series A cumulative redeemable preferred stock				(88,144,000)				(85,232,000)						(2,912,000)		(88,144,000)
Issuance of stock - stock purchase plan				27,000							$ 6,264	27,000				27,000
Stock based compensation - fair value				2,483,000								2,483,000				2,483,000
Issuance of stock				715,334,000						87,500,000	$ 115,000	627,719,000				715,334,000
Issuance of stock (in shares)											114,155,408
Proceeds from exercise of stock options and employee purchase under the employee share purchase plan				91,000							$ 30,000	91,000				91,000
Conversion of OP Units to commons stock				8,739,000							$ 1,000	8,738,000				8,739,000
Conversion of OP Units to commons stock, shares											1,440,854
Reallocation of noncontrolling interest in the operating partnership				(2,636,000)								(2,636,000)				(2,636,000)
Dividends on preferred stock		$ (4,993,000)	$ (2,356,000)				$ (4,993,000)	$ (4,993,000)	$ (2,356,000)	(2,356,000)						(7,349,000)
Dividends on common stock				(20,254,000)										(20,254,000)		(20,254,000)
Foreign currency translation adjustments				(48,000)									(48,000)			(48,000)
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2014											$ 187,000	1,768,837,000
Balance at Dec. 31, 2014				906,781,000						84,394,000	$ 47,000	1,768,977,000	(3,703,000)	(942,934,000)		$ 906,781,000
Balance (in shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2014											186,945,569					186,945,569
Balance (in shares) at Dec. 31, 2014											46,736,392					46,736,392
Net income (loss)																$ 1,729,000
Net income (loss)				1,729,000										1,729,000	(12,000)	1,717,000
Total																1,686,000
Change in net unrealized loss on derivative instruments				(3,248,000)									(3,248,000)			(3,248,000)
Change in net unrealized gain on debt securities available for sale				6,129,000									6,129,000			6,129,000
Change in net unrealized gain (loss) on investment instruments																3,248,000
Offering costs				(12,121,000)								(12,121,000)				(12,121,000)
Issuance of stock - stock purchase plan				54,000								54,000				54,000
Issuance of stock - stock purchase plan (in shares)											2,599
Stock based compensation - fair value				2,628,000								2,628,000				2,628,000
Stock based compensation - fair value (in shares)											96,370
Issuance of stock				289,910,000							$ 10,000	289,900,000				289,910,000
Issuance of stock (in shares)											10,544,034
Conversion of OP Units to commons stock				3,127,000								3,127,000				3,127,000
Conversion of OP Units to commons stock, shares											114,507
Reallocation of noncontrolling interest in the operating partnership				1,390,000								1,390,000				1,390,000
Dividends on preferred stock			$ (4,676,000)						$ (4,676,000)	(4,676,000)						(4,676,000)
Dividends on common stock				(34,900,000)										(34,900,000)		(34,900,000)
Foreign currency translation adjustments				(309,000)									(309,000)		(4,000)	(313,000)
Balance at Sep. 30, 2015				$ 1,156,494,000						$ 84,394,000	$ 57,000	$ 2,053,955,000	$ (1,131,000)	$ (980,781,000)	155,000	$ 1,156,649,000
Balance (in shares) at Sep. 30, 2015											57,493,902					57,493,902
Contribution to consolidated equity investment															$ 171,000	$ 171,000
[1]	In the first quarter of 2013, the Company excluded unvested restricted share units from the outstanding share count.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows € in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Operating Activities
Net income (loss)	$ 1,686,000	$ 60,392,000	$ 54,669,000	$ 384,827,000	$ (171,548,000)
Adjustments to net cash provided by operating activities:
Depreciation and amortization	68,534,000	22,451,000	36,408,000	6,383,000	1,195,000
Amortization of acquired leases to rental revenue and expense	(10,365,000)	(1,363,000)	(2,352,000)	(65,000)	(188,000)
Amortization of deferred costs	2,192,000	1,426,000	1,991,000	175,000	3,719,000
Amortization of discount and other fees	(2,069,000)	(539,000)	(959,000)	(10,577,000)	(25,704,000)
Payment for lease inducement costs				(2,630,000)
Payment of capitalized tenant leasing costs	(3,001,000)	(77,000)	(77,000)		(61,000)
Amortization of lease inducement costs	183,000	132,000	175,000
Straight-line rent adjustment	(8,940,000)	(2,708,000)	(3,995,000)	(2,225,000)	(188,000)
Non-cash impairment charges		743,000	4,816,000	9,643,000	206,122,000
Gain on liquidation of non-controlling interest				(611,000)
Net gain on sale of properties and lease terminations					(15,915,000)
Net realized gain on loans					108,000
Net realized gain on disposal of Gramercy Finance				(389,140,000)
Net realized gain on sale of joint venture to director related entity				(1,317,000)
Realized loss on derivative instruments		3,300,000	3,300,000	115,000
Distributions received from joint ventures and equity investments	309,000	3,269,000	3,373,000	7,985,000
Equity in net (income) loss of joint ventures and equity investments	974,000	(1,856,000)	(1,959,000)	6,466,000	8,515,000
Net gain on disposal of properties	(593,000)
Gain from remeasurement of previously held joint ventures		(72,345,000)	(72,345,000)
Loss on extinguishment of debt		1,925,000	1,925,000
Share-based Compensation, Total	2,628,000	1,907,000	2,483,000	2,149,000	2,433,000
Amortization of stock-based compensation	2,628,000	1,907,000	2,483,000	2,149,000	2,433,000
Other non-cash adjustments	(49,000)
Provision for loan losses					(7,181,000)
Changes in operating assets and liabilities:
Restricted cash	(938,000)	(69,000)	(272,000)	(1,108,000)	412,000
Tenant and other receivables	(1,417,000)	5,323,000	4,983,000	588,000	(2,803,000)
Accrued interest	(30,000)	(145,000)	(155,000)	5,780,000	12,393,000
Other assets	11,864,000	(3,588,000)	(11,229,000)	13,710,000	(11,285,000)
Accounts payable, accrued expenses and other liabities	1,040,000	4,113,000	7,029,000	(2,362,000)	777,000
Deferred revenue	3,993,000	1,929,000	4,978,000	1,617,000	(518,000)
Net cash provided by operating activities	66,001,000	24,220,000	32,787,000	29,403,000	283,000
Investing Activities
Capital expenditures	(2,362,000)	(15,446,000)	(16,496,000)	(8,345,000)	(2,649,000)
Distribution received from joint ventures and equity investments		3,841,000	3,841,000	21,642,000	411,000
Proceeds from disposal of Gramercy Finance				6,291,000
Proceeds from sale of joint venture investment to a director related entity				8,275,000
Proceeds from sale of real estate	68,779,000				77,257,000
New loan investment originations and funded commitments					(19,295,000)
Principal collections on investments				34,990,000	254,789,000
Joint ventures and equity investments	(10,834,000)			(1,750,000)	(58,911,000)
Acquisition of real estate, net of cash acquired of $4,108, $0, and $0	(879,551,000)	(299,195,000)	(461,963,000)	(283,148,000)	(27,125,000)
Acquisition of Gramercy Europe Asset Management, net of cash acquired of $97 , $0, and $0			(3,658,000)
Restricted cash for tenant improvements	(6,908,000)	(114,000)	(326,000)
Proceeds from repayments of servicing advance receivable		7,428,000	7,428,000	5,953,000
Proceeds from loan syndications					15,300,000
Investment in commercial mortgage-backed securities					(535,000)
Change in restricted cash from investing activities					7,887,000
Deferred investment costs					1,159,000
Net cash provided by (used for) investing activities	(830,876,000)	(303,486,000)	(471,174,000)	(216,092,000)	248,288,000
Financing Activities
Repayment of collateralized debt obligations				(85,912,000)	(282,548,000)
Proceeds of sale of common stock	289,910,000	232,263,000	627,183,000	45,532,000	2,555,000
Proceeds from unsecured term loan	685,120,000	258,000,000	200,000,000
Proceeds from unsecured credit facility	10,120,000		75,000,000
Proceeds from secured credit faciliity			23,000,000	45,000,000
Repayment of secured credit facility			(68,000,000)
Repayment of unsecured credit facility	(315,000,000)	(68,000,000)	(75,000,000)
Proceeds from issuance of exchangeable senior notes		115,000,000	115,000,000
Proceeds from mortgage note payables				67,255,000
Offering costs	(12,121,000)	(11,591,000)	(28,381,000)
Payment of deferred financing costs	(4,602,000)	(8,339,000)	(8,457,000)	(3,546,000)
Repayment of mortgage notes payable	(4,049,000)	(204,451,000)	(205,392,000)	(771,000)
Proceeds from issuance of Series B shares		87,500,000	87,500,000
Issuance costs for Series B shares		(2,762,000)	(3,004,000)
Redemption of Series A shares		(89,279,000)	(89,279,000)
Preferred stock dividends paid	(4,676,000)	(41,459,000)	(43,814,000)
Common stock dividends paid	(31,537,000)	(6,571,000)	(10,792,000)
Proceeds from sale of repurchased bonds				34,364,000
Proceeds from exercise of stock options and employee purchase under employee share purchase plan	54,000		118,000
Contributions from noncontrolling interests in other partnerships	169,000
Distribution to non-controlling interest holders	(318,000)		(86,000)	(250,000)
Change in restricted cash from financing activities	(37,000)	(243,000)	(425,000)	22,948,000	(26,901,000)
Net cash provided by (used for) financing activities	602,913,000	260,068,000	595,171,000	124,620,000	(306,894,000)
Net (decrease) increase in cash and cash equivalents	(161,962,000)	(19,198,000)	156,784,000	(62,069,000)	(58,323,000)
Increase (decrease) in cash and cash equivalents related to foreign currency translation	1,000		(48,000)
Cash and cash equivalents at beginning of period	200,069,000	43,333,000	43,333,000	105,402,000	163,725,000
Cash and cash equivalents at end of period	38,108,000	24,135,000	200,069,000	43,333,000	105,402,000
Non-cash activity
Land acquired for consideration of a note payable				4,839,000
Consolidation of real estate investments joint venture interest and equity investment interests		106,294,000	106,294,000
Real estate acquired for units of noncontrolling interests in the operating partnership		22,670,000	22,670,000
Redemption of units of noncontrolling interest in operating partnership to common stock	(3,127,000)
Debt assumed in acquisition of real estate	153,877,000	45,607,000	45,607,000	53,889,000
Fair value adjustment to noncontrolling interest in the operating partnership	(1,390,000)		2,636,000
Common Stock issued for the acquisition of Gramercy Europe Asset Management			652,000
Supplemental cash flow disclosures
Interest paid	22,388,000	8,058,000	12,096,000	17,902,000	67,110,000
Income taxes paid	1,238,000	$ 1,562,000	$ 1,565,000	$ 9,237,000	$ 5,624,000
Proceeds from 1031 exchange transactions	8,619,000
Use of funds from 1031 exchanges for acquisitions of real estate	$ (8,619,000)

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash acquired in excess of payments to acquire business	$ 4,108	$ 0	$ 0
Gramercy Asset Management [Member]
Cash acquired in excess of payments to acquire business	$ 97	$ 0	$ 0

Business and Organization

Business and Organization	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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, or Merger Sub, an indirect wholly owned subsidiary of Chambers Street. The proposed merger transaction, or the Merger, is expected to be accounted for under the acquisition method of accounting for business combinations in accordance with Accounting Standards Codification, or ASC, 805 with Gramercy treated as the accounting acquirer. 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 September 30, 2015, the Company acquired four properties aggregating approximately 1.1 million square feet for a total purchase price of approximately $111,500 . During the nine months ended September 30, 2015, the Company acquired 47 properties aggregating approximately 7.9 million square feet for a total purchase price of approximately $1,050,092 . During the three months ended September 30, 2015, the Company sold two properties aggregating approximately 250,000 square feet for total gross proceeds of approximately $70,100 . During the nine months ended September 30, 2015, the Company sold five properties aggregating approximately 336,000 square feet for total gross proceeds of approximately $78,719 . As of September 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 September 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.	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. Gramercy earns revenues primarily through three sources. The Company earns rental revenues on properties that it owns directly or in joint ventures in the United States, asset management revenues on properties owned by third parties in both the United States and Europe and pro-rata rental revenues on its investment in the Gramercy European Property Fund. As of December 31, 2014, the Company owns, either directly or in a joint venture or equity investment, a portfolio of 132 industrial and office properties with 99% occupancy. Tenants include Bank of America, N.A., Adesa Texas, Inc., AMCOR Rigid Plastics USA, Inc., EF Transit, Inc., Office Depot, Inc. and others. As of that date, the Company’s asset management business, which operates under the name Gramercy Asset Management, manages for third-parties approximately $1,100,000 of commercial real estate assets. During the year ended December 31, 2014, the Company acquired 100 properties aggregating 8,999,805 square feet in 28 separate transactions for a total purchase price of approximately $834,269 , including the acquisition of the remaining 50% equity interest in the Bank of America Portfolio joint venture, a portfolio of 67 properties across the United States as described further in Note 4 and Note 5. In December 2014, the Company, along with several investment partners, formed a private real estate investment fund to target single-tenant industrial, office and specialty retail assets throughout Europe, or the Gramercy European Property Fund. The equity investors, including the Company, have collectively committed $426 ,4 55 (€35 2 , 5 00) in equity capital, comprised of an initial commitment of $305 , 4 7 5 (€252,5 00), including $60, 4 90 (€50,000) from the Company and $24 4 ,9 85 (€20 2 , 5 00) from its equity investment partners, plus an additional $12 0 , 9 8 0 (€100,000) from certain equity investment partners, not including t he Company, after the first $305 , 4 7 5 (€25 2,5 00) has been invested. Concurrently with the formation of the Gramercy European Property Fund , the Company also acquired ThreadGreen Europe Limited, a United Kingdom based property investment and asset management platform, which the Company subsequently renamed Gramercy Europe Asset Management, for $3,755 and the issuance of 96,535 shares of the Company’s common stock, valued at $652 as of the date of closing. The Company has elected to be taxed as 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. Those TRSs would incur U.S. federal, state and local taxes on the taxable income from their activities. Substantially all of the Company’s assets are held by, and its operations are conducted through its operating partnership, GPT Property Trust LP, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership. The Company’s Operating Partnership conducts its commercial real estate investment business through various wholly-owned entities and its third-party asset management business primarily through a wholly-owned TRS. As of December 31, 2014, noncontrolling investors held, in the aggregate, a 1.23% limited partnership interest in the Operating Partnership. These interests are referred to as the noncontrolling interests in the Operating Partnership. See Note 14, "Noncontrolling Interest," for more information on the Company’s noncontrolling interests. On March 15, 2013, the Company disposed of its Gramercy Finance segment and exited the commercial real estate finance business. The disposal was completed pursuant a purchase and sale agreement to transfer the collateral management and subspecial servicing agreements for the Company’s three Collateralized Debt Obligations, CDO 2005-1, CDO 2006-1 and CDO 2007-1, or the CDOs, to CWCapital Investments LLC or CWCapital for $6,291 , in cash after expenses. The Company retained its non-investment grade subordinate bonds, preferred shares and ordinary shares, or the Retained CDO Bonds, which may provide the Company with the potential to recoup additional proceeds over the remaining life of the CDOs based upon resolution of underlying assets within the CDOs. However, there is no guarantee that the Company will realize any proceeds from the Retained CDO Bonds, or what the timing of these proceeds may be. In addition, the Company expects to receive additional cash proceeds for past CDO servicing advances including accrued interest at the prime rate of 3.25% , when specific assets within the CDOs are liquidated. On March 15, 2013, the Company deconsolidated the assets and liabilities of Gramercy Finance from the Company’s Consolidated Financial Statements and recognized a gain on the disposal of $389,140 within discontinued operations. For a further discussion regarding the disposal of the Gramercy Finance segment see Note 3, “Dispositions and Assets Held for Sale.”

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 $0 and $149 during the three and nine months ended September 30, 2015, respectively, on one property that was sold during the nine months ended September 30, 2015, and no impairment charges during the three and nine months ended September 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 September 30, 2015 and December 31, 2014, the Company had equity investments of $13,928 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 $9,128 and $1,244 at September 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 September 30, 2015 and December 31, 2014. The Company had four unconsolidated VIEs as of September 30, 2015 and December 31, 2014. The following is a summary of the Company’s involvement with VIEs as of September 30, 2015: Company carrying value-assets Company carrying value-liabilities Face value of assets held by the VIEs Face value of liabilities 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 value-assets Company carrying value-liabilities Face value of assets held by the VIEs Face value of liabilities 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 European Fund Manager, which provides investment and asset management services to the 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 European Fund Carry Co., entitled to receive certain preferential distributions, if any, made from time-to-time by the 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 its Gramercy Finance segment, or Gramercy Finance, and exit from the commercial real estate finance business 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 September 30, 2015 and December 31, 2014, the Company had no assets classified as held for sale. 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 September 30, 2015 and December 31, 2014 were $56 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 $9,808 and $27,947 of amortization of intangible assets as part of depreciation and amortization for the three and nine months ended September 30, 2015 , respectively. The Company recorded $ 3,586 and $6,753 of amortization of intangible assets as part of depreciation and amortization for the three and nine months ended September 30, 2014, respectively. The Company recorded $4,309 and $10,359 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and nine months ended September 30, 2015 , respectively. The Company recorded $1,314 and $1,384 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and nine months ended September 30, 2014, respectively. The Company recorded ( $1 ) and ( $41 ) of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and nine months ended September 30, 2015 , respectively. The Company recorded $17 and $21 of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and nine months ended September 30, 2014, respectively. Intangible assets and acquired lease obligations consist of the following: September 30, 2015 December 31, 2014 Intangible assets: In-place leases, net of accumulated amortization of $40,132 and $13,581 $ $ Above-market leases, net of accumulated amortization of $3,977 and $1,520 Below-market ground rent, net of accumulated amortization of $122 and $67 Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $14,523 and $3,932 $ $ Above-market ground rent, net of accumulated amortization of $125 and $29 Total intangible liabilities $ $ The following table provides the weighted-average amortization period as of September 30, 2015 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 In-place leases Total to be included in depreciation and amortization expense 10.9 $ $ $ $ $ Above-market lease assets 9.0 Below-market lease liabilities 21.5 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 37.4 Above-market ground rent 37.8 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 September 30, 2015 and December 31, 2014 was $3,663 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 not 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 September 30, 2015 and December 31, 2014, the Company had $924 and $948 of unamortized computer software costs, respectively. The Company recorded amortization expense of $155 and $441 on capitalized software costs during the three and nine months ended September 30, 2015, respectively. The Company recorded amortization expense of $1 23 and $364 on capitalized software costs during the three and nine months ended September 30, 2014, respectively. The following table provides the weighted-average amortization period as of September 30, 2015 for capitalized software and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 Capitalized software costs 1.7 $ $ $ $ $ - 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 September 30, 2015 and December 31, 2014, the Company had $127 and $480 of unamortized contract intangible assets, respectively. The Company recorded amortization expense of $12 and $36 related to the contract intangible during the three and nine months ended September 30, 2015, respectively. The Company recorded no amortization expense related to the contract intangible during the three and nine months ended September 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 September 30, 2015 for contract intangible assets and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 Contract intangible asset 2.8 $ $ $ $ $ - Total to be included in property management expense $ $ $ $ $ - Valuation of Financial Instruments At September 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 contract 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 and nine months ended September 30, 2015, the Company recognized incentive fees of $111 and $3,082 , respectively. For the three and nine months ended September 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 September 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. Operating and General and Administrative Expenses Property operating expenses include insurance, property management, repairs and maintenance, security, janitorial, landscaping and other administra	2. Significant Accounting Policies Reclassification Certain prior year balances have been reclassified to conform with the current year presentation for assets classified as discontinued operations. Certain reclassifications were made to the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss) and footnote disclosures for all periods presented to reflect held for sale and discontinued operations as of December 31, 2014. Principles of Consolidation The Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries which 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. The equity interests of other limited partners in the Operating Partnership are reflected as noncontrolling interest. 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 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 involving sale-leasebacks that have newly-originated leases are recorded as asset acquisitions and accordingly, transaction costs incurred in connection with the acquisition are capitalized . Acquired real estate investments which are under construction are considered build-to-suit transactions and other acquired real estate investments that do not meet the definition of a business combination are recorded at cost. In build-to-suit transactions, the Company engages a developer to construct a property or provide funds to a tenant to develop a property. The Company capitalizes the funds provided to the developer/tenant 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. In leasing space, the Company may provide funding to the lessee through a tenant allowance. In accounting for tenant allowances, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (i) who holds legal title to the improvements, (ii) evidentiary requirements concerning the spending of the tenant allowance, and (iii) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. The Company also reviews the recoverability of the property’s carrying value when circumstances indicate a possible impairment of the value of a property. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider 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 impairment exists due to the inability 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 of disposal. These assessments are recorded as an impairment loss in the 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. Joint Ventures and Equity Investments The Company accounts for 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 joint ventures and equity investments, 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 investments. The investments are recorded initially at cost as joint venture and equity investments, as applicable, and subsequently are adjusted for equity interest in net income (loss) and cash contributions and distributions. The amount of the investments on the 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. Carrying values of the Company’s joint venture and equity investments are $0 and $39,385 at December 31, 2014 and December 31, 2013, respectively. 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 has restricted cash of $ 1,244 and $179 at December 31, 2014 and December 31, 2013, respectively, which primarily consists 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 has one consolidated VIE as of December 31, 2014 and no consolidated VIEs as of December 31, 2013. The Company has four unconsolidated VIEs as of December 31, 2014 and three unconsolidated VIEs as of December 31, 2013. The following is a summary of the Company’s involvement with consolidated VIEs and unconsolidated VIEs as of December 31, 2014: Company Company Face value of Face value of carrying carrying of assets held of liabilities issued value-assets value-liabilities by the VIEs by the VIEs Assets Consolidated VIEs Gramercy Europe Asset Management (European Fund Manager) $ - $ - $ - $ - Unconsolidated VIEs Gramercy Europe Asset Management (European Fund Carry Co.) $ - $ - $ - $ - Retained CDO Bonds $ $ - $ $ The following is a summary of the Company’s involvement with VIEs as of December 31, 2013: Company Company Face value of Face value of carrying carrying of assets held of liabilities issued value-assets value-liabilities by the VIEs by the VIEs Assets Unconsolidated VIEs 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 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 Gramercy Europe Asset Management, through an investment advisory agreement with the VIE, 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. As of December 31, 2014, European Fund Manager has no assets or liabilities. 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. Collateralized Debt Obligations On March 15, 2013, as a result of the disposal of the Gramercy Finance segment as more fully described in Note 1, the Company deconsolidated three VIEs, which represented the three CDOs that the Company previously managed as part of its Finance business. The Company was the collateral manager of the three CDOs and in its capacity as collateral manager the Company made decisions related to the collateral that most significantly impacted the economic outcome of the CDOs, which was the basis upon which the Company concluded that it was the primary beneficiary of the CDOs as of December 31, 2012. In connection with the disposal of Gramercy Finance, the Company transferred the collateral management and sub-special servicing agreements for its three CDOs to CWCapital, thereby removing the Company as the collateral manager and its ability to make any and all decisions related to the collateral, including those that would most significantly impact the economic outcome of the CDOs. As of March 15, 2013, the Company had no continuing involvement with the collateral to the CDOs, and as a result, the Company determined that it was no longer the primary beneficiary of the CDOs, and therefore deconsolidated the CDOs. The Company has retained its subordinate debt and equity ownership, or the Retained CDO Bonds, in the CDOs, which were previously eliminated in consolidation and were not sold as part of the disposal of Gramercy Finance. The Retained CDO Bonds may provide the potential for the Company to receive continuing cash flows in the future, however, there is no guarantee that the Company will realize any proceeds from the Retained CDO Bonds, or what the timing of these proceeds might be. These interests have been recognized at fair value as the Retained CDO Bonds on the Consolidated Balance Sheets. For further discussion of the measurement of fair value of the Retained CDO Bonds see Note 10. 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 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. As of December 31, 2014, European Fund Carry Co. has no assets or liabilities. Investment in Retained CDO Bonds As further discussed above, on March 15, 2013, the Company recognized an asset in Retained CDO Bonds in connection with the disposal of the Gramercy Finance segment. 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 December 31, 2014 and December 31, 2013, the Company had no assets classified as held for sale. Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. The Company recorded impairment charges of $0 , $0 , and $35,043 during the years ended December 31, 2014, 2013 and 2012, respectively, related to real estate investments within discontinued operations. 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 December 31, 2014 and December 31, 2013 were $188 and $449 , respectively. The Company continually reviews receivables related to rent, tenant reimbursements, and management fees, including incentive fees, 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 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 present value calculation utilizes a discount rate that reflects the risks associated with the leases acquired. The above-market lease values are amortized as a reduction of rental revenue over the remaining non-cancelable terms of the respective leases. The below-market lease values are amortized as an increase to rental revenue over the initial term of the respective leases. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the market lease intangibles will be written off to rental revenue. 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. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the anticipated lease-up period. 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 remaining non-cancelable term of the respective leases. In no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the in-place lease intangible would be written off to depreciation and amortization expense. Above-market and below-market ground rent intangibles are recorded for properties acquired in which the Company is the lessee pursuant to a ground lease assumed at acquisition. The above-market and below-market ground rent intangibles are recorded based on the present value 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 present value calculation utilizes a discount rate that reflects the risks associated with the ground leases assumed. The above-market ground lease values are amortized as a reduction of rent expense over the remaining non-cancelable terms of the respective leases. The below-market ground lease values are amortized as an increase to rent expense over the initial term of the respective leases. If the Company terminates its lease prior to its contractual expiration and no future rent payments will be paid, any unamortized balance of the market lease intangibles will be written off to rent expense. Intangible assets and acquired lease obligations consist of the following: December 31, 2014 December 31, 2013 Intangible assets: In-place leases, net of accumulated amortization of $13,581 and $1,318 $ $ Above-market leases, net of accumulated amortization of $1,520 and $278 Below-market ground rent, net of accumulated amortization of $67 and $0 - Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $3,932 and $300 $ $ Above-market ground rent, net of accumulated amortization of $29 and $0 - Total intangible liabilities $ $ The following table provides the weighted-average amortization period as of December 31, 2014 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 In-place leases 9.1 $ $ $ $ $ Total to be included in depreciation and amortization expense $ $ $ $ $ Above-market lease assets 10.6 $ $ $ $ $ Below-market lease liabilities 9.5 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 38.5 $ $ $ $ $ Above-market ground rent 38.9 Total to be included in property operating expense $ $ $ $ $ The Company recorded $12,263 , $1,291 and $80 of amortization of intangible assets as part of depreciation and amortization, including $0 , $3 and $50 within discontinued operations for the years ended December 2014, 2013, and 2012, respectively. The Company recorded $2,390 , $(64) , and $188 of amortization of intangible assets and liabilities as an increase (decrease) to rental revenue, including $0 , $(34) and $196 within discontinued operations for the years ended December 2014, 2013, and 2012, respectively. The Company recorded $38 , $0 , and $0 of amortization of ground rent intangible assets and liabilities as an increase to other property operating expense, none of which was in discontinued operations for the years ended December 2014, 2013, and 2012, respectively. 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 recognized goodwill of $3,887 related to the acquisition. The carrying value of goodwill is adjusted each reporting period for the effect of foreign currency translation adjustments. The carrying value of goodwill at December 31, 2014 is $3,840 . 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 did not record any impairment on its goodwill during 2014. 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. 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 assets' estimated useful life, which is generally three years. During the years ended December 31, 2014 and 2013, the Company had $948 and $705 of unamortized computer software costs, respectively. The Company recorded amortization expense of $486 , $0 , and $0 on capitalized software costs during the years ended December 31, 2014, 2013 and 2012. The following table provides the weighted-average amortization period as of December 31, 2014 for capitalized software and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 Capitalized software costs 1.9 $ $ $ $ - $ - 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 depreciation and amortization expense. For the years ended December 31, 2014 and 2013, the Company had $480 and $0 of unamortized contract intangible assets, respectively. The Company recorded no amortization expense on contract intangible assets during the years ended December 31, 2014, 2013 or 2012. Contract intangibles are recorded in other assets on the Company’s Consolidated Balance Sheets. The following table provides the weighted-average amortization periods as of December 31, 2014 for contract intangible assets and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 Contract intangible asset 3.5 $ $ $ $ $ - Total to be included in depreciation and amortization expense $ $ $ $ $ - 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 incurred while the Company was the collateral manager of the CDOs 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. 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 years ended December 31, 2014 and December 31, 2013, the Company received reimbursements of $7,428 and $6,055 , respectively. As of December 31, 2014 and December 31, 2013, the servicing advances receivable is $1,485 and $8,758 , 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 December 31, 2014, the Company has reviewed the outstanding servicing advances and has determined that all amounts are collectible. Retained CDO Bonds The Retained CDO Bonds are non-investment grade subordinate bonds, preferred shares and ordinary shares of three CDOs, which the Company recognized at fair value and retained in March 2013 subsequent to the disposal of Gramercy Finance. Management estimated the timing and amount of cash flows expected to be collected and recognized an investment in the Retained CDO Bonds equal to the net present value of these discounted cash flows. There is no guarantee that the Company will realize any proceeds from this investment, or what the timing of investment income will be for the expected remaining life of the Retained CDO Bonds. 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 in the Consolidated Statements of Operations. To determine the component of the other-than-temporary impairment 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 years ended December 31, 2014 and December 31, 2013, the Company recognized other-than-temporary impairment, or OTTI, of $4,816 and $2,002 , respectively, on its Retained CDO Bonds. The Company’s Retained CDO Bonds have been in an unrealized loss position for more than twelve months. A summary of the Company’s Retained CDO Bonds as of December 31, 2014 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 $ $ $ $ $ 4.8 years Total $ $ $ $ $ 4.8 years The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the year ended December 31

Dispositions and Assets Held-fo

Dispositions and Assets Held-for-Sale	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Dispositions and Assets Held-for-Sale [Abstract]
Dispositions and Assets Held-for-Sale	3. Dispositions and Assets Held for Sale During the three and nine months ended September 30, 2015, the Company sold two and five properties, respectively. During the three and nine months ended September 30, 2014, the Company did no t sell any properties. The five properties sold in 2015 include four office/banking center properties which comprised an aggregate of approximately 193,000 square feet and a specialty retail asset which comprised approximately 143,000 square feet. The Company received gross proceeds of $70,100 and $78,719 from the sales during the three and nine months ended September 30, 2015, respectively. The Company recognized $392 and $742 in gains on disposals during the three and nine months ended September 30, 2015. The Company recognized impairments of $0 and $149 during the three and nine months ended September 30, 2015, which are included within net gains on disposals on the Company’s Condensed Consolidated Statement of Operations. Three of the 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. The Company then used the funds as consideration for two property acquisitions during the three and nine months ended September 30, 2015. The properties sold during the periods presented were classified as held for sale at the time of disposition, however the properties are not included in discontinued operations as they did not meet the definition of discontinued operations. The Company had no properties classified as held for sale as of September 30, 2015 or December 31, 2014. The following operating results for assets previously sold for the three and nine months ended September 30, 2015 and 2014 are included in discontinued operations for all periods presented: Three Months Ended September 30, Nine Months Ended September 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.	3. Dispositions and Assets Held for Sale The Company did not classify any assets as held for sale as of December 31, 2014 or December 31, 2013. The following operating results for Gramercy Finance and the assets previously sold for the years ended December 31, 2014, 2013 and 2012 are included in discontinued operations for all periods presented: Year Ended December 31, 2014 2013 2012 Operating Results: Revenues $ $ $ Operating expenses Marketing, general and administrative (1) Interest expense - Depreciation and amortization - Loans held for sale and CMBS OTTI - Provision for loan losses - - Expense reimbursements (2) - - Equity in net income from joint venture - Net income (loss) from operations Loss on sale of joint venture interests to a director related entity - - Net gains from disposals - Provision for taxes - - Net income (loss) from discontinued operations $ $ $ (1) A ccrual for the Transfer Tax Assessments on the Company’s sale of a 45% joint venture interest in the leased fee of the 2 Herald Square property is included in management, general, and administrative in 2013 . For more information see Note 15. (2) In the first quarter of 2013, the Company received reimbursements for enforcement costs of $5,406 incurred on the behalf of a pari-passu lender for one loan held by the CDOs, which the Company incurred in prior years. The Company fully reserved for these costs when incurred due to the uncertainty of recovery. Discontinued operations have not been segregated in the Consolidated Statements of Cash Flows. The table below presents additional relevant information pertaining to results of discontinued operations for the years ended December 31, 2014, 2013 and 2012, including depreciation, amortization, capital expenditures, and significant operating and investing noncash items: Year Ended December 31, 2014 2013 2012 Depreciation expense $ - $ $ Amortization expense - Capital expenditures - - - Significant operating noncash items - Significant investing noncash items - - - Total $ - $ $ Gramercy Finance Segment On March 15, 2013, the Company disposed of Gramercy Finance and exited the commercial real estate finance business, as discussed more fully in Note 1. The Company reclassified the results of operations of Gramercy Finance in discontinued operations for the years ended December 31, 2014, 2013 and 2012. In 2013, the Company recognized a gain of $389,140 in discontinued operations related to the disposal. The gain was calculated based upon the difference between the proceeds received of $6,291 , after expenses, the fair value of the Retained CDO Bonds of $8,492 , the accrual for the reimbursement of past servicing advances paid plus accrued interest of $14,529 and the net difference of the carrying value of the liabilities and the assets of Gramercy Finance of ($421,911) as of the date of disposal, March 15, 2013. The basis of the assets and liabilities of Gramercy Finance were derecognized as follows: - Loans and other lending investments were derecognized at the lower of cost or market value as of the date of disposal. The fair value of the loans was measured by an internally developed model which considered the price that a third-party would pay to assume the loans and other lending investments at the disposal date; - Commercial mortgage-backed securities, or CMBS, investments were derecognized at fair value as of the date of disposal. For CMBS investments in an unrealized loss position, the Company recognized an other-than-temporary impairment equal to the entire difference between the investment’s amortized cost basis and its fair value at the date of disposal which is included in net income from discontinued operations. For CMBS investments in an unrealized gain position as of the date of disposal, the Company recorded the unrealized gains as a component of accumulated other comprehensive income (loss) in stockholders’ equity; - Derivative instruments were derecognized at fair value as of March 15, 2013. The derivatives were not terminated, but instead were transferred with the CDOs; and, - The non-recourse CDOs were derecognized at carrying value, which represents the full amount of outstanding liabilities issued by the CDO trusts. For a further discussion regarding the measurement of financial instruments see Note 10. The Company recognized other assets and other receivables retained in the disposal of Gramercy Finance and previously eliminated in consolidation as follows: - Retained CDO Bonds were recognized at the present value of cash flows expected to be collected, which is based upon management’s assumptions and judgments regarding the resolution of the underlying assets; and, - The accrual for reimbursement of past servicing advances is based upon actual expenses incurred by the Company plus accrued interest at the prime rate for the time from which the expenses were incurred through March 15, 2013. Loan Investments At December 31, 2012, the Company classified substantially all of its loan investments as held for sale and recorded an impairment of $882 for the year ended December 31, 2012 to adjust the carrying value of seven loans to the lower of cost or market value. The fair value of the loans was measured by an internally developed model which considered the price that a third-party would pay to assume the loan at December 31, 2012. Available for Sale CMBS Investments In connection with the disposal of Gramercy Finance, CMBS investments were classified as held for sale as of December 31, 2012. As of December 31, 2012, due to the expected disposal of Gramercy Finance at that reporting date, the Company recognized an other-than-temporary impairment of $128,087 for all CMBS investments in an unrealized loss position because it could no longer express the intent to hold its CMBS until maturity. On the date of disposal, March 15, 2013, the Company marked all CMBS to fair value and then recognized an other-than-temporary impairment of $84,690 for all CMBS in an unrealized loss position equal to the entire difference between the amortized cost basis and the fair value, before deconsolidating the Company’s portfolio of CMBS. The Company recorded the unrealized gain portion of CMBS equal to the excess of the fair value over the amortized cost as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit) before deconsolidation. Real Estate Investments As of December 31, 2012, the Company designated real estate investments held for sale in connection with the disposal of Gramercy Finance and recorded impairment charges of $26,298 for the year ended December 31, 2012 to adjust the carrying value to the lower of cost or market. The impairment is calculated by comparing the results of the company’s marketing efforts and unsolicited purchase offers to the carrying value of the respective property. These real estate investments were disposed of in connection with the disposal of Gramercy Finance on March 15, 2013. Restricted cash As of December 31, 2012, restricted cash classified as held for sale in connection with the disposal of Gramercy Finance and disposed of on March 15, 2013, consisted of $61,305 on deposit with the trustee of the Company’s CDOs. Deferred costs As of December 31, 2012, deferred financing costs of $6,401 related to the CDOs were classified as held for sale in connection with the disposal of Gramercy Finance and were disposed of on March 15, 2013. Investments in Joint Ventures As of December 31, 2012, the Company had two joint ventures that were classified as held for sale, the Southern California office portfolio and the Las Vegas Hotel, related to the Gramercy Finance segment. The joint ventures are further described below. Southern California Office Portfolio — In September 2012, the Company, an affiliate of SL Green and several other unrelated parties recapitalized a portfolio of office buildings located in Southern California, or the Southern California Office Portfolio, through the contribution of an existing preferred equity investment to a newly formed joint venture. As of December 31, 2012, the Company’s 10.6% interest in the joint venture had a carrying value of $7,215 and was classified as held for sale in connection with the classification of Gramercy Finance as held for sale. For the year ended December 31, 2012, the Company recorded its pro rata share of net losses on the joint venture of $3,222 , within discontinued operations. In January 2013, the Company sold the 10.6% interest in a joint venture of the Southern California Office Portfolio to an affiliate of SL Green for proceeds of $8,275 and recorded a gain on disposition to a director related entity of $1,317 . Las Vegas Hotel — In December 2012, the Company acquired via a deed-in-lieu of foreclosure, a 30% interest through a TRS in the Las Vegas Hotel, a hotel and casino, located in Las Vegas, Nevada. As of December 31, 2012, the joint venture had a carrying value of $52,029 and was classified as held for sale in connection with the classification of Gramercy Finance as held for sale. For the year ended December 31, 2012, the Company recorded its pro rata share of net losses on the joint venture of $2,388 , within discontinued operations. The Las Vegas Hotel was classified as held for sale at December 31, 2012 in connection with the disposal of Gramercy Finance and was disposed of on March 15, 2013. Real Estate Dispositions During the years ended December 31, 2014 and 2013, the Company did no t sell any properties. During the year ended December 31, 2012, the Company sold 21 properties. The sales transactions generated net proceeds of $77,413 and resulted in gains totaling $15,967 for the year ended December 31, 2012 within discontinued operations. The Company separately classifies properties held for sale in the Consolidated Balance Sheets and Consolidated Statements of Operations. In the normal course of business the Company identifies non-strategic assets for sale. Changes in the market may compel the Company to decide to classify a property held for sale or classify a property that was designated as held for sale back to held for investment. During the years ended December 31, 2014 and 2013, the Company did not reclassify any properties previously identified as held for sale to held for investment. In December 2013, the Company entered into an agreement with a noncontrolling interest related to a sold property to dissolve a legal entity resulting in a gain to the Company of $611 .

Acquisitions_Real Estate Invest

Acquisitions/Real Estate Investments	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Business Combination and Real Estate Investment [Abstract]
Acquisitions		4. Acquisitions 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 96,535 shares of the Company’s common stock, valued at $652 as of the date of closing. As part of the acquisition, the Company assumed the Gramercy Europe Asset Management Agreement, pursuant to which Gramercy Europe Asset Management will provide property, asset management and advisory services to an existing portfolio of single-tenant industrial and office assets located in Germany, Finland and Switzerland. Gramercy Europe Asset Management will also receive property, asset management and advisory services to the Gramercy European Property Fund, as described further in Note 5, “Joint Ventures and Equity Investments.” The Company accounted for the acquisition utilizing the acquisition method of accounting for business combinations. The Company recognized assets of $902 , liabilities of $398 , and goodwill of $3,887 related to the acquisition on its Consolidated Balance Sheet, as well as a $16 realized foreign currency transaction loss related to the acquisition on its Consolidated Statement of Operations. 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. 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 Bank of America Portfolio represents the 67 properties located across the United States totaling approximately 3,055,000 rentable square feet which was 97% leased to Bank of America, N.A. under a master lease with expiration dates through 2023, and in which the Company owned a 50% joint venture interest until it acquired the remaining 50% equity interest in June 2014 . 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 Consolidated Statement of Operations. The Company is currently analyzing the fair value of the assets liabilities of the Bank of America Portfolio; and accordingly, the purchase price allocations are preliminary and subject to change. The following table shows the preliminary purchase price allocation: 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 $ Properties During the year ended December 31, 2014, the Company’s property acquisitions are summarized as follows: Weighted- average Number of Number of Square Purchase Remaining Property Type Properties Buildings Feet Price Lease Term (1) Industrial (2) $ 302,349 Office/banking center (3) Specialty asset Total $ 834,269 (1) Weighted-average lease term is based upon the remaining non-cancelable lease term as of December 31, 2014. The weighted-average calculation is based upon total rentable square footage . (2) The Company assumed mortgages on four of its acquisitions of industrial properties in 2014. The gross 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. During the year ended December 31, 2013, the Company’s property acquisitions are summarized as follows: Weighted- average Number of Number of Square Purchase Remaining Property Type Properties Buildings Feet Price Lease Term (1) Industrial (2), (3) $ 261,416 Office/banking center Specialty asset (3) Total $ 340,786 (1) Weighted-average lease term is based upon the remaining non-cancelable lease term as of December 31, 2013. The weighted-average calculation is based upon total rentable square footage . (2) Industrial properties includes a build-to-suit property located in Hialeah Gardens, Florida, which represents a commitment to construct an approximately 118,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed. Rent for the facility commenced on June 1, 2014 and it was placed in service during June 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. The construction has been fully funded as of December 31, 2014. (3) The Company assumed mortgages on two of its acquisitions of industrial properties in 2013. The gross value of the mortgages assumed at acquisition was $48,899 . Refer to Note 6 for more information on the Company’s debt obligations related to acquisitions. The Company analyzed the fair value of the leases and real estate assets of its 29 property investments acquired in 2013; and, accordingly, the purchase price allocation is finalized. The current allocation of the assets includes $315,130 of net real estate assets, $51,528 of intangible assets and $7,494 of intangible liabilities. The Company is currently analyzing the fair value of the lease and real estate assets of its 100 property investments acquired in 2014; and accordingly, the purchase price allocation is preliminary and subject to change. The initial recording of the assets included $726,511 of net real estate assets, $159,443 of intangible assets and $49,830 of intangible liabilities. During the year ended December 31, 2014, the Company finalized the purchase price allocations for 22 properties acquired in the year ended December 31, 2013. The Company had performed a preliminary analysis of the purchase price allocation for these properties at the time of acquisition and had allocated $248,977 to real estate assets, $27,550 to intangible assets, and $2,236 to intangible liabilities. The finalized purchase price allocations are based on third-party appraisals and additional information about facts and circumstances that existed at the acquisition date. As a result of the finalized purchase price allocations, the Company reduced real estate assets by $11,478 , increased intangible assets by $13,242 , and increased intangible liabilities by $1,764 . These adjustments resulted in a decrease to net income of $ 2,561 to record adjustments to depreciation and amortization on the Consolidated Statements of Operations for the year ended December 31, 2014. The Company recorded revenues and net income for the year ended December 31, 2014 of $12,403 and $3,647 , respectively, related to its 33 individual real estate acquisitions during the year. The Company recorded revenues and net income for the year ended December 31, 2014 of $34,031 and $5,225 respectively, related to the Bank of America Portfolio acquired on June 9, 2014. The Company recorded revenues and net income for the year ended December 31, 2013 of $10,724 and $1,525 , respectively, related to the 29 acquisitions during the year. The Company classifies its properties into one of the following categories based on the characteristics of the property and the following definitions of classifications: (1) Office/Banking Center — A commercial property utilized for professional activities. Examples include generic office properties, call centers, retail bank branches or operation centers. (2) Industrial — A commercial property used for general industrial activities such as production, manufacturing, assembly, warehousing, storage, distribution, and truck terminals. (3) Specialty Asset — An improved land site that allows a tenant to perform functions directly related to its overall business. Specialty assets currently owned by Gramercy include an auto auction site, a rental car maintenance facility, a bus depot, an auto rental site, and three auto salvage sites. Pro Forma The following table summarizes, on an unaudited pro forma basis, the Company’s combined results of operations for the years ended December 31, 2014, 2013 and 2012 as though the acquisitions closed during the years ended December 31, 2014, 2013 and 2012 were completed on January 1, 2012. 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. 2014 (1) 2013 2012 Pro forma revenues $ $ $ Pro forma net income (loss) available to common stockholders $ $ $ Pro forma income (loss) per common share-basic $ $ $ Pro forma income (loss) per common share-diluted $ $ $ Pro forma common shares-basic Pro forma common share-diluted (1) The Company adjusted its pro forma net income for the year ended December 31, 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.
Real Estate Investments	4. Real Estate Investments Property Acquisitions During the nine months ended September 30, 2015, the Company’s property acquisitions are summarized as follows: Property Type Number of Properties Square Feet Purchase Price Industrial (1) $ Office/banking center (1) Specialty industrial Specialty retail Data center Total $ (1) The Company assumed mortgages on 17 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $153,877 . 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: Property Type Number of Properties Square Feet Purchase 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 September 30, 2015 of $1,335 and $543 , respectively, related to the acquisitions during the period. The Company recorded revenues and net income for the nine months ended September 30, 2015 of $38,055 and $10,802 , respectively, related to the acquisitions during the period. The Company recorded revenues and net income for the three months ended September 30, 2014 of $1,741 and $245 , respectively, related to the acquisitions during the period. The Company recorded revenues and net income for the nine months ended September 30, 2014 of $5,193 and $1,398 , respectively, related to the acquisitions during the period. The Company recorded revenues and net income for the three months ended September 30, 2014 of $15,646 and $2,322 , respectively, related to the Bank of America Portfolio acquired on June 9, 2014. The Company recorded revenues and net income for the nine months ended September 30, 2014 of $19,102 and $2,750 , respectively, related to the Bank of America Portfolio. Property Purchase Price Allocations The Company is currently analyzing the fair value of the lease and real estate assets of 26 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 Nine Months ended September 30, 2015 26 $ $ $ Year ended December 31, 2014 11 $ $ $ During the nine months ended September 30, 2015 and the year ended December 31, 2014, the Company finalized the purchase price allocations for 42 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 allocations, in accordance with ASU 2015-16, which the Company adopted in the third quarter of 2015, 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 Increase (Decrease) to Rental Revenue Increase (Decrease) to Depreciation and Amortization Expense Nine Months ended September 30, 2015 (1) 42 $ $ $ $ $ $ $ $ Year ended December 31, 2014 22 $ $ $ $ $ $ $ $ (1) Allocations for the nine months ended September 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 nine months ended September 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 September 30, Nine Months Ended September 30, 2015 2014 (1) 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 nine months ended September 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. 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 September 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 nine months ended September 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 America 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 rental income of $2,654 and an increase to depreciation expense of $620 to record adjustments to depreciation and amortization on the Condensed Consolidated Statements of Operations for the nine months ended September 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 $

Joint Ventures and Equity Inves

Joint Ventures and Equity Investments	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Joint Ventures and Equity Investments [Abstract]
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 $55,885 ( €50,000 ), representing an interest of approximately 19.8% . As of September 30, 2015 and December 31, 2014, the Company contributed $15,393 ( €13,594 ) and $0 ( €0 ) to the Gramercy European Property Fund, respectively. Of the contributions made during the nine months ended September 30, 2015, $4,559 ( €4,079 ) was accrued as of September 30, 2015 and funded in October 2015. During the three and nine months ended September 30, 2015, the Gramercy European Property Fund acquired five and six properties, respectively, located in Germany and the Netherlands. 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 maturity in September 2035. The loan has an anticipated repayment date in September 2015 and, as such, distributions from the property began paying down the loan in September 2015. The Condensed Consolidated Balance Sheets for the Company’s joint ventures and equity investments at September 30, 2015 and December 31, 2014 are as follows: September 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 nine months ended September 30, 2015 and 2014 or partial period for acquisitions or dispositions which closed during these periods, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 (1) 2014 (2) 2015 (1) 2014 (2) Revenues $ $ $ $ Operating expenses - Acquisition expenses - - Interest Depreciation Total expenses Net income (loss) from operations Loss on derivatives - - Net gain (loss) on disposals - - - Provision for taxes - Net income (loss) $ $ $ $ Company's equity in net income (loss) within continuing operations $ $ $ $ (1) The results of operations for the three and nine months ended September 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 nine months ended September 30, 2014 include the Bank of America Portfolio joint venture’s results for the period January 1, 2014 through June 9, 2014. 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 nine months ended September 30, 2015 and 2014 related to the Company’s joint ventures and equity investments is as follows: As of September 30, 2015 As of December 31, 2014 Gramercy European Property Fund Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Investment in joint venture or equity investment $ $ - $ $ - $ - $ - $ - Three Months ended September 30, 2015 Three Months ended September 30, 2014 Gramercy European Property Fund 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 $ - $ $ $ - $ - $ $ Nine Months ended September 30, 2015 Nine Months ended September 30, 2014 Gramercy European Property Fund 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 $ - $ $ $ - $ $ $	5. Joint Ventures and Equity Investments 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. On the date that the Company acquired the remaining 50% equity interest, the Bank of America Portfolio included 67 properties located across the United States totaling approximately 3,055,000 rentable square feet and was 97% leased to Bank of America, N.A., under a master lease with expiration dates through 2023, with total portfolio occupancy of approximately 98% . The portfolio’s $200,000 floating rate, interest-only mortgage note, was paid off at the time of the Company’s acquisition of the remaining 50% interest. During the years ended December 31, 2014, 2013 and 2012, the Joint Venture sold eight , 38 , and two properties for net proceeds of $7,682 , $43,284 , and $143,408 , respectively. In May 2013, the joint venture sold a defeased mortgage and the corresponding pool of pledged treasury securities, and recorded a loss of $4,577 . As of December 31, 2014 and December 31, 2013, the Company’s investment in the Bank of America Portfolio joint venture had a carrying value of $0 and $39,385 , respectively. During the years ended December 31, 2014, 2013 and 2012, the Company recorded its pro rata share of net income (loss) of the joint venture of $1,546 , ($5,874) , and ($3,020) , respectively. During the years ended December 31, 2014, 2013 and 2012, the Company received distributions of $6,800 , $29,215 , and $0 from the joint venture, respectively. The joint venture’s purchase price allocation was finalized as of December 31, 2013 and included $460,012 of net real estate assets, $58,172 of intangible assets and $50,963 of intangible liabilities. 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 2015. As of December 31, 2014 and December 31, 2013, the investment has a carrying value of $0 . The Company recorded its pro rata share of net income of the joint venture of $413 , $212 and $115 for the years ended December 31, 2014, 2013 and 2012, respectively. During the years ended December 31, 2014, 2013, and 2012 the Company received distributions of $413 , $413 , and $392 from the joint venture, respectively. 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 equity investors, including the Company, have collectively committed approximately $426,455 (€352,500) in equity capital comprised of an initial commitment of approximately $305,475 (€252,500) , including $60,490 (€50,000) from the Company and $244,985 (€202,500) from its equity investment partners, plus an additional $120,980 (€100,000) from certain equity investment partners, not including the Company, after the first $303,870 ( €250,000 ) has been invested. As of December 31, 2014, the Company had not contributed any capital nor received any distributions from Gramercy European Property Fund. As of December 31, 2014 the investment had a carrying value of $0 , and the Company did not record any net income related to its investment from the date of acquisition on December 19, 2014 through December 31, 2014. The Consolidated Balance Sheets for the Company’s joint ventures and equity investments at December 31, 2014 and 2013 are as follows: 2014 (1) 2013 Assets: Real estate assets, net $ $ Other assets Total assets $ $ Liabilities and members' equity: Mortgages payable $ $ Other liabilities Members' equity Liabilities and members' equity $ $ (1) The Consolidated Balance Sheet as of December 31, 2014 represents the Company’s interests in the Philips joint venture and the Gramercy European Property Fund , whereas the Consolidated Balance Sheet as of December 31, 2013 represents the Company’s interests in the Philips joint venture and the Bank of America Portfolio joint venture because the Bank of America Portfolio was consolidated into the Company’s Consolidated Balance subsequent to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio on June 9, 2014. The Gramercy European Property Fund commenced in December 2014 and does not have any balance sheet contribution as of December 31, 2014. The Consolidated Statements of Operations for the joint ventures and equity investments for the years ended December 31, 2014, 2013 and 2012 or partial period for acquisitions or dispositions which closed during these periods, are as follows: 2014 (1) 2013 2012 Revenues $ $ $ Operating expenses Interest Depreciation Total expenses Net income (loss) from operations Net loss on disposals - Provision for taxes - - Net income (loss) $ $ $ Company's equity in net income (loss) within continuing operations $ $ $ Company's equity in net loss within discontinued operations $ - $ $ (1) The results of operations for the year ended December 31, 2014 includes the Bank of America joint venture’s results for the period January 1, 2014 through June 9, 2014. Subsequent to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio, the results of operations for the Bank of America Portfolio are consolidated into the Company’s Consolidated Statements of Operations.

Debt Obligations

Debt Obligations	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Obligations
Debt Obligations	6. Debt Obligations Secured Debt Mortgage Loans Certain real estate assets are subject to mortgage liens. During the nine months ended September 30, 2015, the Company assumed $153,877 of non-recourse mortgages in connection with 17 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 September 30, 2015. The following is a summary of the Company’s secured financing arrangements as of September 30, 2015: Encumbered Properties Balance Interest Rate Weighted-average Effective Interest Rate Weighted-average Maturity Fixed-rate mortgages $ 3.28% to 7.46% 5.39% 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 September 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 . In September 2015, the Company borrowed $10,120 ( €9,000 ) under the foreign currency denominated tranche of the Unsecured Credit Facility. The Company designated the euro loan as a net investment hedge to mitigate the risk from fluctuations in foreign currency exchange rates. Refer to Note 10, Derivative Instruments, for further information on the net investment hedge. 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 USD LIBOR plus 1.45% , the Unsecured Credit Facility tranche denominated in U.S. dollars has a borrowing rate of one-month USD LIBOR plus 1.50% , and the Unsecured Credit Facility tranche denominated in foreign currencies has a borrowing rate of one-month EURIBOR plus 1.50% . In connection with the $200,000 original 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 September 30, 2015. As of September 30, 2015, there were borrowings of $300,000 outstanding under the Term Loan and borrowings of $270,059 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. As a result of transactions contemplated by the Merger Agreement, the Exchangeable Senior Notes became exchangeable at the option of the holder commencing August 13, 2015 and will remain exchangeable through 35 trading days following the consummation of the Merger, if the Merger is consummated, in each case, in accordance with the terms of the indenture governing the Exchangeable Senior Notes. As of the period ended September 30, 2015, no holders elected to exercise the aforementioned exchange option. 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 September 30, 2015 are as follows: Unsecured Debt Mortgage Notes Payable Exchangeable Senior Notes Interest Payments Total October 1 through December 31, 2015 $ - $ $ - $ $ 2016 - - 2017 - - 2018 - 2019 Thereafter - - Above market interest - - - Total $ $ $ $ $	6. Debt Obligations Secured Debt Certain real estate assets are subject to mortgage liens. 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) This mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 11 for further information on hedging and the Company’s derivative instruments. Mortgage Loans Certain real estate assets are subject to mortgage loans. During 2014, the Company assumed $45,607 of non-recourse mortgages in connection with four real estate acquisitions. During 2013, the Company assumed $48,899 of non-recourse mortgages in connection with two real estate acquisitions. During 2013, the Company also entered into a total of $72,245 non-recourse mortgage loans, secured by five properties, with a weighted average fixed-rate of 4.83% and a weighted-average floating rate of LIBOR + 2.10% . Secured Credit Facility On September 4, 2013, the Company entered into a Credit and Guaranty Agreement, with Deutsche Bank Securities, Inc., as lead arranger and bookrunner, and Deutsche Bank AG New York Branch, as administrative agent, for a $100,000 senior secured revolving credit facility, which Credit and Guaranty Agreement was amended and restated on September 24, 2013, or the Secured Credit Facility. The Company exercised the $50,000 accordion feature in February 2014, which increased its borrowing capacity to $150,000 . The maturity date of the revolving credit facility was September 2015 , with one 12 -month extension option exercisable by the Company, subject, among other things, to there being an absence of an event of default under the Secured Credit Facility and to the payment of an extension fee. The Secured Credit Facility was guaranteed by Gramercy Property Trust Inc. and certain subsidiaries and was secured by first priority mortgages on designated properties, or the Borrowing Base. Outstanding borrowings under the Secured Credit Facility were limited to the lesser of (i) the sum of the $100,000 revolving commitment and the maximum $50,000 commitment increase available or (ii) 60.0% of the value of the Borrowing Base. Interest on advances made on the Secured Credit Facility, were incurred at a floating rate based upon, at the Company’s option, either (i) LIBOR plus the applicable LIBOR margin, or (ii) the applicable base rate which is the greater of the Prime Rate, 0.50% above the Federal Funds Rate, or 30-day LIBOR plus 1.00% . The applicable LIBOR margin ranged from 1.90% to 2.75% , depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross assets. As of December 31, 2013, there were borrowings of $45,000 outstanding under the Secured Credit Facility and 18 properties in the Borrowing Base. On June 9, 2014, the Company terminated the Secured Credit Facility and concurrently replaced it with an unsecured credit facility, as discussed below. The Company recorded a net loss on the early extinguishment of debt of $1,925 for the year ended December 31, 2014 in connection with the unamortized deferred financing costs that were immediately expensed upon termination. Unsecured Debt On June 9, 2014, the Company entered into a Revolving Credit and Term Loan Agreement with lead arrangers JP Morgan Chase Bank, N.A, administrative agent, and Merrill Lynch, Pierce, Fenner and Smith Incorporated, as syndication agent, for 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. The aggregate amount of the Term Loan and Unsecured Credit Facility may be increased to a total of up to $800,000 , in the aggregate, subject to the approval of the lender and satisfaction of certain customary terms. The $200,000 Term Loan expires in June 2019 and was used to repay the existing $200,000 mortgage loan secured by the Bank of America Portfolio at the time of the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio joint venture. The $200,000 Unsecured Credit Facility expires in June 2018, with an option for a one -year extension, and replaces the Company’s previously existing $150,000 Secured Credit Facility, which was terminated simultaneously. Interest on outstanding balances on the Term Loan and advances made on the Unsecured Credit Facility, is incurred at a floating rate based upon, at the Company’s option, either (i) LIBOR plus an applicable margin ranging from 1.35% to 2.05% , depending on the Company’s total leverage ratio, or (ii) the applicable base rate plus an applicable margin ranging from 0.35% to 1.05% , depending on the Company’s total leverage ratio. The applicable base rate is the greater of (x) the prime rate, (y) 0.50% above the Federal Funds Effective Rate, and (z) 30-day LIBOR plus 1.00% . 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. The combined effective fixed rate of the Term Loan is 3.42% which equals the hedge interest rate of 1.82% plus the applicable base rate of 1.60% . The Term Loan and 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. The Company is in compliance with the covenants under the facilities at December 31, 2014. As of December 31, 2014, there were borrowings of $200,000 outstanding under the Term Loan and no borrowings outstanding under the Unsecured Credit Facility. Exchangeable Senior Notes On March 18, 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 , unless redeemed, repurchased or exchanged in accordance with their terms prior to such date 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 Operating Partnership'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 Operating Partnership 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 had an initial exchange rate of 161.1863 shares of the Company’s common stock per $1.0 principal amount of the Exchangeable Senior Notes, representing an exchange price of approximately $6.20 per share of the Company’s common stock. The initial exchange rate is subject to adjustment under certain circumstances. As of December 31, 2014, the Exchangeable Senior Notes have a current exchange rate of 161.5329 shares of the Company’s common stock per $1.0 principal amount of the Exchangeable Senior Notes, representing an exchange price of approximately $6.19 per share of the Company’s common stock. The fair value of the Exchangeable Senior Notes was determined at issuance to be $106,689 . The discount is being amortized to interest expense over the expected life of the Exchangeable Senior Notes. As of December 31, 2014, the principal amount of the Exchangeable Senior Notes was $115,000 , the unamortized discount was $7,164 , and the carrying value was $107,836 . As of December 31, 2014, and if Exchangeable Senior Notes were eligible for conversion, the Company could issue shares valued at $128, 176 based upon the Company’s closing stock price of $6.90 , which would exceed the value of the outstanding principal by $13,176 . 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, which is the carrying amount of the equity component as of December 31, 2014. For the year ended December 31, 2014, the Company recorded a loss on derivative of $3,415 on the 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 December 31, 2014 are as follows: Unsecured Debt Mortgage Notes Payable Exchangeable Senior Notes Interest Payments Total 2015 $ - $ $ - $ $ 2016 - - 2017 - - 2018 - - 2019 Thereafter - - Below market interest - - - Total $ $ $ $ $ During the years ended December 31, 2014 and 2013, the Company capitalized $67 and $94 , respectively, of interest associated with redevelopment activities.

Leasing Agreements

Leasing Agreements	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Leases 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 September 30, 2015 are as follows: Operating Leases October 1 through December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total minimum lease rental income $	7. Leasing Agreements The Company’s properties are leased to tenants under operating leases with expiration dates extending through the year 2032 . These leases generally contain rent increases and renewal options. Future minimum rental revenues under non-cancelable leases excluding reimbursements for operating expenses as of December 31, 2014 are as follows: Operating Leases 2015 $ 2016 2017 2018 2019 Thereafter Total minimum lease rental income $

Transactions with Director Rela

Transactions with Director Related Entities and Related Parties	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 . In June 2014, the Company signed a lease agreement with 521 Fifth Fee Owner LLC, an affiliate of SL Green Realty Corp. (NYSE: SLG), or 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 $282 under the lease for the three and nine months ended September 30, 2015, respectively. The Company paid $92 and $276 under the lease for the three and nine months ended September 30, 2014, respectively. The Chief Executive Officer of 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.	8. Transactions with Director Related Entities and Related Parties The Company’s CEO, Gordon F. Du G an, 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. Foreign currency commitments have been converted into U.S. dollars based on (i) the foreign exchange rate at the closing date for completed transactions and (ii) the exchange rate that prevailed on December 31, 2014, in the case of unfunded commitments. Three of the properties the Company closed on subsequent to December 31, 2014, which comprised an aggregate 450,000 square feet and are located in Milwaukee, Wisconsin, were acquired from affiliates of KTR Capital Partners, or KTR, a private industrial real estate investment company, for which one of the Company’s directors serves as Chief Executive Officer and Chairman of the Board. The Chief Executive Officer of SL Green Realty Corp. (NYSE: SLG), or SL Green, was one of the Company’s directors until September 30, 2014, when he resigned. The Company did not have a disagreement with Mr. Holliday on any matter relating to its operations, policies or practices. In recognition of his service, the Company’s board of directors ratably vested 1,125 of the 1,500 shares of its common stock granted to Mr. Holliday in January 2014. In June 2013, 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, following the completion of certain improvements to the space. The lease 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 $368 under the lease for the year ended December 31, 2014. From May 2005 through September 2013, the Company was party to a lease agreement with SLG Graybar Sublease LLC, an affiliate of SL Green, for its previous corporate offices at 420 Lexington Avenue, New York, New York. In September 2013, concurrently with the commencement of the lease for the new corporate offices at 521 Fifth Avenue, the Company cancelled the lease for its corporate office at 420 Lexington Avenue.

Deferred Costs

Deferred Costs	12 Months Ended
	Dec. 31, 2014
Deferred Costs [Abstract]
Deferred Costs	9. Deferred Costs Deferred costs at December 31, 2014 and 2013 consisted of the following: 2014 2013 Deferred financing costs $ $ Deferred acquisition costs Deferred leasing costs - Accumulated amortization $ $ The Company’s deferred financing costs primarily relate to its financing arrangements, including its Term Loan, Unsecured Credit Facility, Exchangeable Senior Notes, previous Secured Credit Facility, and mortgage notes assumed in connection with property acquisitions. These costs are amortized on a straight-line or effective interest basis to interest expense over on the contractual term of the related financing. The Company’s deferred acquisition costs include lease inducement fees paid to secure acquisitions and are amortized on a straight-line basis over the related lease term. 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 September 30, 2015 and December 31, 2014: September 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. Refer to Note 6 for more information on the long term debt instruments. (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 swap agreements, are carried at fair value in the Condensed Consolidated Financial Statements. The fair values of the interest rate swaps are determined based upon third-party valuations. Refer to Note 10 for more information on the derivative instruments. 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. The amortization of mortgage premiums or discounts is recorded in interest expense on the Condensed Consolidated Statements of Operations. Refer to Note 6 for more information on these instruments. 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. Refer to Note 6 for more information on the Exchangeable Senior Notes. Disclosure about fair value of financial instruments is based on pertinent information available to the Company at September 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 September 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 September 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 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 from derivatives for the three and nine months ended September 30, 2015 were $2,584 and $3,248 , respectively, in accumulated other comprehensive income (loss). Total losses (gains) from derivatives for the three and nine months ended September 30, 2014 were ( $1,031 ) and $1,172 , respectively, in accumulated other comprehensive income (loss). During the nine months ended September 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 September 30, 2015 are: At September 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 199 to 240 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 September 30, 2015 $ The following rollforward 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 September 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 September 30, 2015 or December 31, 2014.	10. Fair Value of Financial Instruments The Company discloses fair value information about financial instruments, whether or not recognized in the financial statements, 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. In connection with the Company’s disposal of Gramercy Finance and the subsequent exit from the commercial real estate finance business, more fully described in Note 3, “Dispositions and Assets Held for Sale,” for the year ended December 31, 201 2 , the Company recorded impairment charges of $882 on its loan investments, CMBS investments, and real estate held by the CDOs as a result of the reclassification of all loan investments and real estate held by the CDOs as held for sale and the inability to express the intent to hold impaired CMBS investments until amortized cost is recovered. In connection with the disposal of Gramercy Finance, the Company also recorded recurring and non-recurring fair value measurements as of the date of disposal for certain financial instruments before derecognition. The following table presents the carrying value in the financial statements and approximate fair value of financial instruments at December 31, 2014 and December 31, 2013: December 31, 2014 December 31, 2013 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Retained CDO Bonds (1), (2) $ $ $ $ Marketable securities (3) $ $ $ - $ - Financial liabilities: Derivative instruments $ $ $ $ Contingent value rights (4) $ - $ - $ $ Long term debt Term Loan (2) $ $ $ - $ - Unsecured Credit Facility (2) $ - $ - $ - $ - Secured 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 Consolidated Balance Sheet. (4) Pursuant to the Company’s private placement of equity in October 2013, the Company entered into the CVR Agreements with purchasers of the Company’s common stock in that offering, which are discussed more fully in Note 11. 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 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 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 Consolidated Financial Statements based upon third-party valuations. Contingent value rights : The Company’s contingent value rights were presented at fair value on the Consolidated Financial Statements based upon valuation using the Black Scholes model. Mortgage notes payable, Term Loan, Unsecured Credit Facility, and Secured Credit Facility : These instruments are presented in the 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 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 the reporting date. 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 December 31, 2014 and December 31, 2013, and current estimates of fair value may differ significantly from the amounts presented herein. 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 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 $ $ - $ - $ $ $ - $ - $ At December 31, 2013 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 $ $ - $ - $ Contingent value rights - - $ $ - $ - $ Derivative instruments : Interest rate swaps and caps are 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 valuation of derivative instruments is 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. Fair values of the Company’s derivative instruments, such as the CVR investments, were valued using a Black-Scholes model. Fair value of the Company’s embedded exchange option is determined using a probabilistic valuation model with the assistance of third-party valuation specialists. Total gains or (losses) from derivatives for the years ended December 31, 2014 and 2013 were ($3,002) and $9,914 , respectively, in accumulated other comprehensive income (loss). On March 15, 2013, the date of disposal of Gramercy Finance, the Company reclassified the amounts out of accumulated other comprehensive income (loss) and derecognized the derivative instruments. During the year ended December 31, 2014, the Company entered into an interest rate swap agreement and did not enter into any new interest rate caps. 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 loans and other lending investments, real estate investments, and CMBS. 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. Significant increases (decreases) in any of those inputs in isolation as well as any change in the expected timing of those inputs would result in a significantly lower (higher) fair value measurement. 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 December 31, 2014 are: At December 31, 2014 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 roll forward 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, 2013 $ Amortization of discounts or premiums Adjustments to fair value: Included in other comprehensive income Other-than-temporary impairments Balance as of December 31, 2014 $ 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, 2013 $ Embedded exchange option Transfer of embedded exchange option to stockholders' equity Expiration of Contingent Value Rights Adjustments to fair value: Realized loss on derivative instruments Unrealized loss on derivatives Balance as of December 31, 2014 $ Fair Value on a Non-Recurring Basis The Company did not measure any of its financial instruments on a non-recurring basis as of December 31, 2014 or December 31, 2013.

Derivative Instruments

Derivative Instruments	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Derivative Instruments [Abstract]
Derivative Instruments	10. Derivative and Hedging 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 September 30, 2015, the Company’s derivative instruments consist of interest rate swaps, which are cash flow hedges. Changes in the fair value of the derivatives are recognized in other comprehensive income (loss) until the hedged item expires or is recognized in earnings. Borrowings on the Company’s foreign currency denominated tranche of the Unsecured Credit Facility, which are designated as net investment hedges, are recognized at par value based on the exchange rate in effect on the date of the draw. Subsequent changes in the exchange rate of the Company’s net investment hedge are recognized as part of the cumulative foreign currency translation adjustment within other comprehensive income (loss). The ineffective portion of a derivative or hedging instrument 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 and hedging instruments at September 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 Carrying Value Assets of Non-VIEs: Interest Rate Swap 1 mo. USD-LIBOR-BBA USD 4.55% 12/19/13 12/19/20 $ Interest Rate Swap 1 mo. USD-LIBOR-BBA USD 1.82% 09/09/14 06/09/19 Net Investment Hedge in Gramercy European Property Fund EUR-USD exchange rate Euros N/A 09/28/15 N/A Total $ Through its interest rate swaps, the Company is hedging exposure to variability in future interest payments on its debt facilities. At September 30, 2015, the interest rate swap derivative instruments were reported at their fair value as a net liability of $6,437 . No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from ineffectiveness for the three and nine months ended September 30, 2015 and 2014. At December 31, 2014, the interest rate swap 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 $3,151 will be reclassified from other comprehensive income as an increase in interest expense. Through its net investment hedge, which was entered into in September 2015, the Company is hedging exposure to changes in the euro-U.S. dollar exchange rate of its net equity investment in the Gramercy European Property Fund, which has euros as its functional currency. At September 30, 2015, the net investment hedge was reported at its carrying value as a net liability of $10,059 , which is included in the balance of the Unsecured Credit Facility on the Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2015, the Company recorded a net gain of $61 in other comprehensive income from the impact of exchange rates related to the net investment hedge. No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from ineffectiveness for the three and nine months ended September 30, 2015 and 2014. When the net investment is sold or substantially liquidated, the balance of the translation adjustment accumulated in other comprehensive income will be reclassified into earnings.	11. 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. 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 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 December 31, 2014. 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 Notional Strike Effective Expiration Fair Rate Value Rate Date Date 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 December 31, 2014, derivative instruments were reported at their fair value as a net liability of $3,189 . No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from ineffectiveness for the years ended December 31, 2014, 2013, and 2012. At December 31, 2013, derivative instruments were reported at their fair value as a net liability of $302 . Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income (loss) 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 $3,278 will be reclassified from other comprehensive income as an increase in interest expense.

Stockholders Equity (Deficit)

Stockholders Equity (Deficit)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Stockholders Equity (Deficit) [Abstract]
Stockholders Equity (Deficit)	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 September 30, 2015 , 57,493,902 shares of common stock, 3,500,000 shares of preferred stock and no shares of excess stock were issued and outstanding , respectively. In February 2015, 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 September 2015 , the Company’s board of directors authorized and the Company declared a dividend of $0.22 per common share for the third quarter of 2015, which was paid October 15, 2015 to holders of record as of September 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 400,000,000 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 nine months ended September 30, 2015, the Company sold zero and 656,711 shares of its common stock through the ATM Program for $0 and $18,292 of net proceeds after related expenses. Preferred Stock The Company has 3,500,000 shares 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 September 30, 2015 and December 31, 2014, the Company has no accrued Series B Preferred Stock dividends. Equity Incentive Plans 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) grants of shares of restricted common stock, (iv) grants of phantom shares, (v) dividend equivalent rights, and (vi) other equity-based awards. 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 2012, the Company adopted the 2012 Inducement Equity Incentive 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. The 2012 Inducement Equity Incentive Plan authorizes the grant of (i) NQSOs, (ii) shares of restricted stock, (iii) phantom shares, (iv) dividend equivalent rights and (v) other forms of equity-based award, including LTIP units, as “employment inducement awards” within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual to newly hired eligible officers and employees. The 2012 Inducement Equity Incentive Plan terminates on the ten year anniversary of its approval by the Company’s board of directors, unless sooner terminated. In July 2012, the Company adopted the 2012 Long-Term Outperformance Plan, which provides that if certain performance goals are achieved and other conditions are met, LTIP units would be issued to, among others, Gordon F. DuGan, Benjamin P. Harris, and Nicholas L. Pell under the 2012 Inducement Equity Incentive Plan and to Jon W. Clark and Edward J. Matey Jr. under the 2012 Equity Incentive Plan. 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, the 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 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 Incentive 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 Incentive Plan. The 2015 Equity Incentive Plan became effective in June 2015 and will terminate on the day immediately preceding the tenth anniversary of its effective date, unless sooner terminated by the Board. In connection with the adoption of the 2015 Equity Incentive Plan, four Gramercy executives and three Gramercy non-executives were issued a total of 96,697 restricted shares in June 2015, 50 % of which will vest on each of the fourth and fifth anniversaries of the grant date, subject to continued employment. At September 30, 2015 , 3,044,192 shares of common stock were available for issuance under the 2015 Equity Incentive Plan. Through September 30, 2015, 646,403 restricted shares had been issued under the Equity Incentive Plans, of which 66% 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 $416 and $914 was recorded for the three and nine months ended September 30, 2015, respectively, and compensation expense of $245 and $705 was recorded for the three and nine months ended September 30, 2014, respectively, related to the issuance of restricted shares. Compensation expense of $5,144 will be recorded over the course of the next 41 months representing the remaining weighted average vesting period of equity awards issued under the Equity Incentive Plans as of September 30, 2015. Concurrently with execution of the Merger Agreement between the Company and Chambers Street on July 1, 2015, the Company entered into agreements with, among others, Gordon F. DuGan, Benjamin P. Harris, Nicholas L. Pell, Jon W. Clark, and Edward J. Matey Jr., pursuant to which they agreed that if the Merger is complete, 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 Inducement Equity Incentive Plan and 2004 Equity Incentive Plan for purposes of the Company’s 2012 Long-Term 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 $1,464 was recorded for the three and nine months ended September 30, 2015, respectively, and compensation expense of $488 and $1,082 was recorded for the three and nine months ended September 30, 2014, respectively, for the 2012 Long-Term Outperformance Plan. Compensation expense of $3,182 will be recorded over the course of the next 20 months, representing the remaining weighted average vesting period of the awards issued under the 2012 Long-Term Outperformance Plan as of September 30, 2015. As of September 30, 2015, there were approximately 161,400 phantom shares outstanding, of which 157,650 phantom shares 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 nine months ended September 30, 2015 and 2014 are computed as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator - Income (loss): Net income (loss) from continuing operations $ $ $ $ Net income (loss) from discontinued operations Net income (loss) Net (income) loss attributable to noncontrolling interest Preferred stock redemption costs - - Preferred stock dividends Net income (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 shares - - 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 below the exchange price of $24.76 for the three months ended September 30, 2015 and above the exchange price of $24.76 for the nine months ended September 30, 2015. Therefore, there is no potential dilutive effect for the three months ended September 30, 2015, however there is a potential dilutive effect of the excess conversion premium for the nine months ended September 30, 2015, however due to the Company’s net loss from continuing operations excluding amounts attributable to noncontrolling interest and adjusted for preferred dividends declared for the nine months ended September 30, 2015, this effect was excluded from the calculation of diluted earnings per share because it is anti-dilutive. For the nine months ended September 30, 2015, 13,990 share options, 931,012 unvested share based payment awards, 161,400 phantom shares, 495,977 OP Units, and 206,402 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 months ended September 30, 2014, 17,491 share options, 572,469 unvested share based payment awards, 144,918 phantom shares, and 412,754 OP Units were computed using the treasury share method, which due to the net loss available to common stockholders were anti-dilutive. For the nine months ended September 30, 2015, the Company excluded unvested restricted stock awards of 402,282 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 the period. For the three months ended September 30, 2014, the Company excluded unvested restricted stock awards of 278,992 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 the period. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) as of September 30, 2015 and December 31, 2014 is comprised of the following: September 30, 2015 December 31, 2014 Net unrealized loss on derivative instruments $ $ Net unrealized gain (loss) on debt securities Foreign currency translation adjustments: Gain on net investment hedge (1) - Other foreign currency translation adjustments Total accumulated other comprehensive income $ $ (1) The Company's net investment hedge related to its net investment in the Gramercy European Property Fund is included in the foreign currency translation adjustments within other comprehensive income.	12. Stockholders’ Equity (Deficit) The Company’s authorized capital stock consists of 250,000,000 shares, $0.001 par value per share, of which the Company is authorized to issue up to 220,000,000 shares of common stock, $0.001 par value per share, 25,000,000 shares of preferred stock, $0.001 par value per share, and 5,000,000 shares of excess stock, $0.001 par value per share. As of December 31, 2014, 186,945,569 shares of common stock, 3,500,000 shares of preferred stock and no shares of excess stock were issued and outstanding, respectively. In December 2014, the Company completed an underwritten public offering of 59,800,000 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase up to 7,800,000 additional shares of common stock. The shares of common stock were issued at a public offering price of $5.90 per share and the net proceeds from the offering were approximately $336,073 , after expenses. In May 2014, the Company completed an underwritten public offering of 46,000,000 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase up to 6,000,000 additional shares of common stock. The shares of common stock were issued at a public offering price of $4.98 per share and the net proceeds from the offering were approximately $218,224 , after expenses. In October 2013, the Company entered into a common stock purchase agreement and related joinder agreements, or the Purchase Agreement, for the issuance of 11,535,200 shares of common stock at a purchase price of $4.11 per share, raising net proceeds of $45,520 , to various pu rchasers in a private placement . Pursuant to the Purchase Agreement, each purchaser agreed that it would not, without the prior written consent of the Company, offer, sell, contract to sell, pledge or otherwise dispose any or all of the common stock purchased until March 25, 2014, or the Lock-Up Period. During the Lock-Up Period, if the Company issued common stock or securities convertible into common stock (except for certain permitted issuances), then the purchasers would have the ability to: (1) purchase their pro rata portion of all or any part of the new issuance, and (2) elect the benefit of any different terms provided to the new investors. Pursuant to the Purchase Agreement, the Company entered into CVR Agreements with the Purchasers at the closing of the sale of common stock in the Private Placement which are discussed in more detail in Note 10. The CVR Agreements expired on March 25, 2014 with no value. The shares of common stock sold in the Private Placement were offered and sold pursuant to an exemption from the registration requirements under Rule 506 of Regulation D promulgated under the Securities Act of 1933. The purchasers were accredited investors as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933. Morgan Stanley & Co. LLC acted as the placement agent in connection with the Private Placement. The Company issued to KBS Acquisition Sub-Owner 2, LLC (i) 2,000,000 shares of common stock of the Company, par value $0.001 per share; (ii) 2,000,000 shares of Class B-1 non-voting common stock of the Company, par value $0.001 per share; and (iii) 2,000,000 shares of Class B-2 non-voting common stock of the Company, par value $0.001 per share on December 6, 2012. The shares were issued as consideration for the Company’s contribution to the joint venture with Garrison in connection with the acquisition of the Bank of America Portfolio on the same date and were valued at $2.75 which was the closing price of the Company’s common stock on the New York Stock Exchange on the day prior. Each share of the Class B-1 common stock and Class B-2 common stock will be convertible into one share of the Company’s common stock at the option of the holder at any time on or after September 5, 2013 and December 6, 2013, respectively. During 2013, all Class B-1 and Class B-2 common stock was converted into an equal amount of shares of the Company’s common stock. In December, 2013, the Company filed an articles supplementary to its charter to reclassify 2,000,000 authorized shares of Class B-1 common stock and 2,000,000 authorized shares of Class B-2 common stock into the same number of authorized but unissued shares of the Company’s common stock. The reclassification (i) increased the number of shares of common stock from 96,000,000 shares immediately prior to the reclassification to 100,000,000 shares of common stock immediately after the reclassification; (ii) decreased the number of shares classified as Class B-1 Common Stock from 2,000,000 shares immediately prior to the reclassification to no shares immediately after the reclassification; and (iii) decreased the number of shares classified as Class B-2 Common Stock from 2,000,000 shares immediately prior to the reclassification to no shares immediately after the reclassification. At-The-Market Equity Offering Program In September 2014, the Company, along with the Operating Partnership, 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. During the year ended December 31, 2014, the Company sold 7,712,046 shares of its common stock through the ATM Program for aggregate gross proceeds of approximately $45,280 , or $44,302 of net proceeds after related expenses. The net proceeds from these offerings were used to fund new investments and for other operating purposes. As of December 31, 2014, the Company has $54,720 available to issue under the ATM Program . Preferred Stock At December 31, 2014, 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. In August 2014, the Company received $81,638 in net proceeds after expenses upon issuance. In September 2014, the Company redeemed all of the outstanding shares of its 8.125% Series A Preferred Stock, or Series A Preferred Stock, at a redemption price of $25.32161 per share, equal to the sum of the $25.00 per share redemption price of the stock and a quarterly dividend of $0.32161 prorated to the redemption date of September 12, 2014. The 8.125% Series A Pr eferred Stock was replaced by the Series B Preferred Stock. As a result of the redemption, the Company recorded a $2,912 charge to the Consolidated Statements of Operations equal to the excess of the $25.00 per share liquidation preference over the carrying value as of the redemption date. Holders of the Series A Preferred Stock were entitled to receive annual dividends of $2.03125 per share on a quarterly basis and dividends were cumulative, subject to certain provisions. As of December 31, 2013, the Company accrued Series A Preferred Stock dividends of $37,600 . In December 2013, the Company’s board of directors authorized and the Company declared a “catch-up” dividend in the amount of $10.23524 per share of its 8.125% Series A Cumulative Redeemable Preferred Stock, representing all accrued and unpaid dividends on the Series A Preferred Stock for the period October 1, 2008, through and including October 14, 2013. In December 2013 , the Company’s board of directors also authorized and the Company declared a Series A Preferred Stock quarterly dividend payment in the amount of $0.50781 per share, for the period October 15, 2013, through and including January 14, 2014. Both the accrued dividend and the quarterly dividend were paid to holders of the Series A Preferred Stock of record as of the close of business on December 31, 2013 . Equity Incentive Plans As part of the Company’s initial public offering, the Company instituted its Equity Incentive Plan, or the 2004 Equity Incentive Plan. The 2004 Equity Incentive Plan, as amended, authorizes (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, or collectively the Options, and (iv) grants of shares of restricted and unrestricted common stock. The exercise price of Options will be determined by the compensation committee, but may not be less than 100% of the fair market value of the shares of common stock on the date of grant. At December 31, 2014, 1,911,764 shares of common stock were available for issuance under the 2004 Equity Incentive Plan. 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. Through December 31, 2014, 2,065,015 restricted shares had been issued under the 2004 Equity Incentive Plan, of which 83% 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 $743 , $579 , and $958 was recorded for the years ended December 31, 2014, 2013, and 2012, respectively, related to the issuance of restricted shares. Compensation expense of $2,250 will be recorded over the course of the next 38 months representing the remaining weighted average vesting period of equity awards issued under the 2004 Equity Incentive Plan as of December 31, 2014. Certain of the Company’s awards are subject to performance vesting conditions which were determined in March 2013 and are assessed on a quarterly basis. Options granted under the 2004 Equity Incentive Plan to recipients who are employees of Gramercy are exercisable at the fair market value on the date of grant and, subject to termination of employment, expire ten years from the date of grant, are not transferable other than on death, and are exercisable in three to four annual installments commencing one year from the date of grant. The Company issues new shares upon the exercise of vested Options. In some instances, Options may be granted under the 2004 Equity Incentive Plan to persons who provide significant services to the Company but are not employees of the Company. Options granted to recipients that are not employees have the same terms as those issued to employees except as it relates to any performance-based provisions within the grant. To the extent there are performance provisions associated with a grant to a recipient who is not an employee, an estimated expense related to these Options is recognized over the vesting period and the final expense is reconciled at the point performance has been met, or the measurement date. If no performance based provision exists, the Company recognizes compensation expense over the vesting period on a straight line basis. A summary of the status of the Company’s Options as of December 31, 2014, 2013 and 2012 are presented below: December 31, 2014 December 31, 2013 December 31, 2012 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Balance at beginning of period $ $ $ Granted Exercised — — — — Lapsed or cancelled Balance at end of period $ $ $ For the year ended December 31, 2014, all Options were granted with a price of $5.79 . The remaining weighted average contractual life of the Options was 4.7 years. Compensation expense of $53 , $51 and $29 was recorded for the years ended December 31, 2014, 2013 and 2012, respectively, related to the issuance of Options. 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. Pursuant to the 2012 Outperformance Plan, the Company granted equity awards to these executives in the form of a class of limited partnership interests in the Company’s Operating Partnership, or LTIP Units. LTIP Units are structured to quality as “profits interests” for federal income tax purposes and do not have full parity, on a per unit basis, with the Class A limited partnership interests i n the Company or its Operating P artnership with respect to liquidating distributions. Pursuant to the 2012 Outperformance Plan, these executives, in the aggregate, may earn up to $20,000 of LTIP Units based on the Company’s common stock price appreciation over a four-year performance period ending June 30, 2016. The amount of LTIP Units earned under the 2012 Outperformance Plan will range from $4,000 if the Company’s common stock price equals a minimum hurdle of $5.00 per share (less any dividends paid during the performance period) to $20,000 if the Company’s common stock price equals or exceeds $9.00 per share (less any dividends paid during the performance period) at the end of the performance period. In the event that the performance hurdles are not met on a vesting date, the award scheduled to vest on that vesting date may vest on a subsequent vesting date if the common stock price hurdle is met as of such subsequent vesting date. The executives will not earn any LTIP Units under the 2012 Outperformance Plan to the extent that the Company’s common stock price is less than the minimum hurdle. During the performance period, the executives may earn up to 12% , 24% and 36% of the maximum amount under the 2012 Outperformance Plan at the end of the first, second and third years, respectively, of the performance period if the Company’s common stock price has equaled or exceeded the stock price hurdles as of the end of such years. If the minimum stock price hurdle is met as of the end of any such year, the actual amount earned will range on a sliding scale from 20% of the maximum amount that may be earned as of such date (at the minimum stock price hurdle) to 100% of the maximum amount that may be earned as of such date (at the maximum stock price hurdle). Any LTIP Units earned under the 2012 Outperformance Plan will remain subject to vesting, with 50% of any LTIP Units earned vesting on June 30, 2016 and the remaining 50% vesting on June 30, 2017 based, in each case, on continued employment through the vesting date. The LTIP Units issued in July 2012 in connection with the hiring of new executives had a fair value of $1,870 on the date of grant, which was calculated in accordance with ASC 718. In March 2013, the Company granted four senior officers equity awards pursuant to the 2012 Outperformance Plan in the form of LTIP Units having an aggregate maximum value of $4,000 , and a fair value of $845 , 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 $588 , $555 , and $210 was recorded for the years ended December 31, 2014, 2013, and 2012 for the 2012 Outperformance Plan. Compensation expense of $1,353 will be recorded over the course of the next 24 months, representing the remaining weighted average vesting period of the LTIP Units as of December 31, 2014. In March 2013, the Company granted to four senior officers of the Company pursuant to the 2004 Equity Incentive Plan a total of 115,000 time-based restricted stock awards and 345,000 performance-based restricted stock units. The time-based awards vest in five equal annual installments commencing December 15, 2013, subject to continued employment. Vesting of the performance-based units requires, in addition to continued employment over a 5-year period, achievement of absolute increases in either the Company’s stock price or an adjusted funds from operations (as defined by the Company’s compensation committee). In connection with the equity awards made to Messrs. DuGan, Harris and Pell in connection with the Company’s hiring of these executives, the Company adopted the 2012 Inducement Equity Incentive Plan, or the Inducement Plan. Under the Inducement Plan, the Company may grant equity awards for up to 4,500,000 shares of common stock pursuant to the employment inducement award exemption provided by the New York Stock Exchange Listed Company Manual. The Inducement Plan permits the Company to issue a variety of equity awards, including stock options, restricted stock, phantom shares, dividend equivalent rights and other equity-based awards. All of the shares available under the Inducement Plan were issued or reserved for issuance to Messrs. DuGan, Harris and Pell in connection with the equity awards made upon the commencement of their employment with the Company. Equity awards issued under the Inducement Plan had a fair value of $6,125 on the date of grant which was calculated in accordance with ASC 718. Compensation expense of $1,148 , $766 , and $383 was recorded for years ended December 31, 2014, 2013, and 2012, respectively, for the 2012 Inducement Equity Incentive Plan. Compensation expense of $3,828 will be recorded over the course of the next 18 months representing the remaining weighted average vesting period of equity awards issued under the Inducement Plan as of December 31, 2014. The Company had previously issued LTIP Units to both the former Chief Executive Officer and the former President. During 2011, the Company entered into an amendment to the LTIP Unit award agreement with these executives to cancel the vesting schedule of outstanding LTIP Units in the Partnership and grant a new vesting schedule with respect to such LTIP Units. The new vesting schedule provided for 50% of each executive's LTIP Units to vest on June 30, 2012 subject to continued employment and an additional 50% of each e xecutive's LTIP Units to vest upon the satisfaction of certain vesting conditions relating to the settlement of the Company's Gramercy Finance business. Compensation expense of $0 , $0 and $401 was recorded for the years ended December 31, 2014, 2013 and 2012, respectively, related to the issuance and modification of LTIP Units. In May 2014, the Company granted 190,477 shares of restricted stock to the Company’s Chief Executive Officer, Gordon F. DuGan, to recognize his strong performance leading the Company in 2013, during which the Company achieved a number of important repositioning milestones. The restricted stocks awards vest on the fifth anniversary of the date of grant, subject to Mr. DuGan’s continued employment. The shares of restricted stock are also subject to accelerated vesting in certain circumstances pursuant to Mr. DuGan's employment agreement. Employee Stock Purchase Plan In November 2007, the Company’s board of directors adopted, and the stockholders subsequently approved in June 2008, the 2008 Employee Stock Purchase Plan, or ESPP, to provide equity-based incentives to eligible employees. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended, and has been adopted by the board to enable the Company’s eligible employees to purchase its shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 250,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the Securities and Exchange Commission with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. Deferred Stock Compensation Plan for Directors Under the Company’s Independent Director’s Deferral Program, which commenced April 2005 and was amended and restated in December 2014 , the Company’s independent directors may elect to defer up to 100% of their annual retainer fee, chairman fees and meeting fees. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The phantom stock units are convertible into an equal number of shares of common stock upon such directors’ termination of service from the board of directors or a change in control by the Company, as defined by the program. Phantom stock units are credited to each independent director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. If dividends are declared by the Company, each participating independent director who elects to receive fees in the form of phantom stock units has the option to have their account credited for an equivalent amount of phantom stock units based on the dividend rate for each quarter or have dividends paid in cash. As of December 31, 2014, there were approximately 592,285 phantom stock units outstanding, of which 580,851 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 shareholders. 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 years ended December 31, 2014, 2013 and 2012 are computed as follows: For the Year Ended December 31, 2014 2013 2012 Numerator - Income (loss): Net income (loss) from continuing operations $ $ $ Net income (loss) from discontinued operations Net income (loss) Net loss attributable to noncontrolling interest - - Preferred stock redemption costs - - Preferred stock dividends Net income (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 - - 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 below the exchange price of $6.19 and therefore the effect of the excess conversion premium was excluded from the calculation of diluted earnings per share because it is anti-dilutive. For the year ended December 31, 2013, 51,412 share options, 678,784 unvested share based payment awards, and 534,038 phantom share units were computed using the treasury share method, which due to the net loss from continuing operations were anti-dilutive. For the year ended December 31, 2013, the Company excluded unvested restricted stock awards of 678,784 from its weighted average basic shares outstanding due to the net loss from continuing operations during the period. For the year ended December 31, 2012, 16,362 share options, 1,383,388 unvested share based payment awards, and 462,102 phantom share units were computed using the treasury share method, which due to the net loss from continuing operations were anti-dilutive. For the year ended December 31, 2012, the Company excluded unvested restricted stock awards of 1,383,388 from its weighted average basic shares outstanding due to the net loss from continuing operations during the period. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) as of December 31, 2014, 2013 and 2012 is comprised of the following: As of December 31, 2014 2013 (1) 2012 Net unrealized gain (loss) on debt securities $ $ $ Net unrealized loss on derivative instruments Foreign currency translation adjustments - - Total accumulated other comprehensive income (loss) $ $ $ (1) The Company reclassified unrealized gains on CMBS of $107,774 for the year ended December 31, 2013 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations. The Company also reclassified the unamortized fair value of terminated swaps previously designated as cash flow hedges of $6,359 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2014
Benefit Plans [Abstract]
Benefit Plans	13. Benefit Plans In June 2009, the Company implemented a 401(k) Savings/Retirement Plan, or the 401(k) Plan, to cover eligible employees of the Company, and any designated affiliate. The 401(k) Plan permits eligible employees to defer up to 15% of their annual compensation, subject to certain limitations imposed by the Internal Revenue Code. The employees’ elective deferrals are immediately vested and non-forfeitable. The 401(k) Plan provides for discretionary matching contributions by the Company. Except for the 401(k) Plan, at December 31, 2014, the Company did not maintain a defined benefit pension plan, post-retirement health and welfare plan or other benefit plans. The expense associated with the Company’s matching contribution was $229 , $156 and $227 for the years ended December 31, 2014, 2013 and 2012, respectively.

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Noncontrolling Interest	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 Company’s common stock. The OP Unit holders do not have any obligation to provide additional contributions to the Operating Partnership, nor do they have any decision making powers or control over the Operating 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 September 30, 2015, the OP Unit holders owned 0.81% or 469,868 OP Units. At September 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 September 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 September 30, 2015: Noncontrolling Interest Balance as of December 31, 2014 $ Issuance of noncontrolling interests in the operating partnership - Redemption of noncontrolling interests in the operating partnership Net loss attribution Fair value adjustments Distributions Balance as of September 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 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 September 30, 2015 and December 31, 2014, the value of the Company’s interest in European Fund Manager was $155 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.	14. Noncontrolling Interest Noncontrolling interests represent the common units of limited partnership interest, or OP Units, in the Company’s Operating Partnership not held by the Company. OP Units may be redeemed for one share 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 Consolidated Financial Statements. The Company is party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of its common stock upon redemption of OP Units. Common Units of Limited Partnership Interest in the Operating Partnership On July 31, 2014, the Company issued 3,778,405 OP Units in connection with the acquisition of three properties during the third quarter of 2014. 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 Company’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 Operating Partnership’s business. The OP Unit holders do not have voting rights; however, they are entitled to receive dividends. As of December 31, 2014, the noncontrolling interest unit holders owned 2,337,551 OP Units, representing an interest of approximately 1.23% in the Company’s Operating Partnership. At December 31, 2014, 2,337,551 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 December 31, 2014, the value of the OP units was $16,129 . 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. There were no noncontrolling interests in the Operating Partnership as of December 31, 2013. Below is the rollforward of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2014: Noncontrolling Interest Balance as of December 31, 2013 $ - Issuance of noncontrolling interests in the operating partnership Redemption of noncontrolling interests in the operating partnership Net loss attribution Fair value adjustments Dividends Balance as of December 31, 2014 $

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 October 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 $1,172 during the three and nine months ended September 30, 2015, respectively. The company incurred rent expense on ground leases of $381 and $474 during the three and nine months ended September 30, 2014. Legal Proceedings The Company, its board of directors, Chambers Street and/or Merger Sub are named as defendants in two pending putative class action lawsuits brought by purported Company stockholders challenging the Merger. Two suits that were separately filed in New York Supreme Court, New York County, captioned (i) Berliner v. Gramercy Property Trust, et al., Index No. 652424/2015 (filed July 9, 2015) and (ii) Gensler v. Baum, et al., Index No. 157432/2015 (filed July 22, 2015), have been consolidated into a single action under the caption In re Gramercy Property Trust Stockholder Litigation, Index No. 652424/2015. In addition, four suits that were separately filed in Circuit Court for Baltimore City, Maryland, captioned (i) Jobin v. DuGan, et al., Case No. 24-C-15-003942 (filed July 27, 2015); (ii) Vojik v. Gramercy Property Trust, et al., Case No. 24-C-15-004412 (filed August 25, 2015); (iii) Hoffbauer et al. v. Chambers Street Properties, et al., 24-C-15-004904 (filed September 24, 2015) (originally filed as two separate suits in the Circuit Court for Baltimore County, Maryland, captioned Plemons v. Chambers Street Properties, et al., Case No. 03-C-15-007943 (filed July 24, 2015) and Hoffbauer et al. v. Chambers Street Properties, et al., Case No. 03-C-15-008639 (filed August 12, 2015), and refiled as a single action in the Circuit Court for Baltimore County on September 24, 2015); and (iv) Morris v. Gramercy Property Trust, et al., Case No. 24-C-15-004972 (filed September 28, 2015) have been consolidated into a single action under the caption Glenn W. Morris v. Gramercy Property Trust Inc. et al., Case No. 24-C-15-004972. The complaints allege, among other things, that the directors of the Company breached their fiduciary duties to the Company’s stockholders by agreeing to sell the Company for inadequate consideration and agreeing to improper deal protection terms in the merger agreement, and that the preliminary joint proxy statement/prospectus filed with the SEC on Form S-4 on September 11, 2015 was materially incomplete and misleading. The complaints also allege that Chambers Street, Merger Sub and/or the Company aided and abetted these purported breaches of fiduciary duty. The amended complaint in the Morris consolidated action also asserts derivative claims on behalf of the Company for breach of fiduciary duty against the directors of the Company. Plaintiffs seek, among other things, an injunction barring the Merger, rescission of the Merger to the extent it is already implemented, declaratory relief, an award of damages and/or costs/attorney fees. On October 1, 2015, a putative class action lawsuit was filed in the Superior Court of New Jersey, Law Division, Mercer County by a purported shareholder of Chambers Street. The action, captioned Elstein v. Chambers Street Properties et al., Docket No. L-002254-15, names as defendants Chambers Street, its board of trustees and the Company. The complaint alleges, among other things, that the trustees of Chambers Street breached their fiduciary duties to Chambers Street’s shareholders by agreeing to the Merger after a flawed sales process and by approving improper deal protection terms in the merger agreement, and that the Company aided and abetted these purported breaches of fiduciary duty. The complaint also alleges that the preliminary joint proxy statement/prospectus was materially misleading and incomplete. Plaintiffs 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 nine months ended September 30, 2015, respectively. There was $68 and $203 of interest recorded in discontinued operations for the matter for the three and nine months ended September 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 September 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.	15. Commitments and Contingencies Funding Commitments The Company is obligated under certain tenant leases, to construct the underlying leased property or fund tenant expansions. As of December 31, 2014, the Company has three outstanding commitments: (1) the contribution of $1,500 towards tenant improvements on a warehouse/industrial property in Garland, Texas, of which the unfunded amounts were estimated to be $429 ; (2) the expansion of a property located in Olive Branch, Mississippi, whereby the tenant has a one-time option to expand the building by 250,000 square feet; and (3) the expansion of a property located in Logan Township, New Jersey, whereby the tenant has a one-time option to expand the building by 25,000 square feet. The tenants have not noticed the Company for the building expansion options and therefore, no amounts are due and no unfunded amounts have been estimated. The Company fully funded the construction of a 118,000 square foot cold storage facility located in Hialeah Gardens, Florida, during the third quarter of 2014. The Company has committed approximately $60,490 (€50,000) to the Gramercy European Property Fund , which was formed in December 2014. The Gramercy European Property Fund has a total initial capital commitment of approximately $305,475 (€252,500) from the Company and its investment partners, comprised of $60,490 (€50,000) from the Company, $244,985 (€202,500) from its investment partners, and an additional $120,980 (€100,000) from certain investment partners, not including the Company, after the first $305,475 (€252,500) has been invested. See Note 5, “Joint Ventures and Equity Investments,” for further information on the Gramercy European Property Fund . Foreign currency commitments have been converted into U.S. dollars based on (i) the foreign exchange rate at the closing date for completed transactions and (ii) the exchange rate that prevailed on December 31, 2014, in the case of unfunded commitments. Legal Proceedings The Company evaluates litigation contingencies based on information currently available, including the advice of counsel and the assessment of available insurance coverage. The Company will establish accruals for litigation and claims when a loss contingency is considered probable and the related amount is reasonably estimable. The Company will periodically review these contingences which may be adjusted if circumstances change. The outcome of a litigation matter and the amount or range of potential losses at particular points may be difficult to ascertain. If a range of loss is estimated and an amount within such range appears to be a better estimate than any other amount within that range, then that amount is accrued. In December 2010, the Company sold its 45% joint venture interest in the leased fee of the 2 Herald Square property in New York, New York, for approximately $25,600 plus assumed mortgage debt of approximately $86,100, or the 2 Herald Sale Transaction. Subsequent to the closing of the transaction, the New York City Department of Finance, or the NYC DOF, and New York State Department of Taxation, or the NYS DOT, issued notices of determination assessing, in the case of the NYC DOF notice, approximately $2,924 of real property transfer tax, plus interest, and, in the case of the NYS DOT notice, approximately $446 of real property transfer tax, plus interest, collectively, the Transfer Tax Assessments, against the Company in connection with the 2 Herald Sale Transaction. The Company believes that NYC DOF and NYS DOT erred in issuing the Transfer Tax Assessments and intends to vigorously defend against same. In September 2013, the Company filed a petition challenging the NYC DOF Transfer Tax Assessment with the New York City Tax Appeal Tribunal. In July 2014, the Company filed a similar petition challenging the NYS DOT Transfer Tax Assessment. Trial of the Company’s NYC DOF Transfer Tax Assessment appeal was completed in December 2014, and a decision is anticipated in mid-2015. The Company anticipates that its appeal of the NYS DOT Transfer Tax Assessment will be set for trial in late 2015 or early 2016. The Company believes that it has strong defenses against the Transfer Tax Assessments and intends to continue to vigorously assert same. The Company evaluates contingencies based on information currently available, including the advice of counsel. The Company establishes accruals for litigation and claims when a loss contingency is considered probable and the related amount is reasonably estimable. The Company will periodically review these contingences and may adjust the amount of the accrual if circumstances change. The outcome of a contingent matter and the amount or range of potential losses at particular points may be difficult to ascertain. If a range of loss is estimated and an amount within such range appears to be a better estimate than any other amount within that range, then that amount is accrued. Considering the recent developments as discussed above, as of December 31, 2013, the Company established an accrual of approximately $4,339 within discontinued operations for the Transfer Tax Assessments, which represents the full amount of the assessed tax plus estimated interest and penalties. There was $4,454 accrued as of December 31, 2014 including $271 of additional interest recorded in discontinued operations for the matter for the year ended December 31, 2014. 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 continuing 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 December 31, 2014. 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. Office Leases The Company’s corporate offices at 521 Fifth Avenue, 30 th Floor, New York, New York are subject to an operating lease agreement with 521 Fifth Fee Owner, LLC, an affiliate of SL Green, effective as of September 2013. The lease 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’s previous corporate offices at 420 Lexington Avenue, New York, New York, were subject to an operating lease agreement with SLG Graybar Sublease LLC, an affiliate of SL Green, effective May 1, 2005, which was subsequently amended in May and June 2009 and in June 2012. In September 2013, concurrently with the commencement of the lease for the new corporate offices at 521 Fifth Avenue, the Company cancelled the lease for its corporate office at 420 Lexington Avenue. The Company’s regional management office located at 550 Blair Mill Road, Horsham, Pennsylvania, commenced on May 1, 2014 with an affiliate of KBS. The lease is for approximately 13,000 square feet and expires on April 30, 2018, with rents of approximately $151 per annum for year one rising to $221 per annum in year four. The Company’s previous regional management office at 610 Old York Road, Jenkintown, Pennsylvania, was subject to an operating lease with an affiliate of KBS. The lease was for approximately 19,000 square feet, with rents of approximately $322 per annum, and expired on April 30, 2014. The Company’s regional management office located at 800 Market Street, St. Louis, Missouri, was subject to an operating lease with St. Louis BOA Plaza, LLC. The lease was for approximately 2,000 square feet and was subject to rents of $32 per annum. The lease had an expiration date of September 30, 2014 and was cancellable with 60 days’ notice. In March 2013, the Company elected the early cancellation option effective in June 2014. In March 2014, the Company entered into a new lease at 130 South Bemiston Ave, Clayton, Missouri. The lease commenced on June 1 , 2014 and expires on December 31, 2016 , with a renewal option of 12 months. The lease is for approximately 1,100 square feet and is subject to rents of $21 per annum for year one, rising to $22 per annum in year three. Gramercy Europe Asset Management’s office located at 100 New Bond Street, London W1S 1SP, is subject to an operating lease with Lawnpond Limited. The lease is for the second floor space and is subject to rents of $65 plus value-added tax per annum. The lease had an expiration date of March 4, 2019 with a right to cancel with 30 days’ notice. Lawnpond Limited served notice to terminate the lease effective January 14, 2015. The Company entered into a new operating lease agreement in February 2015 for an office located at 15 Bedford Street, London WC2E 9HE, United Kingdom. Capital and Operating Ground Leases The industrial property located in Hamlet, North Carolina, that the Company acquired in December 2014, operates under a ground lease classified as a capital lease. The ground lease has minimal annual rent payments and a term expiration date of May 2039. The Company also has an obligation to purchase the land under the ground lease at fair market value upon termination or expiration of the building or ground lease term. In connection with the ground lease, the Company recorded a capital lease purchase obligation for $260 , representing the fair value of the land at acquisition, and will amortize the obligation up to the estimated fair value of the land at the required purchase date by recording periodic amortization into interest expense, using the effective interest method. Certain properties acquired as part of the Bank of America Portfolio are subject to ground leases, which are accounted for as operating 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 2015 $ $ - $ 2016 - 2017 - 2018 - 2019 - Thereafter Total minimum rent expense $ $ $ The Company incurred rent expense on ground leases of $853 , $0 , and $0 during the years ended December 31, 2014, 2013, and 2012, respectively.

Income Taxes

Income Taxes	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 nine months ended September 30, 2015, the Company recorded $985 and $2,116 of income tax expense all within continuing operations. For the three and nine months ended September 30, 2014, the Company recorded $165 and $971 of income tax expense all within continuing operations. Tax expense for the three and nine months ended September 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 September 30, 2015 and December 31, 2014, the Company did not incur any material interest or penalties.	16. 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. In addition to the limitation on the Company's use of its net operating losses under Section 382, 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. The Company’s provision for income taxes for the years ended December 31, 2014, 2013 and 2012 is summarized as follows: 2014 2013 2012 Current: Federal $ $ $ State and local Total current Deferred: Federal State and local Total deferred Total income tax expense $ $ $ For the years ended December 31, 2014, 2013 and 2012 the Company recorded $ 809 , $8,908 , and $3,330 of income tax expense, including $0 , $2,515 , and $0 within discontinued operations, respectively. Tax expense for the years ended December 31, 2014, 2013 and 2012 in continuing operations is comprised of federal, state and local taxes primarily attributable to Gramercy Asset Management. Tax expense for the year ended December 31, 2013 included in discontinued operations is comprised of federal, state and local taxes attributable to the sale of the CDO management contracts to CWCapital. As of December 31, 2014, returns for the calendar years 2011 through 2014 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. As of December 31, 2014, certain returns for calendar year 2010 also remain subject to examination by various state and local tax jurisdictions. Net deferred tax assets of $738 and $635 are included in other assets on the accompanying Consolidated Balance Sheets at December 31, 2014 and 2013, respectively. These net deferred tax assets relate primarily to differences in the timing of the recognition of income (loss) between GAAP and tax. All deferred tax assets relating to net operating loss carry forwards of TRSs are fully reserved. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre tax operating income, as follows: For the year ended December 31, 2014 2013 2012 Income tax (expense) benefit at federal statutory rate $ $ $ Tax effect of REIT election State and local taxes, net of federal benefit Permanent difference Valuation allowance - Other - - Total income tax provision $ $ $ As of December 31, 2014, the Company and each of its eight subsidiaries which file corporate tax returns, had total net loss carryforwards, inclusive of net operating losses and capital losses, of approximately $557,000 . Net operating loss carryforwards and capital loss carryforwards can generally be used to offset future ordinary income and capital gains of the entity originating the losses, for up to 20 years and five years, respectively. The amounts of net operating loss carryforwards and capital loss carryforwards as of December 31, 2014 are subject to the completion of the 2014 tax returns. In January 2011, the Company and two of its subsidiaries experienced an ownership change, as defined for purposes of Section 382 of the Internal Revenue Code of 1986, as amended. In general, an “ownership change” occurs if there is a change in ownership of more than 50% of its common stock during a cumulative three year period. For this purpose, determinations of ownership changes are generally limited to shareholders deemed to own 5% or more of the Company’s common stock. The provisions of Section 382 will apply an annual limit to the amount of net loss carryforwards that can be used to offset future ordinary income and capital gains, beginning with the 2011 taxable year. In addition to the limitation on the Company’s use of its net operating losses under section 382, 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. 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 December 31, 2014, 2013 and 2012, the Company did not incur any material interest or penalties.

Environmental Matters

Environmental Matters	12 Months Ended
	Dec. 31, 2014
Environmental Matters [Abstract]
Environmental Matters	17. Environmental Matters The Company believes that it is in compliance in all material respects with applicable federal, state and local ordinances and regulations regarding environmental issues. Its management is not aware of any environmental liability that it believes would have a materially adverse impact on the Company’s financial position, results of operations or cash flows.

Segment Reporting

Segment Reporting	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting	15. Segment Reporting As of September 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 Management Investments / Corporate Total Company Three Months Ended September 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 Management Investments / Corporate Total Company Three Months Ended September 30, 2014 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 Management Investments / Corporate Total Company Nine Months Ended September 30, 2015 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 Management Investments / Corporate Total Company Nine Months Ended September 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 Management Investments / Corporate Total Company Total Assets: September 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 $25,120 and $12,306 and provision for taxes of $985 and $165 for the three months ended September 30, 2015 and 2014, respectively, are included in the amounts presented above. Depreciation and amortization of $68,534 and $22,451, provision for taxes of $2,116 and $971 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the nine months ended September 30, 2015 and 2014, respectively, are included in the amounts presented above. (2) Net income (loss) from continuing operations represents income (loss) before discontinued operations.	18. Segment Reporting As of December 31, 2014, the Company has determined that it has two reportable operating segments: Asset Management and Investments/Corporate. On March 15, 2013, the Company disposed of its third reportable segment, Gramercy Finance, as more fully discussed in Note 1. 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 the investment and ownership of commercial properties located throughout the United States and Europe. The Investments/Corporate segment generates revenues from rental revenues from properties owned by the Company, either directly or in joint ventures or equity investments. The Asset Management segment includes substantially all of the Company’s activities related to asset and property management of commercial properties located 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 evaluates performance based on the following financial measures for each segment: Asset Investments / Total Management Corporate Company Year ended December 31, 2014 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures - Total operating and interest expense (1) Net income from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Year ended December 31, 2013 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Year ended December 31, 2012 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Total Assets: December 31, 2014 $ $ $ December 31, 2013 $ $ $ (1) Total operating and interest expense includes operating costs on commercial property assets for the Investments segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $ 36,408 , $5,675 , and $256 and provision for taxes of $809 , $6,393 , and $3,330 for the years ended December 31, 2014, 2013, and 2012, respectively. (2) Net income (loss) from continuing operation represents income (loss) before discontinued oeprations.Net income (loss) from continuing operations represents income (loss) before discontinued operations.

Supplemental Disclosure of Non-

Supplemental Disclosure of Non-Cash Investing and Financing Activities	12 Months Ended
	Dec. 31, 2014
Supplemental Disclosure of Non-Cash Investing and Financing Activities [Abstract]
Supplemental Disclosure of Non-Cash Investing and Financing Activities	19. Supplemental Disclosure of Non-Cash Investing and Financing Activities The following table represents non-cash activities recognized in other comprehensive income for the years ended December 31, 2014, 2013 and 2012: 2014 2013 2012 Deferred losses and other non-cash activity related to derivatives $ $ $ Change in net unrealized loss on securities available for sale $ $ $ Non-cash effect of foreign currency translation adjustments $ $ - $ -

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Data (unaudited) [Abstract]
Selected Quarterly Financial Data (unaudited)	20. Selected Quarterly Financial Data (unaudited) This unaudited interim financial information has been adjusted to reflect reclassifications for discontinued operations as of December 31, 2014. 2014 Quarter Ended December 31, September 30, June 30, March 31, Total Revenues $ $ $ $ Loss before equity in net income of joint ventures, gain on remeasurement of previously held joint venture, loss on extinguishment of debt, provision for taxes, non-controlling interest and discontinued operations Equity in net income of joint ventures Loss before gain on remeasurement of previously held joint venture, loss on extinguishment of debt, provision for taxes, non-controlling interest and discontinued operations Gain on remeasurement of previously held joint venture - - - Loss on extinguishment of debt - - - Provision for taxes Net income (loss) from continuing operations Net loss from discontinued operations Net income (loss) Net loss attributable to noncontrolling interest - - Net income (loss) attributable to Gramercy Property Trust Inc. Preferred stock redemption costs - - - Preferred stock dividends Net income (loss) available to common stockholders $ $ $ $ Basic earnings per share: Net income (loss) from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations - - - - Net income (loss) available to common stock holders $ $ $ $ Diluted earnings per share: Net income (loss) from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations - - - - Net income (loss) available to common stock holders $ $ $ $ Basic weighted average common shares outstanding Diluted weighted average common shares and common share equivalents outstanding 2013 Quarter Ended December 31, September 30, June 30, March 31, Total Revenues $ $ $ $ Income (loss) before equity in net income (loss) of joint ventures, provision for taxes, noncontrolling interest and discontinued operations Equity in net income (loss) of joint ventures Income (loss) from continuing operations before provision for taxes and discontinued operations Provision for taxes Net income (loss) from continuing operations Net income (loss) from discontinued operations Net income (loss) attributable to Gramercy Property Trust Inc. Preferred stock dividends Net income (loss) available to common stockholders $ $ $ $ Basic earnings per share: Net loss from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations Net income (loss) available to common stock holders $ $ $ $ Diluted earnings per share: Net loss from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations Net income (loss) available to common stock holders $ $ $ $ Basic weighted average common shares outstanding Diluted weighted average common shares and common share equivalents outstanding

Subsequent Events

Subsequent Events	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events The Company has evaluated subsequent events through the date the financial statements have been issued and has determined that there have been no reportable subsequent events.	21. Subsequent Events Subsequent to December 31, 2014, the Company closed on the acquisition of nine properties, including one office and eight industrial properties. The properties comprise an aggregate 1,688,778 square feet and were acquired for an aggregate purchase price of approximately $144,520 . The properties are 100% leased with lease terms ending between December 2015 and September 2029. The Company assumed one in-place mortgage loan of $13,025 with a fixed interest rate of 5.57% and maturity of November 2016 related to one of the property acquisitions. The Company is currently analyzing the fair values of the leases and real estate assets and accordingly, the purchase price allocations for the properties are preliminary and subject to change. In January 2015, the Company expanded its Unsecured Credit Facility, increasing the revolving borrowing capacity thereunder to $400,000 . The expansion increased the Company’s aggregate borrowing capacity under the Unsecured Credit Facility and Term Loan from $400,000 to $600,000 . In February 2015, the Company’s shareholders approved an increase in the number of the Company’s authorized shares of common stock from 220,000,000 to 400,000,000 .

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2014
Schedule II Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts	Gramercy Property Trust Inc. SCHEDULE II Valuation and Qualifying Accounts (In thousands) Tenant and Other Receivables - Allowance Balance at Beginning of Year Additions Charged to Costs and Expenses Uncollectible Amounts Written off Balance at End of Year Year Ended December 31, 2014 $ $ Year Ended December 31, 2013 $ $ Year Ended December 31, 2012 $ $

Schedule III - Real Estate Inve

Schedule III - Real Estate Investments	12 Months Ended
	Dec. 31, 2014
Schedule III Real Estate Investments [Abstract]
Schedule III Real Estate Investments	Gramercy Property Trust Inc. SCHEDULE III Real Estate Investments (In thousands) Initial Costs Gross Amount at Which Carried December 31, 2014 City State Acquisition Date Encumbrances at December 31, 2014 (1) Land Building and Improvements Cost Capitalized Subsequent To Acquisition Land Building and Improvements Total (3) Accumulated Depreciation December 31, 2014 Average Depreciable Life Industrial: Greenwood IN 11/20/2012 $ $ $ $ — $ $ $ $ Greenfield IN 11/20/2012 — Olive Branch MS 3/11/2013 — Garland TX 3/19/2013 — East Brunswick NJ 3/28/2013 — Atlanta GA 5/6/2013 — Bellmawr NJ 5/30/2013 — — Hialeah Gardens FL 5/30/2013 — Deer Park NY 6/18/2013 — — Elkridge MD 6/19/2013 — — Orlando FL 6/26/2013 — — Houston TX 6/26/2013 — Logan NJ 6/28/2013 — — Atlanta GA 8/22/2013 — — Manassas VA 9/5/2013 — — Manassas VA 9/5/2013 — — Yuma AZ 10/1/2013 Austin TX 10/22/2013 — — Galesburg IL 11/15/2013 — — Peru IL 11/15/2013 — — Indianapolis IN 11/15/2013 Waco TX 11/21/2013 — Upper Macungie PA 12/23/2013 — Vernon CA 12/30/2013 — — Vernon CA 12/30/2013 — — Des Plaines IL 2/18/2014 — Elgin IL 4/23/2014 — — Harrisburg PA 5/1/2014 — — Elk Grove Village IL 5/20/2014 — — Tampa FL 5/29/2014 — — Ames IA 7/31/2014 — Buford GA 7/31/2014 — Wilson NC 7/31/2014 Arlington Heights IL 8/19/2014 — — Bloomingdale IL 9/19/2014 — — Kenosha WI 9/24/2014 — — Worcester MA 9/24/2014 — — Miami FL 10/24/2014 — — Morrow GA 11/25/2014 — — Puyallup WA 12/2/2014 — — Rolling Meadows IL 12/4/2014 — — Lewisville TX 12/4/2014 — — Groveport OH 12/4/2014 — — Midway GA 12/8/2014 — — Buffalo Grove IL 12/18/2014 — — — Burr Ridge IL 12/18/2014 — — — Hamlet NC 12/19/2014 — — — Downers Grove IL 12/23/2014 — — — Bolingbrook IL 12/23/2014 — — — Office/Banking Center: Emmaus PA 6/6/2013 — — Calabash SC 6/6/2013 — — Morristown NJ 8/1/2013 — — St. Louis MO 5/15/2014 — Nashville TN 5/20/2014 — — Malvern PA 6/30/2014 — — Parsippany NJ 9/30/2014 — — Westlake Village CA 12/22/2014 — — — Office/Banking Center Properties - Bank of America Portfolio: Phoenix AZ 6/9/2014 — — — — Phoenix AZ 6/9/2014 — — — Phoenix AZ 6/9/2014 — — — — Phoenix AZ 6/9/2014 — — — — Mesa AZ 6/9/2014 — — Phoenix AZ 6/9/2014 — — — — Long Beach CA 6/9/2014 — — Fresno CA 6/9/2014 — — Fresno CA 6/9/2014 — — Coronado CA 6/9/2014 — Bakersfield CA 6/9/2014 — — Compton CA 6/9/2014 — — El Segundo CA 6/9/2014 — — Escondido CA 6/9/2014 — — Fresno CA 6/9/2014 — — Gardena CA 6/9/2014 — — Glendale CA 6/9/2014 — — Ontario CA 6/9/2014 — — Newport Beach CA 6/9/2014 — — Los Angeles CA 6/9/2014 — — Lynwood CA 6/9/2014 — — North Hollywood CA 6/9/2014 — — Sacramento CA 6/9/2014 — — Sacramento CA 6/9/2014 — — Los Angeles CA 6/9/2014 — — Pomona CA 6/9/2014 — — Riverside CA 6/9/2014 — — Salinas CA 6/9/2014 — — San Bernadino CA 6/9/2014 — — Santa Barbara CA 6/9/2014 — — Santa Maria CA 6/9/2014 — — Mission Hills CA 6/9/2014 — — Bakersfield CA 6/9/2014 — — Sunnyvale CA 6/9/2014 — — Torrance CA 6/9/2014 — Ventura CA 6/9/2014 — — Long Beach CA 6/9/2014 — — Tampa FL 6/9/2014 — Clearwater FL 6/9/2014 — — Jacksonville FL 6/9/2014 — Jacksonville FL 6/9/2014 — Jacksonville FL 6/9/2014 — — Jacksonville FL 6/9/2014 — — Jacksonville FL 6/9/2014 — — Jacksonville FL 6/9/2014 — — Jacksonville FL 6/9/2014 — — Jacksonville FL 6/9/2014 — — Jacksonville FL 6/9/2014 — — Jacksonville FL 6/9/2014 — — Hialeah FL 6/9/2014 — — Port Charlotte FL 6/9/2014 — Jacksonville FL 6/9/2014 — — Miami Lakes FL 6/9/2014 — Tampa FL 6/9/2014 — — Savannah GA 6/9/2014 — — Overland Park KS 6/9/2014 — — Annapolis MD 6/9/2014 — — Baltimore MD 6/9/2014 — Richland MO 6/9/2014 — — Springfield MO 6/9/2014 — — Springfield MO 6/9/2014 — — — — Albuquerque NM 6/9/2014 — — Carrollton TX 6/9/2014 — — Houston TX 6/9/2014 — — Mission TX 6/9/2014 — — Bellingham WA 6/9/2014 — — Spokane WA 6/9/2014 — — Specialty: Hutchins TX 6/27/2013 — Franklin Park IL 11/21/2013 — — Chicago IL 11/22/2013 — Medley FL 8/27/2014 — — Medley FL 8/27/2014 — — Medley FL 8/27/2014 — — Santa Clara CA 9/11/2014 — — $ $ $ $ $ $ $ $ (1) Encumbrances represent balances at 12/31/2014 of mortgage notes payable that are collateralized by the property for which they are noted. (2) The Company computes depreciation expense 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. (3) The aggregate cost basis of land, building and improvements, before depreciation, for Federal income tax purposes at December 31, 2014 was $1,109,824 . Set forth below is a rollforward of the carrying values for our real estate investments classified as held for investment: Years Ended December 31, 2014 2013 2012 Investment in real estate: Balance at beginning of year $ $ $ Improvements Business acquisitions Change in held for sale — Impairments — — Property sales — Balance at end of year $ $ $ Accumulated depreciation: Balance at beginning of year $ $ $ Depreciation expense Change in held for sale — Property sales — Balance at end of year $ $ $

Significant Accounting Polici32

Significant Accounting Policies (Policies)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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.
Reclassification		Reclassification Certain prior year balances have been reclassified to conform with the current year presentation for assets classified as discontinued operations. Certain reclassifications were made to the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss) and footnote disclosures for all periods presented to reflect held for sale and discontinued operations as of December 31, 2014.
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.	Principles of Consolidation The Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries which 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. The equity interests of other limited partners in the Operating Partnership are reflected as noncontrolling interest.
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 $0 and $149 during the three and nine months ended September 30, 2015, respectively, on one property that was sold during the nine months ended September 30, 2015, and no impairment charges during the three and nine months ended September 30, 2014.	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 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 involving sale-leasebacks that have newly-originated leases are recorded as asset acquisitions and accordingly, transaction costs incurred in connection with the acquisition are capitalized . Acquired real estate investments which are under construction are considered build-to-suit transactions and other acquired real estate investments that do not meet the definition of a business combination are recorded at cost. In build-to-suit transactions, the Company engages a developer to construct a property or provide funds to a tenant to develop a property. The Company capitalizes the funds provided to the developer/tenant 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. In leasing space, the Company may provide funding to the lessee through a tenant allowance. In accounting for tenant allowances, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (i) who holds legal title to the improvements, (ii) evidentiary requirements concerning the spending of the tenant allowance, and (iii) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease. The Company also reviews the recoverability of the property’s carrying value when circumstances indicate a possible impairment of the value of a property. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider 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 impairment exists due to the inability 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 of disposal. These assessments are recorded as an impairment loss in the 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.
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 September 30, 2015 and December 31, 2014, the Company had equity investments of $13,928 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.	Joint Ventures and Equity Investments The Company accounts for 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 joint ventures and equity investments, 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 investments. The investments are recorded initially at cost as joint venture and equity investments, as applicable, and subsequently are adjusted for equity interest in net income (loss) and cash contributions and distributions. The amount of the investments on the 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. Carrying values of the Company’s joint venture and equity investments are $0 and $39,385 at December 31, 2014 and December 31, 2013, respectively.
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.	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 $9,128 and $1,244 at September 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.	Restricted Cash The Company has restricted cash of $ 1,244 and $179 at December 31, 2014 and December 31, 2013, respectively, which primarily consists 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, Consolidated and Unconsolidated	Variable Interest Entities The Company had one consolidated VIE as of September 30, 2015 and December 31, 2014. The Company had four unconsolidated VIEs as of September 30, 2015 and December 31, 2014. The following is a summary of the Company’s involvement with VIEs as of September 30, 2015: Company carrying value-assets Company carrying value-liabilities Face value of assets held by the VIEs Face value of liabilities 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 value-assets Company carrying value-liabilities Face value of assets held by the VIEs Face value of liabilities 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 European Fund Manager, which provides investment and asset management services to the 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 European Fund Carry Co., entitled to receive certain preferential distributions, if any, made from time-to-time by the 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 its Gramercy Finance segment, or Gramercy Finance, and exit from the commercial real estate finance business 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.	Variable Interest Entities The Company has one consolidated VIE as of December 31, 2014 and no consolidated VIEs as of December 31, 2013. The Company has four unconsolidated VIEs as of December 31, 2014 and three unconsolidated VIEs as of December 31, 2013. The following is a summary of the Company’s involvement with consolidated VIEs and unconsolidated VIEs as of December 31, 2014: Company Company Face value of Face value of carrying carrying of assets held of liabilities issued value-assets value-liabilities by the VIEs by the VIEs Assets Consolidated VIEs Gramercy Europe Asset Management (European Fund Manager) $ - $ - $ - $ - Unconsolidated VIEs Gramercy Europe Asset Management (European Fund Carry Co.) $ - $ - $ - $ - Retained CDO Bonds $ $ - $ $ The following is a summary of the Company’s involvement with VIEs as of December 31, 2013: Company Company Face value of Face value of carrying carrying of assets held of liabilities issued value-assets value-liabilities by the VIEs by the VIEs Assets Unconsolidated VIEs 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 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 Gramercy Europe Asset Management, through an investment advisory agreement with the VIE, 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. As of December 31, 2014, European Fund Manager has no assets or liabilities. 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. Collateralized Debt Obligations On March 15, 2013, as a result of the disposal of the Gramercy Finance segment as more fully described in Note 1, the Company deconsolidated three VIEs, which represented the three CDOs that the Company previously managed as part of its Finance business. The Company was the collateral manager of the three CDOs and in its capacity as collateral manager the Company made decisions related to the collateral that most significantly impacted the economic outcome of the CDOs, which was the basis upon which the Company concluded that it was the primary beneficiary of the CDOs as of December 31, 2012. In connection with the disposal of Gramercy Finance, the Company transferred the collateral management and sub-special servicing agreements for its three CDOs to CWCapital, thereby removing the Company as the collateral manager and its ability to make any and all decisions related to the collateral, including those that would most significantly impact the economic outcome of the CDOs. As of March 15, 2013, the Company had no continuing involvement with the collateral to the CDOs, and as a result, the Company determined that it was no longer the primary beneficiary of the CDOs, and therefore deconsolidated the CDOs. The Company has retained its subordinate debt and equity ownership, or the Retained CDO Bonds, in the CDOs, which were previously eliminated in consolidation and were not sold as part of the disposal of Gramercy Finance. The Retained CDO Bonds may provide the potential for the Company to receive continuing cash flows in the future, however, there is no guarantee that the Company will realize any proceeds from the Retained CDO Bonds, or what the timing of these proceeds might be. These interests have been recognized at fair value as the Retained CDO Bonds on the Consolidated Balance Sheets. For further discussion of the measurement of fair value of the Retained CDO Bonds see Note 10. 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 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. As of December 31, 2014, European Fund Carry Co. has no assets or liabilities. Investment in Retained CDO Bonds As further discussed above, on March 15, 2013, the Company recognized an asset in Retained CDO Bonds in connection with the disposal of the Gramercy Finance segment. 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 September 30, 2015 and December 31, 2014, the Company had no assets classified as held for sale. 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.	Assets Held for Sale As of December 31, 2014 and December 31, 2013, the Company had no assets classified as held for sale. Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. The Company recorded impairment charges of $0 , $0 , and $35,043 during the years ended December 31, 2014, 2013 and 2012, respectively, related to real estate investments within discontinued operations.
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 September 30, 2015 and December 31, 2014 were $56 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.	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 December 31, 2014 and December 31, 2013 were $188 and $449 , respectively. The Company continually reviews receivables related to rent, tenant reimbursements, and management fees, including incentive fees, 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.
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 incurred while the Company was the collateral manager of the CDOs 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. 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 years ended December 31, 2014 and December 31, 2013, the Company received reimbursements of $7,428 and $6,055 , respectively. As of December 31, 2014 and December 31, 2013, the servicing advances receivable is $1,485 and $8,758 , 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 December 31, 2014, 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 recognized at fair value and retained in March 2013 subsequent to the disposal of Gramercy Finance. Management estimated the timing and amount of cash flows expected to be collected and recognized an investment in the Retained CDO Bonds equal to the net present value of these discounted cash flows. There is no guarantee that the Company will realize any proceeds from this investment, or what the timing of investment income will be for the expected remaining life of the Retained CDO Bonds. 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 in the Consolidated Statements of Operations. To determine the component of the other-than-temporary impairment 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 years ended December 31, 2014 and December 31, 2013, the Company recognized other-than-temporary impairment, or OTTI, of $4,816 and $2,002 , respectively, on its Retained CDO Bonds. The Company’s Retained CDO Bonds have been in an unrealized loss position for more than twelve months. A summary of the Company’s Retained CDO Bonds as of December 31, 2014 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 $ $ $ $ $ 4.8 years Total $ $ $ $ $ 4.8 years The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the year ended December 31, 2014: Balance as of December 31, 2013 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income $ Additions to credit losses: On Retained CDO Bonds for which an OTTI was not previously recognized - On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income On Retained CDO Bonds for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income - Reduction for credit losses: - On Retained CDO Bonds for which no OTTI was recognized in other comprehensive income at current measurement date - On Retained CDO Bonds sold during the period - On Retained CDO Bonds charged off during the period - For increases in cash flows expected to be collected that are recognized over the remaining life of the Retained CDO Bonds - Balance as of December 31, 2014 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income $
Valuation of Financial Instruments	Valuation of Financial Instruments At September 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.”	Valuation of Financial Instruments At December 31, 2014 and December 31, 2013, the Company measured financial instruments, including Retained CDO Bonds and derivative instruments on a recurring basis. 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. 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. 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 — This level is comprised of financial instruments that have quoted prices that are available in liquid markets for identical assets or liabilities. Level II — This level is comprised of financial instruments for which quoted prices are available but which are traded less frequently and instruments that are measured at fair value using management’s judgment, where the inputs into the determination of fair value can be directly observed. Level III — This level is comprised of financial instruments that have little to no pricing observability as of the reported date. 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. Instruments that are generally in this category include derivatives. For a further discussion regarding the measurement of financial instruments see Note 10, “Fair Value of Financial Instruments.”
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 $9,808 and $27,947 of amortization of intangible assets as part of depreciation and amortization for the three and nine months ended September 30, 2015 , respectively. The Company recorded $ 3,586 and $6,753 of amortization of intangible assets as part of depreciation and amortization for the three and nine months ended September 30, 2014, respectively. The Company recorded $4,309 and $10,359 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and nine months ended September 30, 2015 , respectively. The Company recorded $1,314 and $1,384 of amortization of intangible assets and liabilities as a net increase to rental revenue for the three and nine months ended September 30, 2014, respectively. The Company recorded ( $1 ) and ( $41 ) of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and nine months ended September 30, 2015 , respectively. The Company recorded $17 and $21 of amortization of ground rent intangible assets and liabilities as part of other property operating expenses for the three and nine months ended September 30, 2014, respectively. Intangible assets and acquired lease obligations consist of the following: September 30, 2015 December 31, 2014 Intangible assets: In-place leases, net of accumulated amortization of $40,132 and $13,581 $ $ Above-market leases, net of accumulated amortization of $3,977 and $1,520 Below-market ground rent, net of accumulated amortization of $122 and $67 Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $14,523 and $3,932 $ $ Above-market ground rent, net of accumulated amortization of $125 and $29 Total intangible liabilities $ $ The following table provides the weighted-average amortization period as of September 30, 2015 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 In-place leases Total to be included in depreciation and amortization expense 10.9 $ $ $ $ $ Above-market lease assets 9.0 Below-market lease liabilities 21.5 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 37.4 Above-market ground rent 37.8 Total to be included in property operating expense $ - $ $ $ $	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 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 present value calculation utilizes a discount rate that reflects the risks associated with the leases acquired. The above-market lease values are amortized as a reduction of rental revenue over the remaining non-cancelable terms of the respective leases. The below-market lease values are amortized as an increase to rental revenue over the initial term of the respective leases. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the market lease intangibles will be written off to rental revenue. 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. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the anticipated lease-up period. 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 remaining non-cancelable term of the respective leases. In no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the in-place lease intangible would be written off to depreciation and amortization expense. Above-market and below-market ground rent intangibles are recorded for properties acquired in which the Company is the lessee pursuant to a ground lease assumed at acquisition. The above-market and below-market ground rent intangibles are recorded based on the present value 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 present value calculation utilizes a discount rate that reflects the risks associated with the ground leases assumed. The above-market ground lease values are amortized as a reduction of rent expense over the remaining non-cancelable terms of the respective leases. The below-market ground lease values are amortized as an increase to rent expense over the initial term of the respective leases. If the Company terminates its lease prior to its contractual expiration and no future rent payments will be paid, any unamortized balance of the market lease intangibles will be written off to rent expense. Intangible assets and acquired lease obligations consist of the following: December 31, 2014 December 31, 2013 Intangible assets: In-place leases, net of accumulated amortization of $13,581 and $1,318 $ $ Above-market leases, net of accumulated amortization of $1,520 and $278 Below-market ground rent, net of accumulated amortization of $67 and $0 - Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $3,932 and $300 $ $ Above-market ground rent, net of accumulated amortization of $29 and $0 - Total intangible liabilities $ $ The following table provides the weighted-average amortization period as of December 31, 2014 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 In-place leases 9.1 $ $ $ $ $ Total to be included in depreciation and amortization expense $ $ $ $ $ Above-market lease assets 10.6 $ $ $ $ $ Below-market lease liabilities 9.5 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 38.5 $ $ $ $ $ Above-market ground rent 38.9 Total to be included in property operating expense $ $ $ $ $ The Company recorded $12,263 , $1,291 and $80 of amortization of intangible assets as part of depreciation and amortization, including $0 , $3 and $50 within discontinued operations for the years ended December 2014, 2013, and 2012, respectively. The Company recorded $2,390 , $(64) , and $188 of amortization of intangible assets and liabilities as an increase (decrease) to rental revenue, including $0 , $(34) and $196 within discontinued operations for the years ended December 2014, 2013, and 2012, respectively. The Company recorded $38 , $0 , and $0 of amortization of ground rent intangible assets and liabilities as an increase to other property operating expense, none of which was in discontinued operations for the years ended December 2014, 2013, and 2012, respectively.
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 September 30, 2015 and December 31, 2014 was $3,663 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 not recorded any impairment on its 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 recognized goodwill of $3,887 related to the acquisition. The carrying value of goodwill is adjusted each reporting period for the effect of foreign currency translation adjustments. The carrying value of goodwill at December 31, 2014 is $3,840 . 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 did not record any impairment on its goodwill during 2014.
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.	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. 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 September 30, 2015 and December 31, 2014, the Company had $924 and $948 of unamortized computer software costs, respectively. The Company recorded amortization expense of $155 and $441 on capitalized software costs during the three and nine months ended September 30, 2015, respectively. The Company recorded amortization expense of $1 23 and $364 on capitalized software costs during the three and nine months ended September 30, 2014, respectively. The following table provides the weighted-average amortization period as of September 30, 2015 for capitalized software and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 Capitalized software costs 1.7 $ $ $ $ $ - 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 September 30, 2015 and December 31, 2014, the Company had $127 and $480 of unamortized contract intangible assets, respectively. The Company recorded amortization expense of $12 and $36 related to the contract intangible during the three and nine months ended September 30, 2015, respectively. The Company recorded no amortization expense related to the contract intangible during the three and nine months ended September 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 September 30, 2015 for contract intangible assets and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 Contract intangible asset 2.8 $ $ $ $ $ - Total to be included in property management expense $ $ $ $ $ -	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 assets' estimated useful life, which is generally three years. During the years ended December 31, 2014 and 2013, the Company had $948 and $705 of unamortized computer software costs, respectively. The Company recorded amortization expense of $486 , $0 , and $0 on capitalized software costs during the years ended December 31, 2014, 2013 and 2012. The following table provides the weighted-average amortization period as of December 31, 2014 for capitalized software and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 Capitalized software costs 1.9 $ $ $ $ - $ - 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 depreciation and amortization expense. For the years ended December 31, 2014 and 2013, the Company had $480 and $0 of unamortized contract intangible assets, respectively. The Company recorded no amortization expense on contract intangible assets during the years ended December 31, 2014, 2013 or 2012. Contract intangibles are recorded in other assets on the Company’s Consolidated Balance Sheets. The following table provides the weighted-average amortization periods as of December 31, 2014 for contract intangible assets and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 Contract intangible asset 3.5 $ $ $ $ $ - Total to be included in depreciation and amortization expense $ $ $ $ $ -
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 contract 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 and nine months ended September 30, 2015, the Company recognized incentive fees of $111 and $3,082 , respectively. For the three and nine months ended September 30, 2014, the Company recognized incentive fees of $0 and $635 , respectively.	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 Consolidated Balance Sheets. The Company begins recognition of rental revenue from leases on properties that are under construction at the time of acquisition 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 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. The Original Management Agreement with KBS Acquisition Sub, LLC, or KBSAS, a wholly-owned subsidiary of KBS Real Estate Investment Trust, Inc., or KBS REIT, was extended through execution of an Amended and Restated Asset Management Services Agreement, or the Management Agreement, effective as of December 1, 2013, and provides for a base management fee of $7,500 per year, payable monthly, plus the reimbursement of certain administrative and property related expenses. The Management Agreement is effective through December 31, 2016 with a one -year extension option through December 31, 2017, exercisable by KBSAS, and also provides incentive fees in the form of profit participation ranging from 10% – 30% of profits earned on sales. The Original Management Agreement, which was in effect through December 1, 2013, provided a base management fee of $9,000 per year, payable monthly, plus the reimbursement of all property related expenses paid, and an incentive fee, or the Threshold Value Profits Participation, in an amount equal to the greater of: (a) $3,500 or (b) 10% of the amount, if any, by which the portfolio equity value exceeds $375,000 . The Threshold Value Profits Participation was capped at a maximum of $12,000. In the second quarter of 2013, after consideration of the termination provisions of the agreement and the sales of real estate assets made to date, the Company recognized incentive fees of $5,700 related to the Original Management Agreement and, following the signing of the Management Agreement, KBSAS paid $12,000 to the Company in satisfaction of the Company’s profit participation interest under the Original Management Agreement. In December 2014, the Company assumed a Property and Asset Management Agreement, or the Gramercy Europe Asset Management Agreement, in connection with the acquisition of ThreadGreen Europe Limited, which the Company subsequently renamed Gramercy Europe Asset Management. Pursuant to the Gramercy Europe Management Agreement, Gramercy Europe Asset Management will provide property, asset management and advisory services to a portfolio of single-tenant industrial and office assets located in Germany, Finland, and Switzerland. In connection with the formation of the Gramercy European Property Fund with several investment partners, the Company also established a management company, which has a management contract with Gramercy European Property Fund for the provision of property and asset management services to the Gramercy European Property Fund. For the years ended December 31, 2014, 2013 and 2012, the Company recognized incentive fees of $1,136 , $10,223 and $1,277 , 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 September 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.	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 Consolidated Balance Sheets as of December 31, 2014 and 2013 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 management, general and administrative expense and property management expense.
Operating and General and Administrative Expenses	Operating and General and Administrative Expenses Property operating expenses include insurance, property management, repairs and maintenance, security, janitorial, landscaping and other administrative expenses incurred to operate the Company’s properties as well as costs directly related to its asset management business on properties owned by third parties in both the United States and Europe. General and administrative expenses represent costs unrelated to property operations or acquisition related costs. These expenses primarily include corporate office expenses, employee compensation and benefits as well as costs related to being a listed public company including certain audit fees, director and officer insurance, legal costs and other professional fees.
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company has stock-based compensation plans, 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 long term investment plan, or LTIP, units, which are a class of limited partnership interests in the Company’s Operating Partnership. As of September 30, 2015 and December 31, 2014, the Company had 197,682 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, with the following weighted average assumptions for grants in 2015 and 2014: 2015 2014 Dividend yield 5.20% 2.50% Expected life of option 5.0 years 5.0 years Risk-free interest rate 1.72% 1.81% Expected stock price volatility 29.00% 41.00%	Stock-Based Compensation Plans The Company has stock-based compensation plans, described more fully in Note 12. The Company accounts for stock-based awards 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 December 31, 2014, 2013, and 2012, the Company had 702,926 , 678,784 and 1,383,388 weighted-average unvested restricted shares outstanding, respectively. 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 with the following weighted average assumptions for grants in 2014 and 2013. 2014 2013 Dividend yield 2.50% 5.50% Expected life of option 5.0 years 5.0 years Risk-free interest rate 1.81% 0.72% Expected stock price volatility 41.00% 53.00%
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 the 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 loss of ( $360 ) and ( $309 ) for the three and nine months ended September 30, 2015, respectively. The Company did not record a net translation gain or loss for the three and nine months ended September 30, 2014. Translation gains and losses are reclassified to earnings when the Company has substantially exited from all investments in the related currency. During the three and nine months ended September 30, 2015, the Company entered into a net investment hedge in connection with its drawdown of $10,120 ( €9,000 ) on the foreign currency denominated tranche of its Unsecured Credit Facility. The instrument hedges the fluctuations in the euro-U.S. dollar exchange rate for the Company’s equity investment in the Gramercy European Property Fund, which has euros as its functional currency. For the three and nine months ended September 30, 2015, the Company recorded a net gain of $61 in other comprehensive income as the portion of the currency derivative contract used to hedge the currency exposure of the Company’s joint venture investment in the Gramercy European Property Fund which qualifies as a net investment hedge under ASC Topic 815. 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 nine months ended September 30, 2015, the Company recognized net realized foreign currency transaction losses of $15 and $25 , respectively. The company did not recognize foreign currency transaction gains or losses during the three and nine months ended September 30, 2014.	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 will invest 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 loss of $48 for the year ended December 31, 2014. These 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 years ended December 31, 2014, 2013 and 2012, the Company recognized net realized foreign currency transaction losses of ( $16 ) , $0 , and $0 on such transactions.
Derivative Instrument	Derivative and Hedging Instruments In the normal course of business, the Company is exposed to the effect of interest rate and foreign exchange rate changes. The Company limits these risks by following established risk management policies and procedures including the use of derivatives and net investment hedges. The Company uses a variety of derivative instruments to manage, or hedge, interest rate risk and foreign currency exchange rate risk. The Company requires that derivative and hedging instruments be effective in reducing the interest rate risk or foreign currency exchange 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 contract. The Company uses a variety of commonly used derivative products that are considered “plain vanilla” derivatives, such as interest rate swaps, caps, collars and floors, as well as net investment hedges. The Company expressly prohibits the use of unconventional derivative and hedging 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.	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. The Company may from time to time use derivative instruments in connection with the private placement of equity. In October 2013, the Company entered into contingent value rights agreements, or CVR Agreements, with the share purchasers. Pursuant to each CVR Agreement, the Company issued to each purchaser the number of contingent value rights, or CVRs, equal to the number of common stock purchased. The CVRs were not designated as hedge instruments. The CVRs did not qualify, nor did the Company intend for these instruments to qualify, as hedging instruments. On March 25, 2014, the CVR Agreements expired with no value. In March 2014, the Company issued 3.75% unsecured exchangeable senior notes, or the Exchangeable Senior Notes, which are 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, in accordance with the terms of the Exchangeable Senior Notes, as described in Note 6. The embedded exchange option value of the Exchangeable Senior Notes was originally recorded as a derivative at March 31, 2014, however, pursuant to NYSE share-settlement limitations, the exchange option was revalued as of June 26, 2014, when the appropriate shareholder approvals were obtained for share-settlement, and the exchange option value was recorded as additional paid-in-capital. The exchange option does not qualify, nor did the Company intend for it to qualify, as a hedging instrument. The Company recognizes all derivatives on the Consolidated Balance Sheets at fair value. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments including most derivatives, long-term investments and long-term debt, standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, replacement cost and termination cost are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. 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 the London Interbank Offered Rate, or 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 as of December 31, 2014 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 11.
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 nine months ended September 30, 2015, the Company recorded $985 and $2,116 of income tax expense, respectively. For the three and nine months ended September 30, 2014, the Company recorded $165 and $971 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 September 30, 2015 and December 31, 2014, the Company did not incur any material interest or penalties.	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 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 is subject to certain state and local taxes. The Company’s TRSs are subject to federal, state and local taxes. For the years ended December 31, 2014, 2013 and 2012, the Company recorded $809 , $8,908 , and $3,330 of income tax expense, including $0 , $2,515 , and $0 within discontinued operations, respectively. Tax expense for each year is comprised of federal, state and local 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 December 31, 2014, 2013 and 2012, 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.	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 common shareholders. 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 diluted shares. Net losses are not allocated to participating securities unless the holder has a contractual obligation to share in the losses. 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 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. Asset management clients KBS Real Estate Investment Trust, Inc., or KBS, and Gramercy Europe Asset Management accounted for 81% and 10% of the Company’s management fee income for the three months ended September 30, 2015, respectively, and one asset management client, KBS, accounted for 84% of the Company’s management fee income for the nine months ended September 30, 2015. One asset management client, KBS, accounted for 93% and 74% of the Company’s management fee income for the three and nine months ended September 30, 2014, respectively. Tenants Bank of America, N.A. and Healthy Way of Life II, LLC (d.b.a Life Time Fitness) accounted for 21% and 12% of the Company’s rental revenue for the three months ended September 30, 2015, respectively, and one tenant, Bank of America, N.A., accounted for 26% of the Company’s rental revenue for the nine months ended September 30, 2015. One tenant, Bank of America, N.A, accounted for 40% and 26% of the Company’s rental revenue for the three and nine months ended September 30, 2014, respectively.	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. Prior to the disposal of Gramercy Finance in March 2013, the Company had also performed ongoing analysis of credit risk concentrations in its loan and other lending investment portfolio by evaluating exposure to various markets, underlying property types, investment structure, term, sponsors, tenants and other credit metrics. Concentrations of 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 could 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, accounted for 78% , 73% and 100% of the Company’s management fee income for the years ended December 31, 2014, 2013 and 2012, respectively. One tenant accounted for 29% , 24% and 45% of the Company’s rental revenue for the years ended December 31, 2014, 2013, and 2012 respectively. Additionally, for the year ended December 31, 2014, there were two states, Florida and Texas, that each accounted for 10% or more of the Company’s rental revenue.
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 nine months ended September 30, 2015, the Company did not receive any reimbursements. For the three and nine months ended September 30, 2014, the Company received $7,418 and $7,428 of reimbursements, respectively. As of September 30, 2015 and December 31, 2014, the servicing advances receivable is $1,515 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 September 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 nine months ended September 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 nine months ended September 30, 2014, the Company recognized an OTTI of $743 on its Retained CDO Bonds on the Condensed Consolidated Statements of Operations. A summary of the Company’s Retained CDO Bonds as of September 30, 2015 is as follows: Description Number of Securities Face Value Amortized Cost Gross Unrealized Gain Other-than-temporary impairment Fair Value Weighted Average Expected Life Available for Sale, Non-investment Grade: Retained CDO Bonds $ $ $ $ - $ Total $ $ $ $ - $ The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the nine months ended September 30, 2014:
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.	Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles, or 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. This guidance also requires expanded disclosures for discontinued operations, including disclosure of pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. The update is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014 with early adoption permitted in select instances. The Company elected to early adopt this standard effective with the interim period beginning January 1, 2015. Adoption did not have a material effect on the Company’s Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which serves to simplify the presentation of debt issuance costs in a company’s financial statements. The amendments in the update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that liability, which is consistent with the current presentation of debt discounts. The ASU only affects presentation and does not impact the recognition or measurement of debt issuance costs. The update is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest, which provides additional authoritative guidance for debt issuance costs related to line-of-credit arrangements. The update allows an entity to defer debt issuance costs from a line-of-credit arrangement, present the costs as an asset, and subsequently amortize them ratably over the term of the arrangement. The Company has not elected early adoption of the amendments in the updates and is currently evaluating the new guidance to determine the impact it may have on its Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The amendments in the update provide guidance as to whether a company’s cloud computing arrangement includes a software license. If the arrangement includes a software license, the company should account for the software license element of the arrangement consistent with the acquisition of other software licenses and other licenses of intangible assets. The guidance does not change the accounting for service contracts. The update is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company has not elected early adoption and is currently evaluating the new guidance to determine the impact it may have on its Condensed Consolidated Financial Statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments. The amendments in the update require an acquirer in a business combination to recognize adjustments to estimated amounts identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer must record the effect of the adjustments on earnings as if the accounting had been completed at the acquisition date and the acquirer must disclose in its financial statements the portion of the amounts recorded in each line item of current-period earnings that would have been recorded in previous periods if the adjustments to estimated amounts had been recognized as of the acquisition date. The update is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted for financial statements that have not been issued. The Company elected to early adopt the guidance in the third quarter of 2015. Adoption did not have a material effect on the Company’s Condensed Consolidated Financial Statements.	Recently Issued Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. This guidance also requires expanded disclosures for discontinued operations, including disclosure of pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. The update is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014 with early adoption permitted in certain circumstances. The Company has elected early adoption, and its adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which creates a new Topic ASC 606, Revenue from Contracts with Customers. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted, thus the Company will appropriately adopt and apply the guidance retrospectively for its fiscal year ended December 31, 2017 and the interim periods within that year. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. It applies to entities that grant employees share-based payments in which the terms of the award provide that a performance target affecting vesting could be achieved after the requisite service period, which is the case when employees may retire or otherwise terminate employment prior to the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. Pursuant to the guidance, entities should apply existing guidance in ASC 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. This update is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. The Company has not elected early adoption, and this adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures as needed based on the evaluation. It provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures provided by organizations in the financial statement footnotes. The update applies to all companies and not-for-profit organizations and becomes effective in the annual period ending after December 15, 2016, with early application permitted. The Company has elected early adoption for the annual period ended December 31, 2015, and this adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The ASU clarifies how to interpret current U.S. GAAP in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. The update applies to all companies and becomes effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The Company has not elected early adoption, and its adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company has not elected early adoption and is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements.

Significant Accounting Polici33

Significant Accounting Policies (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Variable Interest Entities	The following is a summary of the Company’s involvement with VIEs as of September 30, 2015: Company carrying value-assets Company carrying value-liabilities Face value of assets held by the VIEs Face value of liabilities 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 value-assets Company carrying value-liabilities Face value of assets held by the VIEs Face value of liabilities issued by the VIEs Assets Consolidated VIEs European Fund Manager $ - $ - $ - $ - Unconsolidated VIEs European Fund Carry Co. $ - $ - $ - $ - Retained CDO Bonds $ $ - $ $	The Company has four unconsolidated VIEs as of December 31, 2014 and three unconsolidated VIEs as of December 31, 2013. The following is a summary of the Company’s involvement with consolidated VIEs and unconsolidated VIEs as of December 31, 2014: Company Company Face value of Face value of carrying carrying of assets held of liabilities issued value-assets value-liabilities by the VIEs by the VIEs Assets Consolidated VIEs Gramercy Europe Asset Management (European Fund Manager) $ - $ - $ - $ - Unconsolidated VIEs Gramercy Europe Asset Management (European Fund Carry Co.) $ - $ - $ - $ - Retained CDO Bonds $ $ - $ $ The following is a summary of the Company’s involvement with VIEs as of December 31, 2013: Company Company Face value of Face value of carrying carrying of assets held of liabilities issued value-assets value-liabilities by the VIEs by the VIEs Assets Unconsolidated VIEs Retained CDO Bonds $ $ - $ $
Schedule of Retained Collateralized Debt Obligation Bonds	A summary of the Company’s Retained CDO Bonds as of September 30, 2015 is as follows: Description Number of Securities Face Value Amortized Cost Gross Unrealized Gain Other-than-temporary impairment Fair Value Weighted Average Expected Life Available for Sale, Non-investment Grade: Retained CDO Bonds $ $ $ $ - $ Total $ $ $ $ - $	A summary of the Company’s Retained CDO Bonds as of December 31, 2014 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 $ $ $ $ $ 4.8 years Total $ $ $ $ $ 4.8 years
Other Than Temporary Impairment Credit Losses Recognized in Earnings	The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the nine months ended September 30, 2014: Balance as of December 31, 2013 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income $ Additions to credit losses: On Retained CDO Bonds for which an OTTI was not previously recognized - On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income On Retained CDO Bonds for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income - Reduction for credit losses: On Retained CDO Bonds for which no OTTI was recognized in other comprehensive income at current measurement date - On Retained CDO Bonds sold during the period - On Retained CDO Bonds charged off during the period - For increases in cash flows expected to be collected that are recognized over the remaining life of the Retained CDO Bonds - Balance as of September 30, 2014 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income $	The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the year ended December 31, 2014: Balance as of December 31, 2013 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income $ Additions to credit losses: On Retained CDO Bonds for which an OTTI was not previously recognized - On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income On Retained CDO Bonds for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income - Reduction for credit losses: - On Retained CDO Bonds for which no OTTI was recognized in other comprehensive income at current measurement date - On Retained CDO Bonds sold during the period - On Retained CDO Bonds charged off during the period - For increases in cash flows expected to be collected that are recognized over the remaining life of the Retained CDO Bonds - Balance as of December 31, 2014 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income $
Schedule of Intangible Assets and Acquired Lease Obligations	Intangible assets and acquired lease obligations consist of the following: September 30, 2015 December 31, 2014 Intangible assets: In-place leases, net of accumulated amortization of $40,132 and $13,581 $ $ Above-market leases, net of accumulated amortization of $3,977 and $1,520 Below-market ground rent, net of accumulated amortization of $122 and $67 Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $14,523 and $3,932 $ $ Above-market ground rent, net of accumulated amortization of $125 and $29 Total intangible liabilities $ $	Intangible assets and acquired lease obligations consist of the following: December 31, 2014 December 31, 2013 Intangible assets: In-place leases, net of accumulated amortization of $13,581 and $1,318 $ $ Above-market leases, net of accumulated amortization of $1,520 and $278 Below-market ground rent, net of accumulated amortization of $67 and $0 - Total intangible assets $ $ Intangible liabilities: Below-market leases, net of accumulated amortization of $3,932 and $300 $ $ Above-market ground rent, net of accumulated amortization of $29 and $0 - Total intangible liabilities $ $
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the weighted-average amortization period as of September 30, 2015 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 In-place leases Total to be included in depreciation and amortization expense 10.9 $ $ $ $ $ Above-market lease assets 9.0 Below-market lease liabilities 21.5 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 37.4 Above-market ground rent 37.8 Total to be included in property operating expense $ - $ $ $ $	The following table provides the weighted-average amortization period as of December 31, 2014 for intangible assets and liabilities and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 In-place leases 9.1 $ $ $ $ $ Total to be included in depreciation and amortization expense $ $ $ $ $ Above-market lease assets 10.6 $ $ $ $ $ Below-market lease liabilities 9.5 Total to be included in rental revenue $ $ $ $ $ Below-market ground rent 38.5 $ $ $ $ $ Above-market ground rent 38.9 Total to be included in property operating expense $ $ $ $ $
Schedule of Share-Based Payment Awards, Stock Options, Valuation Assumptions	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, with the following weighted average assumptions for grants in 2015 and 2014: 2015 2014 Dividend yield 5.20% 2.50% Expected life of option 5.0 years 5.0 years Risk-free interest rate 1.72% 1.81% Expected stock price volatility 29.00% 41.00%	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 with the following weighted average assumptions for grants in 2014 and 2013. 2014 2013 Dividend yield 2.50% 5.50% Expected life of option 5.0 years 5.0 years Risk-free interest rate 1.81% 0.72% Expected stock price volatility 41.00% 53.00%
Capitalized Software Costs [Member]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the weighted-average amortization period as of September 30, 2015 for capitalized software and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 Capitalized software costs 1.7 $ $ $ $ $ - Total to be included in depreciation and amortization expense $ $ $ $ $ -	The following table provides the weighted-average amortization period as of December 31, 2014 for capitalized software and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 Capitalized software costs 1.9 $ $ $ $ - $ - 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 September 30, 2015 for contract intangible assets and the projected amortization expense for the next five years. Weighted-Average Amortization Period October 1 to December 31, 2015 2016 2017 2018 2019 Contract intangible asset 2.8 $ $ $ $ $ - Total to be included in property management expense $ $ $ $ $ -	The following table provides the weighted-average amortization periods as of December 31, 2014 for contract intangible assets and the projected amortization expense for the next five years. Weighted- Average Amortization Period 2015 2016 2017 2018 2019 Contract intangible asset 3.5 $ $ $ $ $ - Total to be included in depreciation and amortization expense $ $ $ $ $ -

Dispositions and Assets Held-34

Dispositions and Assets Held-for-Sale (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Operating Results of Assets held for sale Including in Discontinued Operations		The following operating results for Gramercy Finance and the assets previously sold for the years ended December 31, 2014, 2013 and 2012 are included in discontinued operations for all periods presented: Year Ended December 31, 2014 2013 2012 Operating Results: Revenues $ $ $ Operating expenses Marketing, general and administrative (1) Interest expense - Depreciation and amortization - Loans held for sale and CMBS OTTI - Provision for loan losses - - Expense reimbursements (2) - - Equity in net income from joint venture - Net income (loss) from operations Loss on sale of joint venture interests to a director related entity - - Net gains from disposals - Provision for taxes - - Net income (loss) from discontinued operations $ $ $ (1) A ccrual for the Transfer Tax Assessments on the Company’s sale of a 45% joint venture interest in the leased fee of the 2 Herald Square property is included in management, general, and administrative in 2013 . For more information see Note 15. (2) In the first quarter of 2013, the Company received reimbursements for enforcement costs of $5,406 incurred on the behalf of a pari-passu lender for one loan held by the CDOs, which the Company incurred in prior years. The Company fully reserved for these costs when incurred due to the uncertainty of recovery.
Discontinued Operations [Member]
Schedule of Significant Operating and Investing Noncash Items		The table below presents additional relevant information pertaining to results of discontinued operations for the years ended December 31, 2014, 2013 and 2012, including depreciation, amortization, capital expenditures, and significant operating and investing noncash items: Year Ended December 31, 2014 2013 2012 Depreciation expense $ - $ $ Amortization expense - Capital expenditures - - - Significant operating noncash items - Significant investing noncash items - - - Total $ - $ $
Discontinued Operations [Member] | Discontinued Operations, Disposed of by Sale [Member]
Schedule of Operating Results of Assets held for sale Including in Discontinued Operations	The following operating results for assets previously sold for the three and nine months ended September 30, 2015 and 2014 are included in discontinued operations for all periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating Results: Revenues $ $ $ $ Operating expenses Marketing, general and administrative Net income (loss) from discontinued operations $ $ $ $

Acquisitions_Real Estate Inve35

Acquisitions/Real Estate Investments (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Purchase Price Allocations Acquired Assets and Liabilities	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 Nine Months ended September 30, 2015 26 $ $ $ Year ended December 31, 2014 11 $ $ $ The aggregate changes from the preliminary purchase price allocations to the finalized purchase price allocations, in accordance with ASU 2015-16, which the Company adopted in the third quarter of 2015, 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 Increase (Decrease) to Rental Revenue Increase (Decrease) to Depreciation and Amortization Expense Nine Months ended September 30, 2015 (1) 42 $ $ $ $ $ $ $ $ Year ended December 31, 2014 22 $ $ $ $ $ $ $ $
Schedule of Business Acquisitions, by Acquisition	During the nine months ended September 30, 2015, the Company’s property acquisitions are summarized as follows: Property Type Number of Properties Square Feet Purchase Price Industrial (1) $ Office/banking center (1) Specialty industrial Specialty retail Data center Total $ (1) The Company assumed mortgages on 17 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $153,877 . 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: Property Type Number of Properties Square Feet Purchase 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.	During the year ended December 31, 2014, the Company’s property acquisitions are summarized as follows: Weighted- average Number of Number of Square Purchase Remaining Property Type Properties Buildings Feet Price Lease Term (1) Industrial (2) $ 302,349 Office/banking center (3) Specialty asset Total $ 834,269 (1) Weighted-average lease term is based upon the remaining non-cancelable lease term as of December 31, 2014. The weighted-average calculation is based upon total rentable square footage . (2) The Company assumed mortgages on four of its acquisitions of industrial properties in 2014. The gross 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. During the year ended December 31, 2013, the Company’s property acquisitions are summarized as follows: Weighted- average Number of Number of Square Purchase Remaining Property Type Properties Buildings Feet Price Lease Term (1) Industrial (2), (3) $ 261,416 Office/banking center Specialty asset (3) Total $ 340,786 (1) Weighted-average lease term is based upon the remaining non-cancelable lease term as of December 31, 2013. The weighted-average calculation is based upon total rentable square footage . (2) Industrial properties includes a build-to-suit property located in Hialeah Gardens, Florida, which represents a commitment to construct an approximately 118,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed. Rent for the facility commenced on June 1, 2014 and it was placed in service during June 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. The construction has been fully funded as of December 31, 2014. (3) The Company assumed mortgages on two of its acquisitions of industrial properties in 2013. The gross value of the mortgages assumed at acquisition was $48,899 . Refer to Note 6 for more information on the Company’s debt obligations related to acquisitions.
Business Acquisition, Pro Forma Information	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 (1) 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 nine months ended September 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.	2014 (1) 2013 2012 Pro forma revenues $ $ $ Pro forma net income (loss) available to common stockholders $ $ $ Pro forma income (loss) per common share-basic $ $ $ Pro forma income (loss) per common share-diluted $ $ $ Pro forma common shares-basic Pro forma common share-diluted (1) The Company adjusted its pro forma net income for the year ended December 31, 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.
Bank of America Portfolio [Member]
Schedule of Purchase Price Allocations Acquired Assets and Liabilities	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 $	The following table shows the preliminary purchase price allocation: 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 $

Joint Ventures and Equity Inv36

Joint Ventures and Equity Investments (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Joint Ventures and Equity Investments [Abstract]
Schedule of Consolidated Balance Sheet for the Company's Joint Venture	The Condensed Consolidated Balance Sheets for the Company’s joint ventures and equity investments at September 30, 2015 and December 31, 2014 are as follows: September 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 Consolidated Balance Sheets for the Company’s joint ventures and equity investments at December 31, 2014 and 2013 are as follows: 2014 (1) 2013 Assets: Real estate assets, net $ $ Other assets Total assets $ $ Liabilities and members' equity: Mortgages payable $ $ Other liabilities Members' equity Liabilities and members' equity $ $ (1) The Consolidated Balance Sheet as of December 31, 2014 represents the Company’s interests in the Philips joint venture and the Gramercy European Property Fund , whereas the Consolidated Balance Sheet as of December 31, 2013 represents the Company’s interests in the Philips joint venture and the Bank of America Portfolio joint venture because the Bank of America Portfolio was consolidated into the Company’s Consolidated Balance subsequent to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio on June 9, 2014. The Gramercy European Property Fund commenced in December 2014 and does not have any balance sheet contribution as of December 31, 2014.
Schedule of Consolidated 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 nine months ended September 30, 2015 and 2014 or partial period for acquisitions or dispositions which closed during these periods, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 (1) 2014 (2) 2015 (1) 2014 (2) Revenues $ $ $ $ Operating expenses - Acquisition expenses - - Interest Depreciation Total expenses Net income (loss) from operations Loss on derivatives - - Net gain (loss) on disposals - - - Provision for taxes - Net income (loss) $ $ $ $ Company's equity in net income (loss) within continuing operations $ $ $ $ (1) The results of operations for the three and nine months ended September 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 nine months ended September 30, 2014 include the Bank of America Portfolio joint venture’s results for the period January 1, 2014 through June 9, 2014. 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.	The Consolidated Statements of Operations for the joint ventures and equity investments for the years ended December 31, 2014, 2013 and 2012 or partial period for acquisitions or dispositions which closed during these periods, are as follows: 2014 (1) 2013 2012 Revenues $ $ $ Operating expenses Interest Depreciation Total expenses Net income (loss) from operations Net loss on disposals - Provision for taxes - - Net income (loss) $ $ $ Company's equity in net income (loss) within continuing operations $ $ $ Company's equity in net loss within discontinued operations $ - $ $ (1) The results of operations for the year ended December 31, 2014 includes the Bank of America joint venture’s results for the period January 1, 2014 through June 9, 2014. Subsequent to the Company’s acquisition of the remaining 50% equity interest in the Bank of America Portfolio, the results of operations for the Bank of America Portfolio are consolidated into the Company’s Consolidated Statements of Operations.
Summary of Activity in Joint Ventures and Equity Investments	A summary of the activity during the three and nine months ended September 30, 2015 and 2014 related to the Company’s joint ventures and equity investments is as follows: As of September 30, 2015 As of December 31, 2014 Gramercy European Property Fund Philips Building Total Gramercy European Property Fund Bank of America Portfolio Philips Building Total Investment in joint venture or equity investment $ $ - $ $ - $ - $ - $ - Three Months ended September 30, 2015 Three Months ended September 30, 2014 Gramercy European Property Fund 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 $ - $ $ $ - $ - $ $ Nine Months ended September 30, 2015 Nine Months ended September 30, 2014 Gramercy European Property Fund 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)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Obligations
Schedule of Mortgage Notes Payable	The Company was in compliance with the covenants under the mortgages at September 30, 2015. The following is a summary of the Company’s secured financing arrangements as of September 30, 2015: Encumbered Properties Balance Interest Rate Weighted-average Effective Interest Rate Weighted-average Maturity Fixed-rate mortgages $ 3.28% to 7.46% 5.39% 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 September 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 $ 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) This mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 11 for further information on hedging and the Company’s derivative instruments.
Schedule of Maturities of Long-term Debt	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 September 30, 2015 are as follows: Unsecured Debt Mortgage Notes Payable Exchangeable Senior Notes Interest Payments Total October 1 through December 31, 2015 $ - $ $ - $ $ 2016 - - 2017 - - 2018 - 2019 Thereafter - - Above market interest - - - Total $ $ $ $ $	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 December 31, 2014 are as follows: Unsecured Debt Mortgage Notes Payable Exchangeable Senior Notes Interest Payments Total 2015 $ - $ $ - $ $ 2016 - - 2017 - - 2018 - - 2019 Thereafter - - Below market interest - - - Total $ $ $ $ $

Leasing Agreements (Tables)

Leasing Agreements (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Leases Agreements [Abstract]
Schedule of Future Minimum Rental Payments for Lease Agreements	Future minimum rental revenue under non-cancelable leases excluding reimbursements for operating expenses as of September 30, 2015 are as follows: Operating Leases October 1 through December 31, 2015 $ 2016 2017 2018 2019 Thereafter Total minimum lease rental income $	Future minimum rental revenues under non-cancelable leases excluding reimbursements for operating expenses as of December 31, 2014 are as follows: Operating Leases 2015 $ 2016 2017 2018 2019 Thereafter Total minimum lease rental income $

Deferred Costs (Tables)

Deferred Costs (Tables)	12 Months Ended
	Dec. 31, 2014
Deferred Costs [Abstract]
Schedule of Deferred Costs	Deferred costs at December 31, 2014 and 2013 consisted of the following: 2014 2013 Deferred financing costs $ $ Deferred acquisition costs Deferred leasing costs - Accumulated amortization $ $

Fair Value of Financial Instr40

Fair Value of Financial Instruments (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Carrying Value and Fair Value of Financial Instruments	The following table presents the carrying value in the financial statements, and approximate fair value of financial instruments at September 30, 2015 and December 31, 2014: September 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. Refer to Note 6 for more information on the long term debt instruments. (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 table presents the carrying value in the financial statements and approximate fair value of financial instruments at December 31, 2014 and December 31, 2013: December 31, 2014 December 31, 2013 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Retained CDO Bonds (1), (2) $ $ $ $ Marketable securities (3) $ $ $ - $ - Financial liabilities: Derivative instruments $ $ $ $ Contingent value rights (4) $ - $ - $ $ Long term debt Term Loan (2) $ $ $ - $ - Unsecured Credit Facility (2) $ - $ - $ - $ - Secured 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 Consolidated Balance Sheet. (4) Pursuant to the Company’s private placement of equity in October 2013, the Company entered into the CVR Agreements with purchasers of the Company’s common stock in that offering, which are discussed more fully in Note 11.
Schedule of Fair Value, Assets and Liabilities Measured on 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 September 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 $ $ - $ - $ $ $ - $ - $	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 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 $ $ - $ - $ $ $ - $ - $ At December 31, 2013 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 $ $ - $ - $ Contingent value rights - - $ $ - $ - $
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 September 30, 2015 $	The following roll forward 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, 2013 $ Amortization of discounts or premiums Adjustments to fair value: Included in other comprehensive income Other-than-temporary impairments Balance as of December 31, 2014 $
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following rollforward 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 September 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, 2013 $ Embedded exchange option Transfer of embedded exchange option to stockholders' equity Expiration of Contingent Value Rights Adjustments to fair value: Realized loss on derivative instruments Unrealized loss on derivatives Balance as of December 31, 2014 $
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 September 30, 2015 are: At September 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 199 to 240 basis points	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 December 31, 2014 are: At December 31, 2014 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)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Derivative Instruments [Abstract]
Schedule of Derivative Instruments	The following table summarizes the notional and fair value of the Company’s derivative and hedging instruments at September 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 Carrying Value Assets of Non-VIEs: Interest Rate Swap 1 mo. USD-LIBOR-BBA USD 4.55% 12/19/13 12/19/20 $ Interest Rate Swap 1 mo. USD-LIBOR-BBA USD 1.82% 09/09/14 06/09/19 Net Investment Hedge in Gramercy European Property Fund EUR-USD exchange rate Euros N/A 09/28/15 N/A Total $	The following table summarizes the notional and fair value of the Company’s derivative financial instruments at December 31, 2014. 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 Notional Strike Effective Expiration Fair Rate Value Rate Date Date 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 (Deficit) (

Stockholders Equity (Deficit) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Stockholders Equity (Deficit) [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity		A summary of the status of the Company’s Options as of December 31, 2014, 2013 and 2012 are presented below: December 31, 2014 December 31, 2013 December 31, 2012 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Balance at beginning of period $ $ $ Granted Exercised — — — — Lapsed or cancelled Balance at end of period $ $ $
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	Earnings per share for the three and nine months ended September 30, 2015 and 2014 are computed as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator - Income (loss): Net income (loss) from continuing operations $ $ $ $ Net income (loss) from discontinued operations Net income (loss) Net (income) loss attributable to noncontrolling interest Preferred stock redemption costs - - Preferred stock dividends Net income (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 shares - - OP Units - - Exchangeable Senior Notes - - - - Diluted Shares	Earnings per share for the years ended December 31, 2014, 2013 and 2012 are computed as follows: For the Year Ended December 31, 2014 2013 2012 Numerator - Income (loss): Net income (loss) from continuing operations $ $ $ Net income (loss) from discontinued operations Net income (loss) Net loss attributable to noncontrolling interest - - Preferred stock redemption costs - - Preferred stock dividends Net income (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 - - Diluted Shares
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) as of September 30, 2015 and December 31, 2014 is comprised of the following: September 30, 2015 December 31, 2014 Net unrealized loss on derivative instruments $ $ Net unrealized gain (loss) on debt securities Foreign currency translation adjustments: Gain on net investment hedge (1) - Other foreign currency translation adjustments Total accumulated other comprehensive income $ $ (1) The Company's net investment hedge related to its net investment in the Gramercy European Property Fund is included in the foreign currency translation adjustments within other comprehensive income.	Accumulated other comprehensive income (loss) as of December 31, 2014, 2013 and 2012 is comprised of the following: As of December 31, 2014 2013 (1) 2012 Net unrealized gain (loss) on debt securities $ $ $ Net unrealized loss on derivative instruments Foreign currency translation adjustments - - Total accumulated other comprehensive income (loss) $ $ $ (1) The Company reclassified unrealized gains on CMBS of $107,774 for the year ended December 31, 2013 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations. The Company also reclassified the unamortized fair value of terminated swaps previously designated as cash flow hedges of $6,359 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations.

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [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 September 30, 2015: Noncontrolling Interest Balance as of December 31, 2014 $ Issuance of noncontrolling interests in the operating partnership - Redemption of noncontrolling interests in the operating partnership Net loss attribution Fair value adjustments Distributions Balance as of September 30, 2015 $	There were no noncontrolling interests in the Operating Partnership as of December 31, 2013. Below is the rollforward of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2014: Noncontrolling Interest Balance as of December 31, 2013 $ - Issuance of noncontrolling interests in the operating partnership Redemption of noncontrolling interests in the operating partnership Net loss attribution Fair value adjustments Dividends Balance as of December 31, 2014 $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Commitments and Contingencies [Abstract]
Schedule of Future Minimum Rental Payments	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 October 1 through December 31, 2015 $ $ - $ 2016 - 2017 - 2018 - 2019 - Thereafter Total minimum rent expense $ $ $	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 2015 $ $ - $ 2016 - 2017 - 2018 - 2019 - Thereafter Total minimum rent expense $ $ $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Taxes [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The Company’s provision for income taxes for the years ended December 31, 2014, 2013 and 2012 is summarized as follows: 2014 2013 2012 Current: Federal $ $ $ State and local Total current Deferred: Federal State and local Total deferred Total income tax expense $ $ $
Schedule of Effective Income Tax Rate Reconciliation	The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre tax operating income, as follows: For the year ended December 31, 2014 2013 2012 Income tax (expense) benefit at federal statutory rate $ $ $ Tax effect of REIT election State and local taxes, net of federal benefit Permanent difference Valuation allowance - Other - - Total income tax provision $ $ $

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
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 Management Investments / Corporate Total Company Three Months Ended September 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 Management Investments / Corporate Total Company Three Months Ended September 30, 2014 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 Management Investments / Corporate Total Company Nine Months Ended September 30, 2015 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 Management Investments / Corporate Total Company Nine Months Ended September 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 Management Investments / Corporate Total Company Total Assets: September 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 $25,120 and $12,306 and provision for taxes of $985 and $165 for the three months ended September 30, 2015 and 2014, respectively, are included in the amounts presented above. Depreciation and amortization of $68,534 and $22,451, provision for taxes of $2,116 and $971 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the nine months ended September 30, 2015 and 2014, respectively, are included in the amounts presented above. (2) Net income (loss) from continuing operations represents income (loss) before discontinued operations.	The Company evaluates performance based on the following financial measures for each segment: Asset Investments / Total Management Corporate Company Year ended December 31, 2014 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures - Total operating and interest expense (1) Net income from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Year ended December 31, 2013 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Year ended December 31, 2012 Total revenues $ $ $ Equity in net loss from unconsolidated joint ventures - Total operating and interest expense (1) Net income (loss) from continuing operations (2) $ $ $ Asset Investments / Total Management Corporate Company Total Assets: December 31, 2014 $ $ $ December 31, 2013 $ $ $ (1) Total operating and interest expense includes operating costs on commercial property assets for the Investments segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $ 36,408 , $5,675 , and $256 and provision for taxes of $809 , $6,393 , and $3,330 for the years ended December 31, 2014, 2013, and 2012, respectively. (2) Net income (loss) from continuing operation represents income (loss) before discontinued oeprations.Net income (loss) from continuing operations represents income (loss) before discontinued operations.

Supplemental Disclosure of No47

Supplemental Disclosure of Non-Cash Investing and Financing Activities (Tables)	12 Months Ended
	Dec. 31, 2014
Supplemental Disclosure of Non-Cash Investing and Financing Activities [Abstract]
Schedule of Non Cash Activities Recognized in Other Comprehensive Loss	The following table represents non-cash activities recognized in other comprehensive income for the years ended December 31, 2014, 2013 and 2012: 2014 2013 2012 Deferred losses and other non-cash activity related to derivatives $ $ $ Change in net unrealized loss on securities available for sale $ $ $ Non-cash effect of foreign currency translation adjustments $ $ - $ -

Selected Quarterly Financial 48

Selected Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Data (unaudited) [Abstract]
Schedule of Quarterly Financial Information	This unaudited interim financial information has been adjusted to reflect reclassifications for discontinued operations as of December 31, 2014. 2014 Quarter Ended December 31, September 30, June 30, March 31, Total Revenues $ $ $ $ Loss before equity in net income of joint ventures, gain on remeasurement of previously held joint venture, loss on extinguishment of debt, provision for taxes, non-controlling interest and discontinued operations Equity in net income of joint ventures Loss before gain on remeasurement of previously held joint venture, loss on extinguishment of debt, provision for taxes, non-controlling interest and discontinued operations Gain on remeasurement of previously held joint venture - - - Loss on extinguishment of debt - - - Provision for taxes Net income (loss) from continuing operations Net loss from discontinued operations Net income (loss) Net loss attributable to noncontrolling interest - - Net income (loss) attributable to Gramercy Property Trust Inc. Preferred stock redemption costs - - - Preferred stock dividends Net income (loss) available to common stockholders $ $ $ $ Basic earnings per share: Net income (loss) from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations - - - - Net income (loss) available to common stock holders $ $ $ $ Diluted earnings per share: Net income (loss) from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations - - - - Net income (loss) available to common stock holders $ $ $ $ Basic weighted average common shares outstanding Diluted weighted average common shares and common share equivalents outstanding 2013 Quarter Ended December 31, September 30, June 30, March 31, Total Revenues $ $ $ $ Income (loss) before equity in net income (loss) of joint ventures, provision for taxes, noncontrolling interest and discontinued operations Equity in net income (loss) of joint ventures Income (loss) from continuing operations before provision for taxes and discontinued operations Provision for taxes Net income (loss) from continuing operations Net income (loss) from discontinued operations Net income (loss) attributable to Gramercy Property Trust Inc. Preferred stock dividends Net income (loss) available to common stockholders $ $ $ $ Basic earnings per share: Net loss from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations Net income (loss) available to common stock holders $ $ $ $ Diluted earnings per share: Net loss from continuing operations and after preferred dividends $ $ $ $ Net income (loss) from discontinued operations Net income (loss) available to common stock holders $ $ $ $ Basic weighted average common shares outstanding Diluted weighted average common shares and common share equivalents outstanding

Business and Organization (Narr

Business and Organization (Narrative) (Details) € in Thousands, $ in Thousands	Dec. 19, 2014USD ($)	Mar. 15, 2013USD ($)	Sep. 30, 2015USD ($)ft²property	Sep. 30, 2015USD ($)ft²propertyshares	Dec. 31, 2014USD ($)ft²propertyshares	Dec. 31, 2013USD ($)ft²property	Dec. 31, 2012USD ($)property	Dec. 31, 2014EUR (€)ft²property
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property			173	173	100	29		100
Area of real estate property | ft²			21,078,596	21,078,596	8,999,528	3,987,631		8,999,528
Purchase price of real estate					$ 834,269	$ 340,786
Net gains (loss) from disposals		$ 389,140	$ 392	$ 593		389,140	$ 15,967
Investments in joint ventures			13,928	$ 13,928	$ 0	$ 39,385
Disposal group cash proceeds on disposal after expenses		$ 6,291
Collateralized debt obligations accrued interest						3.25%
Stockholders' equity, reverse stock split				February 2015, the Company's board of directors approved a 1-for-4 reverse stock split
Proceeds from sale of property held-for-sale							$ 77,413
Sold [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property					0	0	21	0
Acquired [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property					100			100
Area of real estate property | ft²					8,999,805			8,999,805
Purchase price of real estate					$ 834,269
ThreadGreen Europe Limited [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payments to acquire businesses, gross	$ 3,755
Business acquisition, equity interest issued or issuable, number of shares | shares				24,133	96,535
Business acquisition, equity interest issued or issuable, value assigned	$ 652
22 Properties Acquired [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property					22			22
GPT Property Trust Limited Partnership [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners					1.23%			1.23%
Direct Ownership or Corporate Joint Venture [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property					132			132
Percentage of occupancy for leased office and industrial property					99.00%			99.00%
Gramercy Europe [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Investments in joint ventures					$ 0
Gramercy Europe Commited [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Initial equity captial available					426,455			€ 352,500
Chambers Street Properties [Member] | Merger Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [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, or Merger Sub, an indirect wholly owned subsidiary of Chambers Street. The proposed merger transaction, or the Merger, is expected to be accounted for under the acquisition method of accounting for business combinations in accordance with Accounting Standards Codification, or ASC, 805 with Gramercy treated as the accounting acquirer. 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.
Commercial Lease Properties [Member] | Gramercy Asset Management [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Available for sale securities and other investments			$ 800	$ 800	1,100,000
The Company and Equity Investment Partners [Member] | Gramercy Europe [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Initial equity captial available					305,475			252,500
The Company [Member] | Gramercy Europe [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Initial equity captial available					60,490			50,000
Equity Investment Partners [Member] | Gramercy Europe [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Initial equity captial available					$ 244,985			€ 202,500
Current Period Date Range [Member] | Sold [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property			2	2
Area of real estate property | ft²			250,000	250,000
Proceeds from sale of property held-for-sale			$ 70,100
Current Period Date Range [Member] | Acquired [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property			4	4
Area of real estate property | ft²			1,100,000	1,100,000
Purchase price of real estate			$ 111,500
Current Period Date Range [Member] | Gramercy Europe [Member] | Acquired [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property			5	5
Current Year-to-Date [Member] | Sold [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property			5	5
Area of real estate property | ft²			336,000	336,000
Proceeds from sale of property held-for-sale				$ 78,719
Current Year-to-Date [Member] | Acquired [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property			47	47
Area of real estate property | ft²			7,900,000	7,900,000
Purchase price of real estate				$ 1,050,092
Current Year-to-Date [Member] | Gramercy Europe [Member] | Acquired [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of real estate properties | property			6	6

Business and Organization (Sche

Business and Organization (Schedule of Portfolio of Note Leased Properties) (Details)	Sep. 30, 2015ft²property	Dec. 31, 2014ft²property	Dec. 31, 2013ft²property
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	173	100	29
Area of real estate property | ft²	21,078,596	8,999,528	3,987,631
Percentage of occupancy	99.60%
Industrial Property [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	68
Area of real estate property | ft²	14,167,861
Percentage of occupancy	100.00%
Office/Banking Centers [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	80
Area of real estate property | ft²	4,819,052
Percentage of occupancy	98.30%
Specialty Industrial [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	14
Area of real estate property | ft²	676,472
Percentage of occupancy	100.00%
Specialty Retail [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	9
Area of real estate property | ft²	1,187,258
Percentage of occupancy	100.00%
Data Centers [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties | property	2
Area of real estate property | ft²	227,953
Percentage of occupancy	100.00%

Significant Accounting Polici51

Significant Accounting Policies (Narrative) (Details) € in Thousands, $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended			12 Months Ended
	Sep. 30, 2015USD ($)propertyshares	Sep. 30, 2015EUR (€)	Sep. 30, 2014USD ($)	Jun. 30, 2013USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)propertyshares	Sep. 30, 2015EUR (€)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)propertyshares	Dec. 31, 2013USD ($)propertyshares	Dec. 31, 2012USD ($)shares	Dec. 19, 2014USD ($)	Jun. 09, 2014property
Accounting Policies [Line Items]
Impairment of long-lived assets to be disposed of	$ 0		$ 0			$ 149		$ 0			$ 882
Joint ventures and equity investments	$ 13,928					$ 13,928			$ 0	$ 39,385
Number of real estate properties | property	173					173			100	29
Restricted cash and cash equivalents	$ 9,128					$ 9,128			$ 1,244	$ 179
Impairment of real estate								743	4,816	9,643	206,122
Allowance for doubtful accounts receivable	56					56			188	449
Reimbursement Revenue	11,237		8,960			29,113		12,338	20,604	1,203	174
Servicing asset, total	1,515					$ 1,515			1,485	8,758
Retained collateralized debt obligations (CDOs) bonds, other-than-temporary impairment									4,816	2,002
On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an other-than-temporary impairment was recognized in other comprehensive income								743	4,816
Amortization of intangible assets	9,808		3,586			$ 27,947		6,753	12,263	1,291	80
Depreciation and amortization, discontinued operations									0	3	50
Amortization of off market lease unfavorable and off market lease favorable	4,309		1,314			10,359		1,384	2,390	(64)	188
Amortization of intangible assets and liabilities, discontinued operations									0	(34)	196
Unamortized computer software costs	924					924			948	705
Capitalized computer software, amortization	$ 155		123			$ 441		364	486	0	0
Incentive fee recognized									$ 1,136	$ 10,223	$ 1,277
Unvested restricted shares outstanding | shares	197,682					197,682			175,731	678,784	1,383,388
Foreign currency translation gain (loss)	$ (360)					$ (309)
Foreign currency gain (loss), realized	15					25			$ (16)	$ 0	$ 0
Income tax expense (benefit)	985		165			2,116		971	809	8,908	3,330
Income tax expense (benefit), discontinued operations									0	2,515	0
Property operating expenses	11,051		9,238			29,006		13,011	21,120	1,411	1,846
Goodwill	3,663					3,663			3,840
Other assets, unamortized amount	10,699					10,699			23,063	7,030
Asset management incentive fee	111		0			3,082		635
Proceeds from unsecured credit facility	10,120	€ 9,000				10,120	€ 9,000		75,000
Gain on net investment hedge in foreign entity	61					61
Foreign currency translation adjustments						313			48
Discontinued Operations [Member]
Accounting Policies [Line Items]
Impairment of real estate									0	0	35,043
Original Managment Agreement [Member]
Accounting Policies [Line Items]
Management fees, base revenue									$ 9,000
Asset management business description									The Original Management Agreement, which was in effect through December 1, 2013, provided a base management fee of $9,000 per year, payable monthly, plus the reimbursement of all property related expenses paid, and an incentive fee, or the Threshold Value Profits Participation, in an amount equal to the greater of: (a) $3,500 or (b) 10% of the amount, if any, by which the portfolio equity value exceeds $375,000. The Threshold Value Profits Participation was capped at a maximum of $12,000.
Reimbursement / Threshold Value Profits Participation amount benchmark									$ 3,500
Portfolio equity percentage benchmark									10.00%
Portfolio equity value benchmark									$ 375,000
Threshold value profits participation, maximum									12,000
Incentive fee recognized				$ 5,700
Interest under portfolio agreement				$ 12,000
Management Agreement Restated [Member]
Accounting Policies [Line Items]
Management fees, base revenue									$ 7,500
Management agreement extension period									1 year
Asset management business description									The Original Management Agreement with KBS Acquisition Sub, LLC, or KBSAS, a wholly-owned subsidiary of KBS Real Estate Investment Trust, Inc., or KBS REIT, was extended through execution of an Amended and Restated Asset Management Services Agreement, or the Management Agreement, effective as of December 1, 2013, and provides for a base management fee of $7,500 per year, payable monthly, plus the reimbursement of certain administrative and property related expenses. The Management Agreement is effective through December 31, 2016 with a one-year extension option through December 31, 2017, exercisable by KBSAS, and also provides incentive fees in the form of profit participation ranging from 10% – 30% of profits earned on sales.
Minimum [Member] | Management Agreement Restated [Member]
Accounting Policies [Line Items]
Management fee percentage									10.00%
Maximum [Member] | Management Agreement Restated [Member]
Accounting Policies [Line Items]
Management fee percentage									30.00%
Assets Held-for-sale [Member]
Accounting Policies [Line Items]
Assets held-for-sale									$ 0	0
Ground Lease [Member]
Accounting Policies [Line Items]
Amortization of off market lease unfavorable and off market lease favorable	(1)		17			(41)		21
Property operating expenses									38	0	0
Contract Intangible Asset [Member]
Accounting Policies [Line Items]
Amortization of intangible assets	12					36			0	0	$ 0
Other assets, unamortized amount	$ 127					127			480	0
Parent Company [Member]
Accounting Policies [Line Items]
Foreign currency translation adjustments						$ 309			48
Bank of America Portfolio [Member]
Accounting Policies [Line Items]
Business acquisition, percentage of voting interests acquired													50.00%
Number of real estate properties | property													67
Gramercy Finance [Member]
Accounting Policies [Line Items]
Reimbursement Revenue			$ 7,418					$ 7,428	7,428	6,055
Servicing asset, total									$ 1,485	$ 8,758
Management Fee Income Concentration [Member] | Customer Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk, percentage									78.00%	73.00%	100.00%
Management Fee Income Concentration [Member] | Gramercy Asset Management [Member]
Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%
Management Fee Income Concentration [Member] | KBS Real Estate Investment Trust Inc. [Member]
Accounting Policies [Line Items]
Concentration risk, percentage	81.00%	81.00%	93.00%			84.00%	84.00%	74.00%
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk, percentage									29.00%	24.00%	45.00%
Sales Revenue, Goods, Net [Member] | Bank of America [Member]
Accounting Policies [Line Items]
Concentration risk, percentage	21.00%	21.00%	40.00%			26.00%	26.00%	26.00%
Sales Revenue, Goods, Net [Member] | Healthy Way of Life II Limited Liability Company [Member]
Accounting Policies [Line Items]
Concentration risk, percentage	12.00%	12.00%
Building [Member]
Accounting Policies [Line Items]
Property, plant and equipment, useful life						40 years	40 years		40 years
Building Equipment and Fixtures [Member] | Minimum [Member]
Accounting Policies [Line Items]
Property, plant and equipment, useful life						5 years	5 years		5 years
Building Equipment and Fixtures [Member] | Maximum [Member]
Accounting Policies [Line Items]
Property, plant and equipment, useful life						10 years	10 years		10 years
ThreadGreen Europe Limited [Member]
Accounting Policies [Line Items]
Goodwill	$ 3,802				$ 3,802	$ 3,802			$ 3,840			$ 3,887
Goodwill, period increase (decrease)					$ (85)
Scenario, Previously Reported [Member]
Accounting Policies [Line Items]
Unvested restricted shares outstanding | shares									702,926

Significant Accounting Polici52

Significant Accounting Policies (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Company carrying value-assets, consolidated	$ 330
Company carrying value - liabilities, consolidated	21
Face value of assets held by the VIEs, consolidated	330
Face value of liabilities issued by the VIEs, consolidated	21
Company carrying value-assets, unconsolidated
Company carrying value - liabilities, unconsolidated
Face value of assets held by the VIEs, unconsolidated	11
Face value of liabilities issued by the VIEs, unconsolidated	12
Collateralized Debt Obligations [Member]
Variable Interest Entity [Line Items]
Face value of assets held by the VIEs, consolidated		$ 1,691,854
Company carrying value-assets, unconsolidated	11,568	$ 4,293	$ 6,762
Company carrying value - liabilities, unconsolidated
Face value of assets held by the VIEs, unconsolidated	1,425,914	$ 1,691,854	2,156,218
Face value of liabilities issued by the VIEs, unconsolidated	$ 1,317,815	$ 1,547,693	$ 1,948,901

Significant Accounting Polici53

Significant Accounting Policies (Schedule of Intangible Assets and Acquired Lease Obligations) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible assets:
Total intangible assets	$ 324,421	$ 200,231	$ 40,960
Finite-lived intangible assets, accumulated amortization	44,231	15,168	1,596
Intangible liabilities:
Total intangible liabilities	214,609	53,826	6,077
Leases, Acquired-in-Place [Member]
Intangible assets:
Total intangible assets	296,698	181,426	32,773
Finite-lived intangible assets, accumulated amortization	40,132	13,581	1,318
Above Market Leases [Member]
Intangible assets:
Total intangible assets	24,292	14,380	8,187
Finite-lived intangible assets, accumulated amortization	3,977	1,520	278
Above Market Ground Rent [Member]
Intangible liabilities:
Total intangible liabilities	3,546	1,973
Finite-lived intangible liabilities, accumulated amortization	125	29	0
Below Market Lease [Member]
Intangible liabilities:
Total intangible liabilities	211,063	51,853	6,077
Finite-lived intangible liabilities, accumulated amortization	14,523	3,932	300
Below Market Ground Rent [Member]
Intangible assets:
Total intangible assets	3,431	4,425
Finite-lived intangible assets, accumulated amortization	$ 122	$ 67	$ 0

Significant Accounting Polici54

Significant Accounting Policies (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period		9 years 1 month 6 days
Next twelve months		$ 23,047
Year two		23,034
Year three		22,192
Year four		21,838
Year five		20,124
October 1 to December 31, 2015, Amortization expense (income), included in rental revenue	$ (2,597)
Next twelve months, Amortization expense (income), included in rental revenue	(10,150)	(4,289)
Year two, Amortization expense (income), included in rental revenue	(6,912)	(4,303)
Year three, Amortization expense (income), included in rental revenue	(7,406)	(4,308)
Year four, Amortization expense (income), included in rental revenue	$ (7,388)	(4,254)
Year five, Amortization expense (income), included in rental revenue		(4,386)
October 1 to December 31, 2015, Amortization expense (income), included in operating expense
Next twelve months, Amortization expense (income), included in operating expense	$ (2)	68
Year two, Amortization expense (income), included in opearting expense	(2)	68
Year three, Amortization expense (income), included in operating expense	(2)	68
Year four. Amortization expense (income), included in operating expense	$ (2)	68
Year five, Amortization expense (income), included in opearting expense		$ 68
Leases, Acquired-in-Place [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	10 years 10 months 24 days
October 1 to December 31, 2015, Assets included in depreciation and amortization expense	$ 10,726
Next twelve months	40,232
Year two	36,497
Year three	34,080
Year four	$ 30,049
Above Market Leases [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	9 years	10 years 7 months 6 days
October 1 to December 31, 2015, Assets included in rental revenue	$ 860
Next twelve months, Assets included in rental revenue	3,425	$ 1,578
Year two, Assets included rental revenue	3,364	1,564
Year three, Assets included in rental revenue	2,795	1,555
Year four, Assets included in rental revenue	$ 2,711	1,554
Year five, Assets included in rental revenue		$ 1,346
Below Market Lease [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	21 years 6 months	9 years 6 months
October 1 to December 31, 2015, Liabilities included in rental revenue	$ (3,457)
Next twelve months, Liabilities included in rental revenue	(13,575)	$ (5,867)
Year two, Liabilities included in rental revenue	(10,276)	(5,867)
Year three, Liabilities included in rental revenue	(10,201)	(5,863)
Year four, Liabilties included in rental revenue	$ (10,099)	(5,808)
Year five, Liabilities included in rental revenue		$ (5,732)
Below Market Ground Rent [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	37 years 4 months 24 days	38 years 6 months
October 1 to December 31, 2015, included in operating expense	$ 23
Next twelve months, Assets included in operating expense	92	$ 119
Year two, Assets included in opearting expense	92	119
Year three, Assets included in operating expense	92	119
Year four, Assets included in operating expense	$ 92	119
Year five, Assets included in operating expense		$ 119
Above Market Ground Rent [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	37 years 9 months 18 days	38 years 10 months 24 days
October 1 to December 31, 2015, Liabilities included in operating expense	$ (23)
Next twelve months, Liabilties included in operating expense	(94)	$ (51)
Year two, Liabilities included in operating expense	(94)	(51)
Year three, Liabilities included in operating expense	(94)	(51)
Year four, Liabilities included in operating expense	$ (94)	(51)
Year five, Liabilities included in operating expense		$ (51)
Capitalized Software Costs [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	1 year 8 months 12 days	1 year 10 months 24 days
October 1 to December 31, 2015, Assets included in depreciation and amortization expense	$ 157
Next twelve months	593	$ 491
Year two	142	454
Year three	$ 32	3
Year four
Capitalized Software Costs [Member] | Depreciation and Amortization Expense [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
October 1 to December 31, 2015, Assets included in depreciation and amortization expense	$ 157
Next twelve months	593	491
Year two	142	454
Year three	$ 32	$ 3
Year four
Contract Intangible Asset [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Weighted-Average Amortization Period	2 years 9 months 18 days	3 years 6 months
October 1 to December 31, 2015, Assets included in depreciation and amortization expense	$ 12
Next twelve months	46	$ 137
Year two	46	137
Year three	$ 23	137
Year four		69
Contract Intangible Asset [Member] | Depreciation and Amortization Expense [Member]
Schedule of Finite Lived Intangible Assets Future Amortization Expense [Line Items]
October 1 to December 31, 2015, Assets included in depreciation and amortization expense	$ 12
Next twelve months	46	137
Year two	46	137
Year three	$ 23	137
Year four		$ 69

Significant Accounting Polici55

Significant Accounting Policies (Schedule of Share-Based Payment Awards, Stock Options, Valuation Assumptions) (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Abstract]
Dividend yield	5.20%	2.50%	2.50%	5.50%
Expected life of option	5 years	5 years	5 years	5 years
Risk free interest rate	1.72%	1.81%	1.81%	0.72%
Expected stock price volatility	29.00%	41.00%	41.00%	53.00%

Significant Accounting Polici56

Significant Accounting Policies (Schedule of Retained Collateralized Debt Obligation Bonds) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)security	Dec. 31, 2014USD ($)security	Dec. 31, 2013USD ($)	Mar. 15, 2013USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Collateralized Debt Obligations, Number of Securities | security	9	9
Retained Collateralized Debt Obligations Bonds, Face Value	$ 372,222	$ 365,399
Retained Collateralized Debt Obligations Bonds, Amortized Cost	5,905	4,759
Retained Collateralized Debt Obligations Bonds, Gross Unrealized Gain (Loss)	$ 5,663	(466)
Retained Collateralized Debt Obligations Bonds, Other than temporary impairment		(4,816)	$ (2,002)
Retained collateralized debt obligations bonds, fair value	$ 11,568	$ 4,293		$ 8,492
Retained Collateralized Debt Obligations Bonds, Weighted Average Expected Life	2 years 10 months 24 days	4 years 9 months 18 days
Available-for-sale Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Collateralized Debt Obligations, Number of Securities | security	9	9
Retained Collateralized Debt Obligations Bonds, Face Value	$ 372,222	$ 365,399
Retained Collateralized Debt Obligations Bonds, Amortized Cost	5,905	4,759
Retained Collateralized Debt Obligations Bonds, Gross Unrealized Gain (Loss)	$ 5,663	(466)
Retained Collateralized Debt Obligations Bonds, Other than temporary impairment		(4,816)
Retained collateralized debt obligations bonds, fair value	$ 11,568	$ 4,293
Retained Collateralized Debt Obligations Bonds, Weighted Average Expected Life	2 years 10 months 24 days	4 years 9 months 18 days

Significant Accounting Polici57

Significant Accounting Policies (Other Than Temporary Impairment Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Abstract]
Balance as of December 31, 2013 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income	$ 2,002	$ 2,002
Additions to credit losses:
On Retained CDO Bonds for which an OTTI was not previously recognized
On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an other-than-temporary impairment was recognized in other comprehensive income	743	$ 4,816
On Retained CDO Bonds for which an OTTI was previously recognized without any portion of other-than-temporary impairment recognized in other comprehensive income
Reduction for credit losses:
On Retained CDO Bonds for which no other-than-temporary impairment was recognized in other comprehensive income at current measurement date
On Retained CDO Bonds sold during the period
On Retained CDO Bonds charged off during the period
For increases in cash flows expected to be collected that are recognized over the remaining life of the Retained CDO Bonds
Balance at end of period of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income	$ 2,745	$ 6,818

Dispositions and Assets Held-58

Dispositions and Assets Held-for-Sale (Narrative) (Details) $ in Thousands	Mar. 15, 2013USD ($)	Jan. 31, 2013USD ($)	Sep. 30, 2015USD ($)ft²property	Dec. 31, 2014USD ($)ft²property	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)ft²property	Sep. 30, 2013USD ($)	Jun. 30, 2013USD ($)	Mar. 31, 2013USD ($)	Sep. 30, 2015USD ($)ft²property	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2013USD ($)ft²property	Dec. 31, 2012USD ($)property
Dispositions And Assets Held For Sale [Line Items]
Net gains (loss) from disposals	$ 389,140		$ 392									$ 593			$ 389,140	$ 15,967
Proceeds from disposal of Gramercy Finance	6,291														6,291
Retained collateralized debt obligations bonds, fair value	8,492		11,568	$ 4,293								11,568		$ 4,293
Deposit liabilities, accrued interest	14,529
Impairment of long-lived assets to be disposed of			0		$ 0							149	$ 0			882
Restricted cash related to assets held for sale																61,305
Deferred financing costs related to assets held for sale																6,401
Investments in joint ventures			13,928	0				$ 39,385				13,928		0	39,385
Income (loss) from equity method investments			1,096	$ (103)	$ (103)	$ (1,125)	$ (628)	$ 2,854	$ (983)	$ 2,603	$ 1,188	974	$ (1,856)	$ (1,959)	5,662	2,904
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax, total	389,140		$ 392									$ 593			$ 389,140	15,967
Proceeds from sale of property held-for-sale																77,413
Number of real estate properties | property			173	100				29				173		100	29
Gain (loss) on sale of property			$ 392									$ 742			$ 611
Area of real estate property | ft²			21,078,596	8,999,528				3,987,631				21,078,596		8,999,528	3,987,631
Proceeds from 1031 exchange transactions												$ 8,619
Liabilities related to assets held-for-sale (includes consolidated VIEs	$ (421,911)
Industrial Property [Member]
Dispositions And Assets Held For Sale [Line Items]
Number of real estate properties | property			68									68
Area of real estate property | ft²			14,167,861									14,167,861
Office/Banking Centers [Member]
Dispositions And Assets Held For Sale [Line Items]
Number of real estate properties | property			80									80
Area of real estate property | ft²			4,819,052									4,819,052
Gramercy Finance [Member]
Dispositions And Assets Held For Sale [Line Items]
Impairment of long-lived assets to be disposed of																26,298
Southern California Office [Member] | Gramercy Finance [Member]
Dispositions And Assets Held For Sale [Line Items]
Net gains (loss) from disposals		$ 1,317
Investments in joint ventures																7,215
Income (loss) from equity method investments																$ 3,222
Proceeds from sale of joint venture investment		8,275
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax, total		$ 1,317
Equity method investment, ownership percentage																10.60%
Las Vegas Hotel [Member] | Gramercy Finance [Member]
Dispositions And Assets Held For Sale [Line Items]
Investments in joint ventures																$ 52,029
Income (loss) from equity method investments																$ 2,388
Equity method investment, ownership percentage																30.00%
CMBS Investments [Member]
Dispositions And Assets Held For Sale [Line Items]
Equity method investment, other than temporary impairment															$ 84,690	$ 128,087
Sold [Member]
Dispositions And Assets Held For Sale [Line Items]
Number of real estate properties | property				0				0						0	0	21
Sold [Member] | Industrial Property [Member]
Dispositions And Assets Held For Sale [Line Items]
Area of real estate property | ft²			143,000									143,000
Proceeds from sale of assets												$ 78,719
Sold [Member] | Office/Banking Centers [Member]
Dispositions And Assets Held For Sale [Line Items]
Area of real estate property | ft²			193,000									193,000
Proceeds from sale of assets												$ 70,100
Sold [Member] | Southern California Office [Member] | Gramercy Finance [Member]
Dispositions And Assets Held For Sale [Line Items]
Equity method investment, ownership percentage		10.60%
Current Period Date Range [Member] | Sold [Member]
Dispositions And Assets Held For Sale [Line Items]
Proceeds from sale of property held-for-sale			$ 70,100
Number of real estate properties | property			2									2
Area of real estate property | ft²			250,000									250,000
Current Year-to-Date [Member] | Sold [Member]
Dispositions And Assets Held For Sale [Line Items]
Proceeds from sale of property held-for-sale												$ 78,719
Number of real estate properties | property			5									5
Area of real estate property | ft²			336,000									336,000

Dispositions and Assets Held-59

Dispositions and Assets Held-for-Sale (Schedule of Operating Results of Assets held for sale Including in Discontinued Operations) (Details) - USD ($)		Mar. 15, 2013	Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Operating Results:
Revenues			$ 19,000			$ (25,000)								$ (10,000)		$ (62,000)
Operating expenses			(46,000)			5,000								202,000		(263,000)
Marketing, general and administrative			(14,000)			(21,000)								(175,000)		(197,000)
Interest expense			(9,227,000)			(4,934,000)								(23,225,000)		(11,070,000)		$ (16,586,000)		$ (1,732,000)
Provision for loan losses																						$ 7,181,000
Expense reimbursements			11,237,000			8,960,000								29,113,000		12,338,000		20,604,000		1,203,000		174,000
Net income (loss) from operations			(41,000)		$ (2,000)	(41,000)		$ (395,000)	$ (86,000)	$ (4,399,000)	$ (514,000)	$ (1,175,000)	$ 399,087,000	17,000		(522,000)		(524,000)		5,057,000		(169,174,000)
Loss on sale of joint venture interests to a director related entity																				1,317,000
Net gains (loss) from disposals		$ 389,140,000	392,000											593,000						389,140,000		15,967,000
Provision for taxes, discontinue operations																		0		(2,515,000)		0
Net income (loss) from discontinued operations			(41,000)			(41,000)								17,000		(522,000)		(524,000)		392,999,000		(153,207,000)
Assets Held-for-sale [Member]
Operating Results:
Revenues																		368,000		33,352,000		162,059,000
Operating expenses																		(267,000)		(4,063,000)		(54,747,000)
Marketing, general and administrative	[1]																	(625,000)		(6,524,000)		(18,508,000)
Interest expense																				(14,654,000)		(88,159,000)
Depreciation and amortization																				(15,000)		(967,000)
Loans held for sale and CMBS OTTI																				(7,641,000)		(171,079,000)
Provision for loan losses																						7,838,000
Expense reimbursements													$ 5,406,000							5,406,000	[2]
Equity in net income from joint venture																				(804,000)		(5,611,000)
Net income (loss) from operations																		(524,000)		5,057,000		(169,174,000)
Loss on sale of joint venture interests to a director related entity																				1,317,000
Net gains (loss) from disposals																				389,140,000		15,967,000
Provision for taxes, discontinue operations																				(2,515,000)
Net income (loss) from discontinued operations																		(524,000)		392,999,000		(153,207,000)
Corporate Joint Venture [Member]
Operating Results:
Revenues			1,975,000	[3]		959,000	[4]							4,249,000	[3]	31,689,000	[4]	32,648,000	[5]	71,839,000		8,431,000
Interest expense			$ (700,000)	[3]		$ (534,000)	[4]							$ (1,795,000)	[3]	(5,597,000)	[4]	(6,130,000)	[5]	(18,328,000)		$ (4,136,000)
Net gains (loss) from disposals																$ (215,000)	[4]	$ (215,000)	[5]	$ (9,046,000)
Sold [Member] | Herald Square Property [Member]
Operating Results:
Equity method investment, ownership percentage					45.00%													45.00%
[1]	Accrual for the Transfer Tax Assessments on the Company's sale of a 45% joint venture interest in the leased fee of the 2 Herald Square property is included in management, general, and administrative in 2013. For more information see Note 15.
[2]	In the first quarter of 2013, the Company received reimbursements for enforcement costs of $5,406 incurred on the behalf of a pari-passu lender for one loan held by the CDOs, which the Company incurred in prior years. The Company fully reserved for these costs when incurred due to the uncertainty of recovery.
[3]	The results of operations for the three and nine months ended September 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.
[4]	The results of operations for the nine months ended September 30, 2014 include the Bank of America Portfolio joint venture's results for the period January 1, 2014 through June 9, 2014. 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.
[5]	The results of operations for the year ended December 31, 2014 includes the Bank of America joint venture's results for the period January 1, 2014 through June 9, 2014. Subsequent to the Company's acquisition of the remaining 50% equity interest in the Bank of America Portfolio, the results of operations for the Bank of America Portfolio are consolidated into the Company's Consolidated Statements of Operations.

Dispositions and Assets Held-60

Dispositions and Assets Held-for-Sale (Schedule of Significant Operating and Investing Noncash Items) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Amortization expense	$ (2,069,000)	$ (539,000)	$ (959,000)	$ (10,577,000)	$ (25,704,000)
Discontinued Operations [Member]
Depreciation				15,000	967,000
Amortization expense				(8,505,000)	(21,387,000)
Significant operating noncash items:
Significant operating noncash items				$ (382,637,000)	$ 182,794,000
Significant investing noncash items:
Significant investing noncash items
Discontinued opertaions additional information, total				$ (391,127,000)	$ 162,374,000

Acquisitions_Real Estate Inve61

Acquisitions/Real Estate Investments (Narrative) (Details) $ in Thousands	Dec. 19, 2014USD ($)	Jun. 09, 2014USD ($)ft²property	Sep. 30, 2015USD ($)ft²property	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)ft²property		Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)ft²property		Sep. 30, 2013USD ($)	Jun. 30, 2013USD ($)	Mar. 31, 2013USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)ft²propertyshares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)ft²propertyshares		Dec. 31, 2013USD ($)ft²property		Dec. 31, 2012USD ($)
Business Acquisition [Line Items]
Foreign currency transaction gain (loss), realized			$ 15													$ 25		$ (16)		$ 0		$ 0
Goodwill			$ 3,663		$ 3,840											$ 3,663		$ 3,840
Number of real estate properties | property			173		100					29						173		100		29
Area of real estate property | ft²			21,078,596		8,999,528					3,987,631						21,078,596		8,999,528		3,987,631
Total revenues			$ 65,213		$ 37,427		$ 34,301	$ 20,628	$ 15,584	$ 17,712		$ 13,421	$ 16,304	$ 9,267		$ 167,295	$ 70,513	$ 107,940		$ 56,704		36,821
Net income (loss)			1,990		$ (5,591)		(2,354)	$ 63,351	$ (501)	$ (5,947)		$ 491	$ (4,894)	$ 395,177		1,729	60,496	54,905		384,827		(171,548)
Parent Company [Member]
Business Acquisition [Line Items]
Net income (loss)																		54,905		$ 384,827		$ (171,548)
Bank of America [Member]
Business Acquisition [Line Items]
Area of real estate property | ft²		3,055,000
Percentage of occupancy for leased office and industrial property		97.00%
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		50.00%
Number of real estate properties | property		67
Increase to purchase price allocation, intangible liabilities				$ 158,942
Increase (decrease) to purchase price allocation, real estate assets				123,596
Increase to purchase price allocation, intangible assets				$ 35,346
Total revenues			15,646													19,102		34,031
Net income (loss)			2,322													$ 2,750		$ 5,225
Twenty-Two Property Investment [Member]
Business Acquisition [Line Items]
Number of real estate properties | property					22													22
Business combination, net real estate assets					$ 248,977													$ 248,977
Business combination, intangible assets					27,550													27,550
Business combination, intangible liabilities					2,236													2,236
Increase to purchase price allocation, intangible liabilities																		1,764
Decrease to net income purchase price allocation																		2,561
Increase (decrease) to purchase price allocation, real estate assets					(11,478)													(11,478)
Increase to purchase price allocation, intangible assets					13,242													13,242
Twenty Nine Property Investment [Member]
Business Acquisition [Line Items]
Number of real estate properties | property										29										29
Business combination, net real estate assets					315,130													315,130
Business combination, intangible assets					51,528													51,528
Business combination, intangible liabilities					$ 7,494													$ 7,494
Total revenues																				$ 10,724
Net income (loss)																				1,525
One Hundred Property Investment [Member]
Business Acquisition [Line Items]
Number of real estate properties | property					100													100
Business combination, net real estate assets					$ 726,511													$ 726,511
Business combination, intangible assets					159,443													159,443
Business combination, intangible liabilities					$ 49,830													$ 49,830
Thirty Three Property Investment [Member]
Business Acquisition [Line Items]
Number of real estate properties | property					33													33
Total revenues																		$ 12,403
Net income (loss)																		$ 3,647
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Equity method investment, ownership percentage		50.00%
Business acquisition, percentage of voting interests acquired		50.00%
Fair value of joint venture		$ 106,294
Venture capital gain (loss), net		$ 72,345
Number of real estate properties | property		67			67													67
Area of real estate property | ft²		3,055,000
Percentage of occupancy for leased office and industrial property		98.00%
Business combination, net real estate assets										$ 460,012										460,012
Business combination, intangible assets										58,172										58,172
Business combination, intangible liabilities										$ 50,963										$ 50,963
Bank of America Portfolio [Member] | Bank of America [Member]
Business Acquisition [Line Items]
Percentage of occupancy for leased office and industrial property		97.00%
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		96,535
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		$ 3,840										$ 3,802	3,802		$ 3,840
Increase to purchase price allocation, intangible liabilities															105
Increase to purchase price allocation, intangible assets															190
Goodwill, period increase (decrease)															$ (85)
Gramercy Europe [Member]
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, assets	902
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities	$ 398
Property Acquisitions during 2015 [Member]
Business Acquisition [Line Items]
Total revenues			1,335													38,055
Net income (loss)			$ 543													10,802
Property Acquisitions during 2014 [Member]
Business Acquisition [Line Items]
Total revenues							1,741										5,193
Net income (loss)							$ 245										$ 1,398
Industrial [Member]
Business Acquisition [Line Items]
Number of real estate properties | property					24	[1]				23	[2],[3]							24	[1]	23	[2],[3]
Area of real estate property | ft²					5,297,891	[1]				3,683,184	[2],[3]							5,297,891	[1]	3,683,184	[2],[3]
Operating Income (Loss) [Member] | Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Increase (decrease) to Rental Revenue																2,654
Operating Expense [Member] | Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Increase (decrease) to Depreciation and Amortization Expense																$ 620
[1]	The Company assumed mortgages on four of its acquisitions of industrial properties in 2014. The gross 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]	Industrial properties includes a build-to-suit property located in Hialeah Gardens, Florida, which represents a commitment to construct an approximately 118,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed. Rent for the facility commenced on June 1, 2014 and it was placed in service during June 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. The construction has been fully funded as of December 31, 2014.
[3]	The Company assumed mortgages on two of its acquisitions of industrial properties in 2013. The gross value of the mortgages assumed at acquisition was $48,899. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.

Acquisitions_Real Estate Inve62

Acquisitions/Real Estate Investments (Schedule of Preliminary Purchase Price Allocations Acquired Assets and Liabilities) (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)property	Jun. 09, 2014USD ($)property	Dec. 31, 2013USD ($)property
Business Acquisition [Line Items]
Number of real estate properties | property		173	100		29
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Number of real estate properties | property				67
Bank of America Portfolio [Member] | Operating Income (Loss) [Member]
Business Acquisition [Line Items]
Increase (decrease) to Rental Revenue		$ 2,654
Bank of America Portfolio [Member] | Operating Expense [Member]
Business Acquisition [Line Items]
Increase (decrease) to Depreciation and Amortization Expense		$ 620
Bank of America Portfolio [Member] | Scenario, Actual [Member]
Business Acquisition [Line Items]
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
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
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Number of real estate properties | property			67	67
Real estate assets					$ 460,012
Intangible liabilities					$ 50,963
Bank of America Portfolio [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Real estate assets				$ 363,380
Cash				4,108
Accounts receivable				9,999
Intangible assets				75,847
Other assets				3,777
Total assets acquired				457,111
Accrued expenses				1,614
Deferred Revenue				5,012
Intangible liabilities				43,841
Other liabilities				7,000
Total liabilities assumed				57,467
Total consideration paid				$ 399,644
26 Properties Acquired [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Number of real estate properties | property		26
Real estate assets		$ 503,442
Intangible assets		65,910
Intangible liabilities		$ 8,959
42 Properties Acquired [Member]
Business Acquisition [Line Items]
Number of real estate properties | property	[1]	42
42 Properties Acquired [Member] | Operating Income (Loss) [Member]
Business Acquisition [Line Items]
Increase (decrease) to Rental Revenue	[1]	$ (147)
42 Properties Acquired [Member] | Operating Expense [Member]
Business Acquisition [Line Items]
Increase (decrease) to Depreciation and Amortization Expense	[1]	2,471
42 Properties Acquired [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Real estate assets	[1]	616,373
Intangible assets	[1]	149,308
Intangible liabilities	[1]	26,765
42 Properties Acquired [Member] | Scenario, Actual [Member]
Business Acquisition [Line Items]
Real estate assets	[1]	639,330
Intangible assets	[1]	116,181
Intangible liabilities	[1]	$ 16,595
22 Properties Acquired [Member]
Business Acquisition [Line Items]
Number of real estate properties | property			22
22 Properties Acquired [Member] | Operating Income (Loss) [Member]
Business Acquisition [Line Items]
Increase (decrease) to Rental Revenue			$ (2,819)
22 Properties Acquired [Member] | Operating Expense [Member]
Business Acquisition [Line Items]
Increase (decrease) to Depreciation and Amortization Expense			258
22 Properties Acquired [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Real estate assets			248,977
Intangible assets			27,550
Intangible liabilities			2,236
22 Properties Acquired [Member] | Scenario, Actual [Member]
Business Acquisition [Line Items]
Real estate assets			237,499
Intangible assets			40,792
Intangible liabilities			$ 4,000
11 Properties Acquired [Member] | Scenario, Plan [Member]
Business Acquisition [Line Items]
Number of real estate properties | property			11
Real estate assets			$ 115,926
Intangible assets			29,001
Intangible liabilities			$ 2,396
[1]	Allocations for the nine months ended September 30, 2015 exclude the Bank of America Portfolio, which is separately disclosed below.

Acquisitions_Real Estate Inve63

Acquisitions/Real Estate Investments (Schedule of Business Acquisitions, by Acquisition) (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)ft²property		Dec. 31, 2014USD ($)ft²propertyitem		Dec. 31, 2013USD ($)ft²propertyitem		Sep. 30, 2014ft²	Jun. 09, 2014ft²property
Business Acquisition [Line Items]
Number of Properties | property	173		100		29
Number of Buildings | item			103		35
Square Feet | ft²	21,078,596		8,999,528		3,987,631
Purchase price of real estate | $			$ 834,269,000		$ 340,786,000
Business Combination Weighted average Remaining Lease Term			8 years 11 days	[1]	11 years 3 months 11 days	[2]
Mortgage loans on real estate, carrying amount of mortgages | $	$ 318,874,000		$ 161,642,000		$ 48,899,000
Industrial Property [Member]
Business Acquisition [Line Items]
Number of Properties | property	25	[3]	24	[4]
Square Feet | ft²	5,010,922	[3]	5,297,891	[4]
Purchase price of real estate | $	$ 406,234,000	[3]	$ 302,349,000	[4]
Industrial [Member]
Business Acquisition [Line Items]
Number of Properties | property			24	[5]	23	[6],[7]
Number of Buildings | item			25	[5]	25	[6],[7]
Square Feet | ft²			5,297,891	[5]	3,683,184	[6],[7]
Purchase price of real estate | $			$ 302,349,000	[5]	$ 261,416,000	[6],[7]
Business Combination Weighted average Remaining Lease Term			7 years 7 months 21 days	[1],[5]	11 years 1 month 21 days	[2],[6],[7]
Office/Banking Center [Member]
Business Acquisition [Line Items]
Number of Properties | property	9	[3]	72	[8]	3
Number of Buildings | item			73	[8]	3
Square Feet | ft²	1,293,601	[3]	3,669,168	[8]	48,709
Purchase price of real estate | $	$ 269,010,000	[3]	$ 494,620,000	[8]	$ 7,120,000
Business Combination Weighted average Remaining Lease Term			8 years 7 months 2 days	[1],[8]	8 years 5 months 12 days	[2]
Specialty Industrial [Member]
Business Acquisition [Line Items]
Number of Properties | property	1		4		3	[7]
Number of Buildings | item			5		7	[7]
Square Feet | ft²	24,700		32,469		255,738	[7]
Purchase price of real estate | $	$ 6,400,000		$ 37,300,000		$ 72,250,000	[7]
Business Combination Weighted average Remaining Lease Term			7 years 4 months 17 days	[1]	13 years 10 months 13 days	[2],[7]
Specialty Retail [Member]
Business Acquisition [Line Items]
Number of Properties | property	10
Square Feet | ft²	1,330,544
Purchase price of real estate | $	$ 300,500,000
Data Centers [Member]
Business Acquisition [Line Items]
Number of Properties | property	2
Square Feet | ft²	227,953
Purchase price of real estate | $	$ 67,948,000
Hialeah Gardens, Florida [Member]
Business Acquisition [Line Items]
Square Feet | ft²			118,000				118,000
Percentage of occupancy for leased office and industrial property			100.00%
Lease term			25 years
Debt instrument, face amount | $			$ 4,990,000
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Number of Properties | property								67
Business acquisition, percentage of voting interests acquired								50.00%
Bank of America Portfolio [Member]
Business Acquisition [Line Items]
Number of Properties | property			67					67
Square Feet | ft²								3,055,000
Equity method investment, ownership percentage								50.00%
Business acquisition, percentage of voting interests acquired								50.00%
Percentage of occupancy for leased office and industrial property								98.00%
Business Acquisition One [Member] | Industrial [Member]
Business Acquisition [Line Items]
Number of Properties | property			4
Assumed mortgage due to acquisition | $			$ 45,607,000
17 Properties Acquired during 2015 [Member]
Business Acquisition [Line Items]
Number of Properties | property	17
Assumed mortgage due to acquisition | $	$ 153,877,000
47 Properties Acquired 2015 [Member]
Business Acquisition [Line Items]
Number of Properties | property	47
Square Feet | ft²	7,887,720
Purchase price of real estate | $	$ 1,050,092,000
[1]	Weighted-average lease term is based upon the remaining non-cancelable lease term as of December 31, 2014. The weighted-average calculation is based upon total rentable square footage.
[2]	Weighted-average lease term is based upon the remaining non-cancelable lease term as of December 31, 2013. The weighted-average calculation is based upon total rentable square footage.
[3]	The Company assumed mortgages on 17 of its property acquisitions in 2015. The unpaid principal value of the mortgages assumed at acquisition was $153,877. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[4]	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.
[5]	The Company assumed mortgages on four of its acquisitions of industrial properties in 2014. The gross 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.
[6]	Industrial properties includes a build-to-suit property located in Hialeah Gardens, Florida, which represents a commitment to construct an approximately 118,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed. Rent for the facility commenced on June 1, 2014 and it was placed in service during June 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. The construction has been fully funded as of December 31, 2014.
[7]	The Company assumed mortgages on two of its acquisitions of industrial properties in 2013. The gross value of the mortgages assumed at acquisition was $48,899. Refer to Note 6 for more information on the Company's debt obligations related to acquisitions.
[8]	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.

Acquisitions_Real Estate Inve64

Acquisitions/Real Estate Investments (Business Acquisition, Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended				12 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	[1]	Jun. 30, 2014	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Jun. 09, 2014
Pro forma revenues	$ 64,909		$ 40,467			$ 187,947		$ 182,203	[2]	$ 165,340	[3]	$ 171,655	$ 163,943
Pro forma net income (loss) available to common stockholders	$ (340)	[1]	$ (5,502)			$ 6,860	[1]	$ 12,424	[1],[2]	$ (3,153)	[3]	$ 396,940	$ (156,924)
Pro forma earnings per common share-basic	$ (0.01)		$ (0.19)			$ 0.13		$ 0.52	[2]	$ (0.03)	[3]	$ 6.38	$ (3.02)
Pro forma earnings per common share-diluted	$ (0.01)		$ (0.19)			$ 0.12		$ 0.51	[2]	$ (0.03)	[3]	$ 6.17	$ (3.02)
Pro forma common shares-basic (in shares)	57,204,016		29,481,537			54,124,665		23,841,807	[2]	103,850,324	[3]	62,179,631	51,976,462
Pro forma common share-diluted (in shares)	57,204,016		29,481,537			55,035,187		24,296,691	[2]	103,850,324	[3]	64,299,008	51,976,462
Gain on remeasurement of previously held joint venture					$ 72,345			$ 72,345		$ 72,345
Bank of America Portfolio [Member]
Business acquisition, percentage of voting interests acquired														50.00%
Bank of America Portfolio [Member]
Gain on remeasurement of previously held joint venture										$ 72,345
Business acquisition, percentage of voting interests acquired														50.00%
[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 nine months ended September 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.
[3]	(1) The Company adjusted its pro forma net income for the year ended December 31, 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.

Joint Ventures and Equity Inv65

Joint Ventures and Equity Investments (Narrative) (Details) € in Thousands	Mar. 15, 2013USD ($)	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2014EUR (€)	May. 31, 2013USD ($)	Sep. 30, 2015USD ($)ft²property	Dec. 31, 2014USD ($)ft²property	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)ft²property	Sep. 30, 2013USD ($)	Jun. 30, 2013USD ($)	Mar. 31, 2013USD ($)	Sep. 30, 2015USD ($)ft²property	Sep. 30, 2015EUR (€)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2013USD ($)ft²property	Dec. 31, 2012USD ($)property	Jun. 09, 2015USD ($)	Dec. 31, 2014EUR (€)ft²property	Jun. 09, 2014USD ($)ft²property
Investments in and Advances to Affiliates [Line Items]
Payments to acquire real estate held-for-investment														$ 879,551,000		$ 299,195,000	$ 461,963,000	$ 283,148,000	$ 27,125,000
Number of real estate properties | property		100			173	100				29				173			100	29			100
Area of real estate property | ft²		8,999,528			21,078,596	8,999,528				3,987,631				21,078,596			8,999,528	3,987,631			8,999,528
Collaterized debt obligations		$ 469,478,000			$ 997,930,000	$ 469,478,000				$ 167,180,000				$ 997,930,000			$ 469,478,000	$ 167,180,000
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax, total	$ 389,140,000				392,000									593,000				389,140,000	15,967,000
Joint ventures and equity investments		0			13,928,000	0				39,385,000				13,928,000			0	39,385,000
Income (loss) from equity method investments					(1,096,000)	103,000	$ 103,000	$ 1,125,000	$ 628,000	$ (2,854,000)	$ 983,000	$ (2,603,000)	$ (1,188,000)	(974,000)		1,856,000	1,959,000	(5,662,000)	(2,904,000)
Distribution received from joint venture					$ 103,000		103,000							$ 309,000		7,109,000	6,800,000	$ 29,215,000	$ 0
Certain Equity Investment Partners [Member]
Investments in and Advances to Affiliates [Line Items]
Initial equity captial available		$ 303,870,000				$ 303,870,000											$ 303,870,000				€ 250,000
Acquired [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property		100				100											100				100
Area of real estate property | ft²		8,999,805				8,999,805											8,999,805				8,999,805
Sold [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property		0				0				0							0	0	21		0
Philips Building [Member]
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage		25.00%			25.00%	25.00%								25.00%			25.00%				25.00%
Area of real estate property | ft²		200,000			200,000	200,000								200,000			200,000				200,000
Percentage of occupancy for leased office and industrial property					100.00%									100.00%
Joint ventures and equity investments		$ 0				$ 0				$ 0							$ 0	$ 0
Income (loss) from equity method investments					$ 103,000		103,000							$ 309,000		309,000	413,000	212,000	$ 115,000
Distribution received from joint venture					103,000		$ 103,000							309,000		309,000	413,000	413,000	392,000
Mortgage loans on real estate, face amount of mortgages		41,000,000			$ 41,000,000	$ 41,000,000								41,000,000			$ 41,000,000
Bank of America Portfolio [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property																						67
Business acquisition, percentage of voting interests acquired																						50.00%
Income (loss) from equity method investments																1,547,000
Distribution received from joint venture																$ 6,800,000
Mortgage loans on real estate, face amount of mortgages																				$ 200,000,000
Gramercy Europe [Member]
Investments in and Advances to Affiliates [Line Items]
Payments to acquire limited partnership interests		$ 0	€ 0											15,393,000	€ 13,594
Equity method investment, ownership percentage		19.80%				19.80%											19.80%				19.80%
Accrued amount for limitied partnership interests														$ 4,559,000	€ 4,079
Joint ventures and equity investments		$ 0				$ 0											$ 0
Gramercy Europe [Member] | Additional Capital Accordian [Member]
Investments in and Advances to Affiliates [Line Items]
Initial equity captial available		120,980,000				120,980,000											120,980,000				€ 100,000
Gramercy Europe [Member] | The Company and Equity Investment Partners [Member]
Investments in and Advances to Affiliates [Line Items]
Initial equity captial available		305,475,000				305,475,000											305,475,000				252,500
Gramercy Europe [Member] | The Company [Member]
Investments in and Advances to Affiliates [Line Items]
Initial equity captial available		60,490,000				60,490,000											60,490,000				50,000
Gramercy Europe [Member] | Equity Investment Partners [Member]
Investments in and Advances to Affiliates [Line Items]
Initial equity captial available		244,985,000				244,985,000											244,985,000				202,500
Gramercy Europe Commited [Member]
Investments in and Advances to Affiliates [Line Items]
Payments to acquire limited partnership interests		55,885,000	€ 50,000
Initial equity captial available		$ 426,455,000				$ 426,455,000											$ 426,455,000				€ 352,500
Bank of America [Member]
Investments in and Advances to Affiliates [Line Items]
Area of real estate property | ft²																						3,055,000
Percentage of occupancy for leased office and industrial property																						97.00%
Philips Holdings USA Inc. [Member]
Investments in and Advances to Affiliates [Line Items]
Percentage of occupancy for leased office and industrial property		100.00%				100.00%											100.00%				100.00%
Bank of America Portfolio [Member]
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage																						50.00%
Number of real estate properties | property		67				67											67				67	67
Area of real estate property | ft²																						3,055,000
Percentage of occupancy for leased office and industrial property																						98.00%
Business acquisition, percentage of voting interests acquired																						50.00%
Proceeds from sale of real estate																	$ 7,682,000	43,284,000	143,408,000
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax, total				$ (4,577,000)
Joint ventures and equity investments		$ 0				$ 0				39,385,000							0	39,385,000
Income (loss) from equity method investments																	$ 1,546,000	(5,874,000)	$ (3,020,000)
Business combination, net real estate assets										460,012,000								460,012,000
Business combination, intangible assets										58,172,000								58,172,000
Business combination, intangible liabilities										$ 50,963,000								$ 50,963,000
Mortgage loans on real estate, face amount of mortgages																						$ 200,000,000
Bank of America Portfolio [Member] | Sold [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property		8				8				38							8	38	2		8
Bank of America Portfolio [Member] | Bank of America [Member]
Investments in and Advances to Affiliates [Line Items]
Percentage of occupancy for leased office and industrial property																						97.00%
Current Period Date Range [Member] | Acquired [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property					4									4
Area of real estate property | ft²					1,100,000									1,100,000
Current Period Date Range [Member] | Sold [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property					2									2
Area of real estate property | ft²					250,000									250,000
Current Period Date Range [Member] | Gramercy Europe [Member] | Acquired [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property					5									5
Current Year-to-Date [Member] | Acquired [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property					47									47
Area of real estate property | ft²					7,900,000									7,900,000
Current Year-to-Date [Member] | Sold [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property					5									5
Area of real estate property | ft²					336,000									336,000
Current Year-to-Date [Member] | Gramercy Europe [Member] | Acquired [Member]
Investments in and Advances to Affiliates [Line Items]
Number of real estate properties | property					6									6

Joint Ventures and Equity Inv66

Joint Ventures and Equity Investments (Balance Sheets for the Company's Joint Ventures) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014		Jun. 09, 2014	Dec. 31, 2013
Assets:
Other assets	$ 10,699	$ 23,063			$ 7,030
Total assets	2,451,727	1,500,000			491,663
Liabilities and members' equity:
Other liabilities	7,849	8,263			852
Liabilities and members' equity	2,451,727	1,500,000			491,663
Bank of America Portfolio [Member]
Liabilities and members' equity:
Business acquisition, percentage of voting interests acquired				50.00%
Corporate Joint Venture [Member]
Assets:
Real estate assets, net	158,781	46,575	[1]		305,798
Other assets	41,709	15,225	[1]		100,560
Total assets	200,490	61,800	[1]		406,358
Liabilities and members' equity:
Mortgages payable	107,737	41,000	[1]		241,000
Other liabilities	17,892	16,602	[1]		84,608
Members' equity	74,861	4,198	[1]		80,750
Liabilities and members' equity	$ 200,490	$ 61,800	[1]		$ 406,358
[1]	The Consolidated Balance Sheet as of December 31, 2014 represents the Company's interests in the Philips joint venture and the Gramercy European Property Fund, whereas the Consolidated Balance Sheet as of December 31, 2013 represents the Company's interests in the Philips joint venture and the Bank of America Portfolio joint venture because the Bank of America Portfolio was consolidated into the Company's Consolidated Balance subsequent to the Company's acquisition of the remaining 50% equity interest in the Bank of America Portfolio on June 9, 2014. The Gramercy European Property Fund commenced in December 2014 and does not have any balance sheet contribution as of December 31, 2014.

Joint Ventures and Equity Inv67

Joint Ventures and Equity Investments (Income Statement for the Company's Joint Ventures) (Details) - USD ($) $ in Thousands		Mar. 15, 2013	May. 31, 2013	Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012		Jun. 09, 2014
Investments in and Advances to Affiliates [Line Items]
Revenues				$ 19			$ (25)								$ (10)		$ (62)
Interest				9,227			4,934								23,225		11,070		$ 16,586		$ 1,732
Total expenses				61,473			36,656								163,129		80,904		124,317		52,821		$ 48,928
Net income (loss) from continuing operations				2,051	[1]	$ (5,721)	(2,417)	[1]	$ 63,746	$ (415)	$ (1,548)	$ 1,005	$ (3,719)	$ (3,910)	1,669	[1]	60,914	[1]	55,193	[2]	(8,172)	[2]	(18,341)	[2]
Net gains (loss) from disposals		$ 389,140		392											593						389,140		15,967
Provisions for taxes				(985)		162	(165)		(437)	(369)	(803)	(744)	(4,441)	(405)	(2,116)		(971)		(809)		(6,393)		(3,330)
Net income (loss)				1,990		(5,591)	(2,354)		63,351	(501)	(5,947)	491	(4,894)	395,177	1,729		60,496		54,905		384,827		(171,548)
Company's equity in net income (loss) within continuing operations				(1,096)		$ 103	103		$ 1,125	$ 628	$ (2,854)	$ 983	$ (2,603)	$ (1,188)	(974)		1,856		1,959		(5,662)		(2,904)
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax, total		$ 389,140		392											593						389,140		15,967
Bank of America Portfolio [Member]
Investments in and Advances to Affiliates [Line Items]
Net income (loss)				2,322											2,750				5,225
Company's equity in net income (loss) within continuing operations																	1,547
Business acquisition, percentage of voting interests acquired																									50.00%
Corporate Joint Venture [Member]
Investments in and Advances to Affiliates [Line Items]
Revenues				1,975	[3]		959	[4]							4,249	[3]	31,689	[4]	32,648	[5]	71,839		8,431
Operating expenses				375	[3]										903	[3]	14,204	[4]	14,204	[5]	37,459		6,551
Acquisition expenses	[3]			5,289											5,289
Interest				700	[3]		534	[4]							1,795	[3]	5,597	[4]	6,130	[5]	18,328		4,136
Depreciation				820	[3]		312	[4]							1,658	[3]	8,358	[4]	8,671	[5]	18,469		2,290
Total expenses				7,184	[3]		846	[4]							9,645	[3]	28,159	[4]	29,005	[5]	74,256		12,977
Net income (loss) from continuing operations				(5,209)	[3]		113	[4]							(5,396)	[3]	3,530	[4]	3,643	[5]	(2,417)		(4,546)
Loss on derivatives	[3]			(591)											(591)
Net gains (loss) from disposals																	(215)	[4]	(215)	[5]	(9,046)
Provisions for taxes				(178)	[3]										(178)	[3]	(41)	[4]	(41)	[5]
Net income (loss)				(5,978)	[3]		113	[4]							(6,165)	[3]	3,274	[4]	3,387	[5]	(11,463)		(4,546)
Company's equity in net income (loss) within continuing operations				$ (1,096)	[3]		$ 103	[4]							$ (974)	[3]	1,856	[4]	1,959	[5]	(5,662)		(2,904)
Company's equity in net loss within discontinued operations																					(804)		(5,611)
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax, total																	$ (215)	[4]	(215)	[5]	(9,046)
Bank of America Portfolio [Member]
Investments in and Advances to Affiliates [Line Items]
Net gains (loss) from disposals			$ (4,577)
Company's equity in net income (loss) within continuing operations																			$ 1,546		$ (5,874)		$ (3,020)
Business acquisition, percentage of voting interests acquired																									50.00%
Discontinued operation, gain (loss) on disposal of discontinued operation, net of tax, total			$ (4,577)
[1]	Net income (loss) from continuing operations represents income (loss) before discontinued operations.
[2]	Net income (loss) from continuing operation represents income (loss) before discontinued oeprations.Net income (loss) from continuing operations represents income (loss) before discontinued operations.
[3]	The results of operations for the three and nine months ended September 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.
[4]	The results of operations for the nine months ended September 30, 2014 include the Bank of America Portfolio joint venture's results for the period January 1, 2014 through June 9, 2014. 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.
[5]	The results of operations for the year ended December 31, 2014 includes the Bank of America joint venture's results for the period January 1, 2014 through June 9, 2014. Subsequent to the Company's acquisition of the remaining 50% equity interest in the Bank of America Portfolio, the results of operations for the Bank of America Portfolio are consolidated into the Company's Consolidated Statements of Operations.

Joint Ventures and Equity Inv68

Joint Ventures and Equity Investments (Summary of Activity in Joint Ventures and Equity Investments) (Details) - USD ($)	3 Months Ended											9 Months Ended				12 Months Ended
	Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Equity in net income (loss) of joint ventures	$ (1,096,000)		$ 103,000	$ 103,000		$ 1,125,000	$ 628,000	$ (2,854,000)	$ 983,000	$ (2,603,000)	$ (1,188,000)	$ (974,000)		$ 1,856,000		$ 1,959,000		$ (5,662,000)	$ (2,904,000)
Contributions to joint venture or equity investment	12,755,000											15,393,000
Distribution received from joint venture	103,000			103,000								309,000		7,109,000		6,800,000		29,215,000	0
Investments in joint ventures	13,928,000		0					39,385,000				13,928,000				0		39,385,000
Corporate Joint Venture [Member]
Equity in net income (loss) of joint ventures	(1,096,000)	[1]		103,000	[2]							(974,000)	[1]	1,856,000	[2]	1,959,000	[3]	(5,662,000)	(2,904,000)
Gramercy European Property Fund [Member]
Equity in net income (loss) of joint ventures	(1,199,000)											(1,283,000)
Contributions to joint venture or equity investment	12,755,000											15,393,000
Investments in joint ventures	13,928,000											13,928,000
Bank of America Portfolio [Member]
Equity in net income (loss) of joint ventures														1,547,000
Distribution received from joint venture														6,800,000
Philips Building [Member]
Equity in net income (loss) of joint ventures	103,000			103,000								309,000		309,000		413,000		212,000	115,000
Distribution received from joint venture	$ 103,000			$ 103,000								$ 309,000		$ 309,000		413,000		413,000	$ 392,000
Investments in joint ventures			$ 0					$ 0								$ 0		$ 0
[1]	The results of operations for the three and nine months ended September 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 nine months ended September 30, 2014 include the Bank of America Portfolio joint venture's results for the period January 1, 2014 through June 9, 2014. 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.
[3]	The results of operations for the year ended December 31, 2014 includes the Bank of America joint venture's results for the period January 1, 2014 through June 9, 2014. Subsequent to the Company's acquisition of the remaining 50% equity interest in the Bank of America Portfolio, the results of operations for the Bank of America Portfolio are consolidated into the Company's Consolidated Statements of Operations.

Debt Obligations (Secured Debt)

Debt Obligations (Secured Debt) (Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
		Feb. 28, 2014USD ($)	Jun. 30, 2014USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)propertyitem	Sep. 30, 2015USD ($)property	Sep. 04, 2014USD ($)	Jan. 31, 2014USD ($)	Dec. 31, 2013USD ($)property	Sep. 30, 2013USD ($)
Debt Instrument [Line Items]
Number of real estate properties | property					100	173			29
Loss on extinguishment of debt			$ 1,925	$ 1,925	$ 1,925
17 Properties Assumed [Member]
Debt Instrument [Line Items]
Non-recourse debt						$ 153,877
Number of real estate properties | property						17
4 Properties Acquired [Member]
Debt Instrument [Line Items]
Non-recourse debt						$ 45,607
Number of real estate properties | property						4
Federal Funds Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.50%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.75%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.90%
London Interbank Offered Rate LIBOR 30-Day [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.00%
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity		$ 150,000			$ 150,000		$ 100,000	$ 100,000		$ 150,000
Lind of credit, Carrying Value	[1]								$ 45,000
Debt instrument, maturity date					Sep. 30, 2015
Line of credit facility, number of extensions | item					1
Line of credit facility, duration of extensions					12 months
Line of credit facility, Base Borrowings, percentage of value					60.00%
Credit facility									$ 45,000
Loss on extinguishment of debt					$ 1,925
Accordian Feature [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity		50,000
Line of credit facility, increase (decrease), net		$ 50,000
Debt instrument, basis spread on variable rate		1.90%
Borrowing Base [Member]
Debt Instrument [Line Items]
Number of real estate properties | property									18
[1]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.

Debt Obligations (Mortgage and

Debt Obligations (Mortgage and Mezzanine Loans) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)ft²property	Dec. 31, 2013USD ($)ft²property	Sep. 30, 2015ft²property
Number of real estate properties	100	29	173
Area of real estate property | ft²	8,999,528	3,987,631	21,078,596
Two Property Investment [Member]
Non-recourse debt | $		$ 48,899
Number of real estate properties		2
Five Property Investment [Member]
Non-recourse debt | $		$ 72,245
Debt, weighted average interest rate		4.83%
Number of real estate properties		5
Four Property Investment [Member]
Non-recourse debt | $	$ 45,607
Number of real estate properties	4
London Interbank Offered Rate LIBOR 30-Day [Member]
Debt instrument, basis spread on variable rate	1.00%
London Interbank Offered Rate LIBOR 30-Day [Member] | Five Property Investment [Member]
Debt instrument, basis spread on variable rate		2.10%

Debt Obligations (Unsecured Deb

Debt Obligations (Unsecured Debt) (Narrative) (Details) € in Thousands	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Jan. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015EUR (€)	Sep. 30, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2015EUR (€)	Dec. 31, 2014USD ($)	Jul. 31, 2015USD ($)	May. 31, 2015USD ($)	Jun. 09, 2014USD ($)	Feb. 28, 2014USD ($)
Debt Obligation [Line Items]
Unsecured debt		$ 300,000,000			$ 300,000,000		$ 200,000,000
Proceeds from unsecured credit facility		$ 10,120,000	€ 9,000		$ 10,120,000	€ 9,000	$ 75,000,000
Federal Funds Rate [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							0.50%
London Interbank Offered Rate LIBOR 30-Day [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							1.00%
Unsecured Revolving Credit And Term Loan Agreement [Member]
Debt Obligation [Line Items]
Debt instrument, face amount	$ 1,000,000,000									$ 400,000,000
Unsecured Revolving Credit And Term Loan Agreement [Member] | Federal Funds Rate [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							0.50%
Unsecured Revolving Credit And Term Loan Agreement [Member] | London Interbank Offered Rate LIBOR 30-Day [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							1.00%
Term Loan [Member]
Debt Obligation [Line Items]
Debt instrument, face amount								$ 300,000,000		200,000,000
Debt instrument, carrying amount										200,000,000
Debt instrument, interest rate, basis for effective rate							equals the hedge interest rate of 1.82% plus the applicable base rate of 1.60%
Debt instrument, interest rate, effective percentage				3.42%
Unsecured debt							$ 200,000,000
Term Loan [Member] | JP Morgan Chase Bank North America [Member]
Debt Obligation [Line Items]
Debt instrument, interest rate, effective percentage		3.42%			3.42%
Term Loan [Member] | JP Morgan Chase Bank North America [Member] | Interest Rate Hedge [Member]
Debt Obligation [Line Items]
Debt instrument, interest rate, effective percentage		1.82%			1.82%
Term Loan [Member] | Financial Guarantee [Member]
Debt Obligation [Line Items]
Debt instrument, carrying amount		$ 300,000,000			$ 300,000,000
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							1.60%
Term Loan [Member] | London Interbank Offered Rate LIBOR 30-Day [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate					1.45%	1.45%	1.65%
Term Loan [Member] | Base Rate [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%			1.60%
Term Loan [Member] | Cash Flow Hedging [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate				1.82%
Unsecured Credit Facillity [Member]
Debt Obligation [Line Items]
Debt instrument, face amount								$ 450,000,000		200,000,000
Line of credit facility, current borrowing capacity	400,000,000									200,000,000	$ 150,000,000
Line of credit facility, increase (decrease), net	$ 200,000,000
Line of credit facility, duration of extensions							1 year
Debt instrument, covenant compliance							The Company is in compliance with the covenants under the facilities
Unsecured Credit Facillity [Member] | Financial Guarantee [Member]
Debt Obligation [Line Items]
Debt instrument, carrying amount		$ 270,059,000			$ 270,059,000
Unsecured Credit Facillity [Member] | London Interbank Offered Rate LIBOR 30-Day [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate					1.50%	1.50%
Unsecured Credit Facillity [Member] | Euro Interbank Offered Rate (EURIBOR) [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate					1.50%	1.50%
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
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							2.75%
Maximum [Member] | Unsecured Revolving Credit And Term Loan Agreement [Member]
Debt Obligation [Line Items]
Debt instrument, face amount										$ 800,000,000
Debt instrument, basis spread on variable rate					2.05%	2.05%	2.05%
Maximum [Member] | Unsecured Revolving Credit And Term Loan Agreement [Member] | Base Rate [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							1.05%
Minimum [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%	1.35%	1.35%
Minimum [Member] | Unsecured Revolving Credit And Term Loan Agreement [Member] | Base Rate [Member]
Debt Obligation [Line Items]
Debt instrument, basis spread on variable rate							0.35%

Debt Obligations (Exchangeable

Debt Obligations (Exchangeable Senior Notes) (Narrative) (Details)	Mar. 18, 2014USD ($)$ / shares	Mar. 18, 2014USD ($)$ / shares	Sep. 30, 2015USD ($)property$ / shares	Dec. 31, 2014USD ($)property$ / shares	Dec. 31, 2013USD ($)	Jul. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Jun. 09, 2014USD ($)
Debt Obligation [Line Items]
Reclassification of fair value of embedded exchange option on 3.75% exchangeable senior notes				$ 11,726,000
Derivative, loss on derivative				$ 3,415,000
Mortgage loans on real estate, number of loans | property			28	11
Mortgage loans on real estate, carrying amount of mortgages			$ 318,874,000	$ 161,642,000	$ 48,899,000
Redevelopment Activities [Member]
Debt Obligation [Line Items]
Capitalized interest				$ 67,000	$ 94,000
Convertible Debt [Member] | Exchangeable Senior Notes 3.75% [Member]
Debt Obligation [Line Items]
Debt instrument, face amount	$ 115,000,000	$ 115,000,000
Debt instrument, interest rate, stated percentage	3.75%	3.75%		3.75%
Debt instrument, maturity date		Mar. 15, 2019		Mar. 15, 2019
Debt instrument, convertible, conversion ratio	161.1863		40.3832	161.5329
Debt instrument, convertible, conversion price | $ / shares	$ 6.20	$ 6.20	$ 24.76	$ 6.19
Debt instrument, redemption price, percentage of principal amount redeemable		100.00%
Long-term debt, fair value	$ 106,689,000	$ 106,689,000
Debt instrument, carrying amount				$ 115,000,000
Debt instrument, unamortized discount				7,164,000
Debt instrument, discount, carrying value				$ 107,836,000
Convertible Debt [Member] | Exchangeable Senior Notes 3.75% [Member] | Scenario, Forecast [Member]
Debt Obligation [Line Items]
Debt instrument, convertible, conversion price | $ / shares				$ 6.90
Conversion of Class B-1 & Class B-2 shares into common stock				$ 128,176,000
Debt instrument, convertible, if-converted value in excess of principal				$ 13,176,000
Unsecured Revolving Credit And Term Loan Agreement [Member]
Debt Obligation [Line Items]
Debt instrument, face amount							$ 1,000,000,000	$ 400,000,000
Term Loan [Member]
Debt Obligation [Line Items]
Debt instrument, face amount						$ 300,000,000		200,000,000
Debt instrument, carrying amount								200,000,000
Unsecured Credit Facillity [Member]
Debt Obligation [Line Items]
Debt instrument, face amount						$ 450,000,000		200,000,000
Senior Secured Revolving Credit Facility [Member]
Debt Obligation [Line Items]
Debt instrument, maturity date				Sep. 30, 2015
Maximum [Member] | Unsecured Revolving Credit And Term Loan Agreement [Member]
Debt Obligation [Line Items]
Debt instrument, face amount								$ 800,000,000

Debt Obligations (Schedule of M

Debt Obligations (Schedule of Mortgage Notes Payable) (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)property		Dec. 31, 2013USD ($)
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties		28	11
Mortgage notes payable, balance | $		$ 318,874	$ 161,642		$ 48,899
Secured Debt [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties		28	11
Mortgage notes payable, balance | $		$ 307,889	$ 158,061
Fixed Rate Mortgages [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties			10
Mortgage notes payable, minimum interest rate in range			3.28%
Mortgage notes payable, maximum interest rate in range			7.46%
Mortgage notes payable, weighted average effective interest rate			5.41%
Fixed Rate Mortgages [Member] | Secured Debt [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties		27	10
Mortgage notes payable, balance | $		$ 292,330	$ 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		5.39%	5.41%
Fixed Rate Mortgages [Member] | Minimum [Member] | Secured Debt [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, maturity date		Oct. 31, 2016	Oct. 31, 2016
Fixed Rate Mortgages [Member] | Maximum [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, maturity date			Jun. 30, 2029
Fixed Rate Mortgages [Member] | Maximum [Member] | Secured Debt [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, maturity date		Jun. 30, 2029	Jun. 30, 2029
Variable Rate Mortgage [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties	[1]		1
Mortgage notes payable, weighted average effective interest rate	[1]		2.26%
Mortgage notes payable, maturity date	[1]		Dec. 31, 2020
Variable Rate Mortgage [Member] | London Interbank Offered Rate LIBOR 30-Day [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, interest rate in range	[1]		2.10%
Variable Rate Mortgage [Member] | Secured Debt [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, encumbered properties		1	1	[2]
Mortgage notes payable, balance | $		$ 15,559	$ 15,782	[1],[2]
Mortgage notes payable, interest rate in range	[2]	2.10%
Mortgage notes payable, weighted average effective interest rate		2.26%	2.26%	[2]
Mortgage notes payable, maturity date		Dec. 31, 2020	Dec. 31, 2020	[2]
Variable Rate Mortgage [Member] | Secured Debt [Member] | London Interbank Offered Rate LIBOR 30-Day [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, interest rate in range	[2]		2.10%
Above Below Market Interest [Member]
Mortgage Notes Payable [Line Items]
Mortgage notes payable, balance | $		$ 10,985	$ 3,581
[1]	This mortgage is hedged by an interest rate swap which has a maturity date of December 2020. Refer to Note 11 for further information on hedging and the Company's derivative instruments.
[2]	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 of74

Debt Obligations (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Longterm Debt Maturities [Line Items]
Long-term debt, Total	$ 1,133,580	$ 566,146
2015, interest	7,401	19,277
2016, interest	33,708	19,020
2017, interest	31,729	17,909
2018, interest	27,582	16,318
2019, interest	17,342	9,941
Thereafter, interest	17,888	14,201
Above / Below market interest, interest	4,982	(3,581)
Interest Payments, Total	140,632	93,085
2015, Total	9,062	23,154
2016, Total	61,908	31,461
2017, Total	53,733	37,006
2018, Total	332,686	48,295
2019, Total	449,764	328,008
Thereafter, Total	221,445	101,803
Above / Below market interest, Total	4,982	(3,581)
Unsecured Debt [Member]
Longterm Debt Maturities [Line Items]
2,018	270,059
2,019	300,000	200,000
Long-term debt, Total	570,059	200,000
Mortgages [Member]
Longterm Debt Maturities [Line Items]
2,015	1,661	3,877
2,016	28,200	12,441
2,017	22,004	19,097
2,018	35,045	31,977
2,019	17,422	3,067
Thereafter	203,557	87,602
Long-term debt, Total	307,889	158,061
Exchangeable Senior Notes 3.75% [Member]
Longterm Debt Maturities [Line Items]
2,019	115,000	115,000
Long-term debt, Total	$ 115,000	$ 115,000

Leasing Agreements (Narrative)

Leasing Agreements (Narrative) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Leases Agreements [Abstract]
Operating leases expiration year	2,039	2,032

Leasing Agreements (Schedule of

Leasing Agreements (Schedule of Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Leases Agreements [Abstract]
Current	$ 39,901	$ 90,851
Year two	162,019	92,291
Year three	161,244	91,610
Year four	157,675	92,212
Year five	149,791	88,183
Thereafter	1,024,402	488,660
Total minimum lease rental income	$ 1,695,032	$ 943,807

Transactions with Director Re77

Transactions with Director Related Entities and Related Parties (Narrative) (Details) € in Thousands, $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended			12 Months Ended
	Jan. 31, 2015USD ($)ft²	Dec. 31, 2014USD ($)ft²	Dec. 31, 2014EUR (€)	Jun. 30, 2014USD ($)ft²	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)shares	Sep. 30, 2015USD ($)ft²	Sep. 30, 2015EUR (€)	Sep. 30, 2014USD ($)shares	Dec. 31, 2014USD ($)ft²shares	Dec. 31, 2013USD ($)ft²shares	Dec. 31, 2012shares	Dec. 31, 2014EUR (€)ft²
Related Party Transaction [Line Items]
Investments in joint ventures		$ 0			$ 13,928		$ 13,928			$ 0	$ 39,385
Shares granted, gross | shares										30,000	30,000	25,000
Area of real estate property | ft²		8,999,528			21,078,596		21,078,596			8,999,528	3,987,631		8,999,528
Operating leases, rent expense					$ 394	$ 381	$ 1,172		$ 474
Proceeds from sale of joint venture investment to a director related entity											$ 8,275
Milwaukee, Wisconsin [Member] | Three Properties Acquired [Member]
Related Party Transaction [Line Items]
Purchase price of property	$ 19,750
Area of real estate property | ft²	450,000
Milwaukee, Wisconsin [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Area of real estate property | ft²		450,000								450,000			450,000
Gramercy Europe [Member]
Related Party Transaction [Line Items]
Payments to acquire limited partnership interests		$ 0	€ 0				15,393	€ 13,594
Investments in joint ventures		$ 0								$ 0
Equity method investment, ownership percentage		19.80%								19.80%			19.80%
Fifth Fee Owner Llc [Member]
Related Party Transaction [Line Items]
Area of real estate property | ft²		6,580		6,580						6,580			6,580
Operating leases, rent expense					$ 94	$ 92	282		$ 276
Fifth Fee Owner Llc [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Operating leases, rent expense, minimum				$ 368						$ 368
Fifth Fee Owner Llc [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Operating leases, rent expense, minimum				$ 466						466
Mr. Holliday CEO of SL Green Realty Corp [Member]
Related Party Transaction [Line Items]
Shares granted, gross | shares									1,500
Shares granted, vested | shares						1,125			1,125
Chief Executive Officer [Member] | Gramercy Europe [Member]
Related Party Transaction [Line Items]
Investments in joint ventures		$ 1,500								1,500			€ 1,250
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 [Member] | Gramercy Europe [Member]
Related Party Transaction [Line Items]
Investments in joint ventures		$ 1,500								$ 1,500			€ 1,250
Managing Directors [Member] | Gramercy European Property Fund Commited [Member]
Related Party Transaction [Line Items]
Payments to acquire limited partnership interests							$ 1,500	€ 1,250

Deferred Costs (Schedule of Def

Deferred Costs (Schedule of Deferred Costs) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs [Abstract]
Deferred financing costs		$ 9,556	$ 3,819
Deferred acquisition costs		2,630	2,630
Deferred leasing costs		77
Deferred finance costs, noncurrent, gross		12,263	6,449
Accumulated amortization		(1,908)	(634)
Deferred costs, total	$ 15,566	$ 10,355	$ 5,815

Fair Value of Financial Instr79

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value of Financial Instruments [Abstract]
Impairment of long-lived assets to be disposed of	$ 0	$ 0	$ 149	$ 0			$ 882
Change in net unrealized gain (loss) on investment instruments	$ 2,584	$ 1,031	$ 3,248	$ 1,172	$ (3,002)	$ 9,914

Fair Value of Financial Instr80

Fair Value of Financial Instruments (Schedule of Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014		Dec. 31, 2013
Financial assets:
Retained CDO Bonds, Carrying Value		$ 11,568	[1],[2]	$ 4,293	[1],[3],[4]	$ 6,762	[3],[4]
Retained CDO Bonds, Fair Value		11,568	[1],[2]	4,293	[1],[3],[4]	6,762	[3],[4]
Marketable securities, Carrying Value	[5],[6]			165,001
Marketable securities, Fair Value	[5],[6]			165,001
Derivative instruments, Carrying Value		11,568		169,294		6,762
Financial liabilities:
Derivative instruments, Carrying Value				3,189		187
Derivative instruments, Fair Value				3,189		187
Contingent Value Rights, Carrying Value	[7]					115
Contingent Value Rights, Fair Value	[7]					115
Term Loan, Carrying Value	[3]			200,000
Term Loan, Fair Value	[3]			199,997
Mortgage notes payable, Carrying Value	[3]			161,642		122,180
Mortgage notes payable, Fair Value	[3]			165,907		$ 123,349
Exchangeable senior notes, Carrying Value	[3]			107,836
Exchangeable senior notes, Fair Value	[3]			116,064
Interest Rate Swaps [Member]
Financial assets:
Retained CDO Bonds, Fair Value		6,437		3,189
Derivative instruments, Fair Value		6,437		3,189
Unsecured Credit Facillity [Member]
Financial liabilities:
Term Loan, Carrying Value	[1]	300,000		200,000
Term Loan, Fair Value	[1]	300,263		$ 199,997
Lind of credit, Carrying Value		270,059	[1]		[3]		[3]
Line of credit, Fair Value		270,561	[1]		[3]		[3]
Mortgage notes payable, Carrying Value	[1]	318,874		$ 161,642
Mortgage notes payable, Fair Value	[1]	328,254		165,907
Exchangeable senior notes, Carrying Value	[1]	108,997		107,836
Exchangeable senior notes, Fair Value	[1]	$ 116,760		$ 116,064
Senior Secured Revolving Credit Facility [Member]
Financial liabilities:
Lind of credit, Carrying Value	[3]					$ 45,000
Line of credit, Fair Value	[3]					$ 45,297
[1]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions. Refer to Note 6 for more information on the long term debt instruments.
[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]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
[4]	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.
[5]	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.
[6]	Marketable securities represent the Company's investment in U.S. treasury securities, which are classified in cash and cash equivalents on the Consolidated Balance Sheet.
[7]	Pursuant to the Company's private placement of equity in October 2013, the Company entered into the CVR Agreements with purchasers of the Company's common stock in that offering, which are discussed more fully in Note 11.

Fair Value of Financial Instr81

Fair Value of Financial Instruments (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets:		$ 11,568	$ 169,294	$ 6,762
Retained CDO Bonds:		11,568	4,293	6,762
Drivative liabilities		6,437	3,189	302
Contingent Value Rights, Fair Value	[1]			115
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] | 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:		11,568	4,293	6,762
Retained CDO Bonds:			4,293	6,762
Drivative liabilities		6,437	3,189	302
Contingent Value Rights, Fair Value				115
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Drivative liabilities		6,437	3,189	187
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Drivative liabilities			3,189	$ 187
External Credit Rating, Non Investment Grade [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets:		11,568	4,293
External Credit Rating, Non Investment Grade [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Assets:		$ 11,568	$ 4,293
[1]	Pursuant to the Company's private placement of equity in October 2013, the Company entered into the CVR Agreements with purchasers of the Company's common stock in that offering, which are discussed more fully in Note 11.

Fair Value of Financial Instr82

Fair Value of Financial Instruments (Fair Value, Assets and Liabilities Measured on Recurring Basis, Valuation Techniques) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015		Dec. 31, 2014		Dec. 31, 2013	[3],[4]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Fair Value	$ 11,568	[1],[2]	$ 4,293	[1],[3],[4]	$ 6,762
Retained CDO Bonds, Valuation Technique	Discounted cash flows
Retained CDO Bonds, Unobservable Inputs	Discount rate
Retained CDO Bonds, Range	20.00%
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Fair Value	$ 6,437		$ 3,189
Retained CDO Bonds, Valuation Technique	Hypothetical derivative method		Hypothetical derivative method
Retained CDO Bonds, Unobservable Inputs	Credit borrowing spread		Credit borrowing spread
Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Fair Value			$ 4,293
Retained CDO Bonds, Valuation Technique			Discounted cash flows
Retained CDO Bonds, Unobservable Inputs			Discount rate
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Range			20.00%
Minimum [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained Collateralized Debt Obligations Bonds Discount Base Points	1.99%		1.50%
Minimum [Member] | Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained CDO Bonds, Range			20.00%
Maximum [Member] | Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained Collateralized Debt Obligations Bonds Discount Base Points	2.40%		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. Refer to Note 6 for more information on the long term debt instruments.
[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]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
[4]	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 Instr83

Fair Value of Financial Instruments (Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Collateralized Debt Obligations [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2013	$ 4,293	$ 6,762
Amortization of discounts or premiums	1,146	1,595
Adjustments to fair value:
Included in other comprehensive income	6,129	752
Other-than-temporary impairments		(4,816)
Balance as of December 31, 2014	$ 11,568	$ 4,293

Fair Value of Financial Instr84

Fair Value of Financial Instruments (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015		Dec. 31, 2014		Dec. 31, 2013	[3],[4]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded exchange option	$ 11,568	[1],[2]	$ 4,293	[1],[3],[4]	$ 6,762
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2013	3,189		302
Embedded exchange option			8,311
Transfer of embedded exchange options to stockholders' equity			(11,726)
Expiration of Contingent Value Rights			(115)
Adjustments to fair value:
Realized loss on derivative instrument			3,415
Unrealized loss on derivatives	3,248		3,002
Balance at end of period	6,437		3,189
Interest Rate Swaps [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded exchange option	$ 6,437		$ 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. Refer to Note 6 for more information on the long term debt instruments.
[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]	Long term debt instruments are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
[4]	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		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Drivative liabilities		$ 6,437	$ 3,189	$ 302
Net investment hedge asset (liability) at carrying value		(10,059)
Gain on net investment hedge	[1]	61
Scenario, Plan [Member]
Other comprehensive income transferred to increase interest expense			$ 3,278
Amount expected to be reclassified		$ 3,151
[1]	The Company's net investment hedge related to its net investment in the Gramercy European Property Fund is included in the foreign currency translation adjustments within other comprehensive income.

Derivative Instruments (Schedul

Derivative Instruments (Schedule of Derivative Instruments) (Details) € in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2015EUR (€)
Derivative [Line Items]
Carrying Value	$ 3,622
Assets of Non-VIEs [Member]
Derivative [Line Items]
Notional Value		$ 215,782
Carrying Value		$ (3,189)
Interest Rate Swap Strike Rate 4.55% [Member] | Assets of Non-VIEs [Member]
Derivative [Line Items]
Derivative, Benchmark Rate	1 mo. USD-LIBOR-BBA	1 mo. USD-LIBOR-BBA
Notional Value	$ 15,559	$ 15,782
Derivative, Strike Rate	4.55%	4.55%	4.55%
Carrying Value	$ (858)	$ (620)
Effective Date	Dec. 19, 2013	Dec. 19, 2013
Expiration Date	Dec. 19, 2020	Dec. 19, 2020
Interest Rate Swap Strike Rate 1.82% [Member] | Assets of Non-VIEs [Member]
Derivative [Line Items]
Derivative, Benchmark Rate	1 mo. USD-LIBOR-BBA	1 mo. USD-LIBOR-BBA
Notional Value	$ 200,000	$ 200,000
Derivative, Strike Rate	1.82%	1.82%	1.82%
Carrying Value	$ (5,579)	$ (2,569)
Effective Date	Sep. 9, 2014	Sep. 9, 2014
Expiration Date	Jun. 9, 2019	Jun. 9, 2019
Net Investment Hedging [Member] | Gramercy Europe [Member]
Derivative [Line Items]
Derivative, Benchmark Rate	EUR-USD exchange rate
Notional Value | €			€ 9,000
Carrying Value	$ 10,059
Effective Date	Sep. 28, 2015

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Narrative) (Details)	Dec. 06, 2012$ / sharesshares	Sep. 30, 2015$ / sharesshares	Jun. 30, 2015$ / shares	Apr. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015$ / shares	Dec. 31, 2014USD ($)$ / sharesshares	May. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013$ / sharesshares	Oct. 31, 2013USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2012USD ($)shares	Jun. 23, 2015shares	Nov. 30, 2013shares	Dec. 31, 2011shares
Capital units, authorized		230,000,000				250,000,000				230,000,000		250,000,000
Capital stock par value | $ / shares		$ 0.001				$ 0.001				$ 0.001		$ 0.001
Common stock, shares authorized		200,000,000				220,000,000		100,000,000		200,000,000		220,000,000	100,000,000		400,000,000	96,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001				$ 0.001		$ 0.001		$ 0.001		$ 0.001	$ 0.001
Preferred stock, shares authorized		25,000,000				25,000,000				25,000,000		25,000,000
Preferred stock, par or stated value per share | $ / shares		$ 0.001				$ 0.001				$ 0.001		$ 0.001
Excess stock, shares authorized		5,000,000				5,000,000				5,000,000		5,000,000
Excess stock par or stated value per share | $ / shares										$ 0.001		$ 0.001
Common stock, shares issued		57,493,902				46,736,392		71,313,043		57,493,902		46,736,392	71,313,043
Common stock, shares outstanding		57,493,902				46,736,392		71,313,043		57,493,902		46,736,392	71,313,043
Cumulative redeemable preferred stock, shares issued		3,500,000								3,500,000
Cumulative redeemable preferred stock, shares outstanding		3,500,000								3,500,000
Excess stock, shares issued		0								0
Excess stock, shares outstanding		0								0
Stockholder's equity, reverse stock split										February 2015, the Company's board of directors approved a 1-for-4 reverse stock split
Dividends declared date		2015-09	2015-06		2015-03					2015-09
Dividends payable, amount per share | $ / shares		$ 0.22	$ 0.22		$ 0.20					$ 0.22
Dividends payable, date to be paid		Oct. 15, 2015	Jul. 15, 2015		Apr. 15, 2015
Dividends payable, date of record		Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015
Stock issued during period, shares, new issues				9,775,000		59,800,000	46,000,000		11,535,200
Shares issued, price per share | $ / shares									$ 4.11
Proceeds of sale of common stock | $				$ 259,325		$ 336,073,000	$ 218,224,000			$ 289,910,000	$ 232,263,000	$ 627,183,000	$ 45,532,000	$ 2,555,000
Proceeds from issuance of private placement | $									$ 45,520,000
Post Reclassification [Member]
Common stock, shares authorized																100,000,000
Common Class B-1 Non-voting [Member]
Common stock, shares outstanding								0					0
Coversion ratio of equity component into common stock	1
Conversion of stock, shares issued								2,000,000
Common Class B-2 Non-voting [Member]
Common stock, shares outstanding								0					0
Coversion ratio of equity component into common stock	1
Conversion of stock, shares issued								2,000,000
Underwriters [Member]
Stock issued during period, shares, new issues				1,275,000		7,800,000	6,000,000
Shares issued, price per share | $ / shares				$ 27.75		$ 5.90	$ 4.98					$ 5.90
Common Stock [Member]
Common stock, shares outstanding		57,493,902				46,736,392		71,313,043		57,493,902		46,736,392	71,313,043	56,731,002			51,086,266
Stock issued during period, shares, new issues										10,544,034		114,155,408	11,535,200	3,000,000
Bank of America Portfolio [Member] | Corporate Joint Venture [Member]
Share price | $ / shares	$ 2.75
Bank of America Portfolio [Member] | Corporate Joint Venture [Member] | Common Class B-1 Non-voting [Member]
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Business acquisition, equity interest issued or issuable, number of shares	2,000,000
Bank of America Portfolio [Member] | Corporate Joint Venture [Member] | Common Class B-2 Non-voting [Member]
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Business acquisition, equity interest issued or issuable, number of shares	2,000,000
Bank of America Portfolio [Member] | Corporate Joint Venture [Member] | Common Stock [Member]
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Business acquisition, equity interest issued or issuable, number of shares	2,000,000

Stockholders' Equity (Deficit88

Stockholders' Equity (Deficit) (At-The-Market Equity Offering Program) (Narrative) (Details) - USD ($)	1 Months Ended					3 Months Ended		4 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	May. 31, 2014	Oct. 31, 2013	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Stockholders Equity Stock Option [Line Items]
Stock issued during period, value, new issues									$ 289,910,000		$ 715,334,000	$ 45,532,000	$ 19,020,000
Stock issued during period, shares, new issues	9,775,000	59,800,000		46,000,000	11,535,200
Proceeds from issuance of common stock	$ 259,325	$ 336,073,000		$ 218,224,000					$ 289,910,000	$ 232,263,000	627,183,000	45,532,000	2,555,000
At-The-Market Equity Offering Program [Member]
Schedule of Stockholders Equity Stock Option [Line Items]
Stock issued during period, shares, new issues						0		7,712,046	656,711
Proceeds from issuance of common stock								$ 45,280,000
Proceeds from issuance of common stock, net						$ 0		44,302,000	$ 18,292,000
Stock remaining to be issued, remaining value		$ 54,720,000						$ 54,720,000			54,720,000
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			$ 100,000,000				$ 100,000,000
Parent Company [Member]
Schedule of Stockholders Equity Stock Option [Line Items]
Stock issued during period, value, new issues									$ 289,910,000		$ 715,334,000	$ 45,532,000	$ 19,020,000

Stockholders' Equity (Deficit89

Stockholders' Equity (Deficit) (Preferred Stock) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Aug. 31, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Preferred stock, shares outstanding	3,500,000					3,500,000
Preferred stock redemption costs					$ 2,912		$ 2,912	$ 2,912
Dividends payable, amount per share	$ 0.22	$ 0.22	$ 0.20			$ 0.22
Dividends payable, date of record	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Dividends payable, date to be paid	Oct. 15, 2015	Jul. 15, 2015	Apr. 15, 2015
Series A Preferred Stock [Member]
Preferred stock, shares outstanding									3,525,822
Preferred stock, dividend rate, percentage								8.125%
Preferred stock, redemption price per share					$ 25.32161		$ 25.32161
Preferred stock redemption costs					$ 2,912
Dividends, preferred stock, cash									$ 37,600
Dividends payable, amount per share								$ 0.50781	$ 10.23524
Dividends payable, date declared								Dec. 1, 2013
Dividends payable, date of record								Dec. 31, 2013
Redemption In Stock [Member]
Preferred stock, redemption price per share					$ 25		25
Redemption For Quarterly Dividend Prorated [Member]
Preferred stock, redemption price per share					$ 0.32161		$ 0.32161
Series A Dividend [Member]
Preferred stock, dividend rate, per-dollar-amount								$ 2.03125
Series B Preferred Stock [Member]
Preferred stock, shares outstanding	3,500,000					3,500,000		3,500,000
Preferred stock, dividend rate, percentage						7.125%		7.125%
Preferred stock, redemption price per share	$ 25					$ 25		$ 25
Preferred stock, dividend rate, per-dollar-amount						1.78125		1.78125
Preferred stock, proceeds from issuance				$ 81,638
Dividends payable, amount per share	$ 0					$ 0		$ 0

Stockholders' Equity (Deficit90

Stockholders' Equity (Deficit) (Equity Incentive Plans) (Narrative) (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2015shares

May. 31, 2014shares

Mar. 31, 2013USD ($)shares

Jul. 31, 2012USD ($)

Sep. 30, 2015USD ($)shares

Sep. 30, 2014USD ($)shares

Sep. 30, 2015USD ($)shares

Sep. 30, 2014USD ($)shares

Dec. 31, 2014USD ($)item$ / sharesshares

Dec. 31, 2013USD ($)$ / sharesshares

Dec. 31, 2012USD ($)$ / sharesshares

Dec. 31, 2011shares

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Granted, other than options | shares

157,650

Granted, price per share | $ / shares

$ 5.79

$ 3.05

$ 2.50

Percentage of market value of common stock

85.00%

Share based compensation arrangement by share-based payment award, options, outstanding number | shares

161,400

161,400

206,902

341,081

360,251

565,026

Restricted Stock [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Granted, other than options | shares

190,477

Performance Based Restricted Stock [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Granted, other than options | shares

345,000

Long Term Incentive Plan Units (LTIP) [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Allocated share-based compensation expense

$ 0

$ 0

$ 401

Share based award, vesting period

5 years

Equity Incentive Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Shares available for grant | shares

1,911,764

Granted, other than options | shares

646,403

2,065,015

Shares vesting percentage

66.00%

83.00%

Share based compensation expense, not yet recognized

$ 5,144

$ 5,144

Share based compensation

416

$ 245

$ 914

$ 705

Share based compensation expense, not yet recognized, period of recognition

41 months

Equity Incentive Plan [Member] | Employee Stock Option [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Allocated share-based compensation expense

$ 53

51

29

Expiration period from date of grant

10 years

Granted, price per share | $ / shares

$ 5.79

Exercise, weighted average contractual life

4 years 8 months 12 days

Equity Incentive Plan [Member] | Restricted Stock [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Allocated share-based compensation expense

$ 743

579

958

Share based compensation expense, not yet recognized

$ 2,250

Share based compensation expense, not yet recognized, period of recognition

38 months

Equity Incentive Plan [Member] | Time Based Restricted Stock [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Granted, other than options | shares

115,000

Number of installments | item

5

2012 Outperformance Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Allocated share-based compensation expense

$ 588

555

210

Share based compensation expense, not yet recognized

$ 1,353

Share based compensation expense, not yet recognized, period of recognition

24 months

Grant date fair value

$ 845

$ 1,870

Share based compensation arrangement by share based payment award shares issued in maximum value

$ 4,000

2012 Outperformance Plan [Member] | Long Term Incentive Plan Units (LTIP) [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Share based compensation expense, not yet recognized

3,182

$ 3,182

Share based compensation

$ 488

$ 488

$ 1,464

$ 1,082

Share based compensation expense, not yet recognized, period of recognition

20 months

Grant date fair value

2,715

2012 Outperformance Plan [Member] | Scenario, Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Equity awards issued under inducement plan, percentage of fair value maximum, year one

12.00%

Equity awards issued under inducement plan, percentage of fair value maximum, year two

24.00%

Equity awards issued under inducement plan, percentage of fair value, year three

36.00%

LTIP Lower Threshold [Member] | Scenario, Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Share price | $ / shares

$ 5

Equity awards issued under inducement plan, percentage of fair value, maximum

20.00%

LTIP Upper Threshold [Member] | Scenario, Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Share price | $ / shares

$ 9

Equity awards issued under inducement plan, percentage of fair value, maximum

100.00%

2012 Inducement Equity Incentive Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Shares available for grant | shares

4,500,000

Allocated share-based compensation expense

$ 1,148

$ 766

$ 383

Share based compensation expense, not yet recognized

$ 3,828

Share based compensation expense, not yet recognized, period of recognition

18 months

Grant date fair value

$ 6,125

2015 Equity Incentive Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Shares available for grant | shares

3,044,192

3,044,192

Granted, other than options | shares

96,697

Shares authorized for issuance, per plan | shares

3,200,000

Minimum [Member] | Equity Incentive Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Percentage of market value of common stock

100.00%

Minimum [Member] | LTIP $5.00 Per Share Threshold [Member] | Scenario, Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Equity awards issued under inducement plan fair value of grant

$ 4,000

Maximum [Member] | 2012 Outperformance Plan [Member] | Scenario, Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Equity awards issued under inducement plan fair value of grant

20,000

Maximum [Member] | LTIP $9.00 Per Share Threshold [Member] | Scenario, Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Equity awards issued under inducement plan fair value of grant

$ 20,000

Fourth Anniversary [Member] | 2015 Equity Incentive Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Shares vesting percentage

50.00%

Fifth Anniversary [Member] | 2015 Equity Incentive Plan [Member]

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Shares vesting percentage

50.00%

Stockholders' Equity (Deficit91

Stockholders' Equity (Deficit) (Employee Stock Purchase Plan) (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2014	Jan. 01, 2008
Stockholders Equity (Deficit) [Abstract]
Employee stock purchase plan, shares allocated for issuance		250,000
Percentage of market value of common stock	85.00%

Stockholders' Equity (Deficit92

Stockholders' Equity (Deficit) (Deffered Stock Compensation Plan for Directors) (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Outstanding	206,902	161,400	341,081	360,251	565,026
Independent Director [Member] | Phantom Share Units (PSUs) [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred fees, percentage	100.00%
Outstanding	592,285
Shares granted, vested	580,851

Stockholders' Equity (Deficit93

Stockholders' Equity (Deficit) (Earnings Per Share) (Narratvie) (Details) - $ / shares	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Weighted average common stock price, benchmark for exclusion of conversion premium		$ 24.76	$ 6.19
Equity Option [Member]
Antidilutive securities excluded from computation of earnings per share, amount	17,491	13,990		51,412	16,362
Stock Compensation Plan [Member]
Antidilutive securities excluded from computation of earnings per share, amount	572,469	931,012		678,784	1,383,388
Phantom Share Units (PSUs) [Member]
Antidilutive securities excluded from computation of earnings per share, amount	144,918	161,400		534,038	462,102
Exchangeable Senior Notes 3.75% [Member]
Antidilutive securities excluded from computation of earnings per share, amount		206,402
Operating Partnership Units [Member]
Antidilutive securities excluded from computation of earnings per share, amount	412,754	495,977
Unvested Restricted Stock [Member]
Antidilutive securities excluded from computation of earnings per share, amount	278,992	402,282		678,784	1,383,388

Stockholders' Equity (Deficit94

Stockholders' Equity (Deficit) (Schedule of Activity of Share-Based Compensation, Stock Options) (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stockholders Equity (Deficit) [Abstract]
Balance at beginning of period (in shares) - options outstanding	341,081	341,081	360,251	565,026
Balance at beginning of period (in dollars per share) - weighted average exercise price	$ 14.70	$ 14.70	$ 16.14	$ 17.25
Granted (in shares) - options outstanding		30,000	30,000	25,000
Granted (in dollars per share) - weighted average exercise price		$ 5.79	$ 3.05	$ 2.50
Exercised (in shares) - options outstanding		(30,000)
Exercised (in dollars per share) - weighted average exercise price		$ 3.02
Lapsed or cancelled (in shares) - options outstanding		(134,179)	(49,170)	(229,775)
Lapsed or cancelled (in dollars per share) - weighted average exercise price		$ 18.23	$ 22.49	$ 16.83
Balance at end of the period (in shares) - options outstanding	161,400	206,902	341,081	360,251
Balance at end of period (in dollars per share) - weighted average exercise price		$ 12.82	$ 14.70	$ 16.14

Stockholders' Equity (Deficit95

Stockholders' Equity (Deficit) (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended											9 Months Ended				12 Months Ended
	Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator - Income (loss)
Net income (loss) from continuing operations	$ 2,051			$ (2,417)								$ 1,669		$ 60,914		$ 55,193	$ (8,172)	$ (18,341)
Net income (loss) from discontinued operations	(41)			(41)								17		(522)		(524)	392,999	(153,207)
Net income (loss)	2,010		$ (5,723)	(2,458)		$ 63,351	$ (501)					1,686		60,392		54,669	$ 384,827	$ (171,548)
Net (income) loss attributable to noncontrolling interest	(20)		132	104								43		104		236
Preferred stock redemption costs				(2,912)										(2,912)		(2,912)
Preferred stock dividends	(1,559)		(1,576)	(2,192)		(1,791)	(1,790)	$ (1,792)	$ (1,790)	$ (1,790)	$ (1,790)	(4,676)		(5,773)		(7,349)	$ (7,162)	$ (7,162)
Net income (loss) available to common stockholders	431		$ (7,167)	(7,458)		$ 61,560	$ (2,291)	$ (7,739)	$ (1,299)	$ (6,684)	$ 393,387	(2,947)		51,811		$ 44,644	$ 377,665	$ (178,710)
Effect of dilutive securities	$ 57,666,780			$ 29,481,537								$ 53,226,406		$ 23,702,710
Denominator - Weighted Average shares:
Weighted average shares outstanding (in shares)																104,811,814	61,500,847	51,976,462
Denominator for basic income per share (in shares)	57,666,780	[1]	133,859,665	29,481,537	[1]	92,753,999	70,763,959	69,724,546	58,902,708	58,605,219	58,678,078	53,226,406	[1]	23,702,710	[1]	104,811,814	61,500,847	51,976,462
Effect of dilutive securities
Unvested share based payment awards (in shares)	528,730,000													293,477,000		1,259,950
Option (in shares)	11,905,000													16,489,000		52,415
Phantom stock units (in shares)	161,400,000													144,918,000		592,284
OP Units	469,868,000													139,097,000		1,033,877
Exchangeable Senior Notes
Diluted shares (in shares)	58,838,683	[1]	133,859,665	29,481,537	[1]	95,085,817	70,763,959	69,724,546	58,902,708	58,605,219	58,678,078	53,226,406	[1]	24,296,691	[1]	107,750,340	61,500,847	51,976,462
Parent Company [Member]
Numerator - Income (loss)
Preferred stock dividends																	$ (7,162)	$ (7,162)
[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 (Deficit96

Stockholders' Equity (Deficit) (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2013		Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2012
Stockholders Equity (Deficit) [Abstract]
Net unrealized loss on derivative instruments		$ (1,219)	[1]	$ (6,437)	$ (3,189)	$ 84,691
Net unrealized loss on debt securities		(186)	[1]	5,663	(466)	(179,956)
Gain on net investment hedge	[2]			61
Other foreign currency translation adjustments				(418)	(48)
Total accumulated other comprehensive (loss)		(1,405)	[1]	$ (1,131)	$ (3,703)	$ (95,265)
Unrealized gain on collateralized mortgage securities		107,774
Unamortized fair value of terminated swaps		$ 6,359
[1]	The Company reclassified unrealized gains on CMBS of $107,774 for the year ended December 31, 2013 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations. The Company also reclassified the unamortized fair value of terminated swaps previously designated as cash flow hedges of $6,359 into net income as a component of the gain on disposal of Gramercy Finance on the Consolidated Statement of Operations.
[2]	The Company's net investment hedge related to its net investment in the Gramercy European Property Fund is included in the foreign currency translation adjustments within other comprehensive income.

Benefit Plans (Narrative) (Deta

Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Benefit Plans [Abstract]
Deferred percentage maximum of employee's annual compensation	15.00%
Defined contribution plan, employer discretionary contribution amount	$ 229	$ 156	$ 227

Noncontrolling Interest (Narrat

Noncontrolling Interest (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jul. 31, 2014	Dec. 31, 2013
Common stock, par or stated value per share	$ 0.001	$ 0.001		$ 0.001
Stockholder's equity, reverse stock split	February 2015, the Company's board of directors approved a 1-for-4 reverse stock split
Carrying value of Operating Partnership units	$ 11,277	$ 16,129
Noncontrolling interest in variable interest entity	$ 155	$ 0
Operating Partnership Units [Member]
Temporary equity, shares issued		3,778,405	944,601
Temporary equity, shares outstanding		2,337,551
Stockholder's equity, reverse stock split	March 20, 2015, the Operating Partnership completed a 1-for-4 reverse stock split
Limited partners' capital account, units outstanding	469,868
Limited partners' capital account, units authorized	469,868
Noncontrolling interest, ownership percentage by noncontrolling owners	0.81%	1.23%
Common stock, capital shares reserved for future issuance		2,337,551

Noncontrolling Interest (Noncon

Noncontrolling Interest (Noncontrolling Interest in the Operating Partnership) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Balance at beginning of period	$ 16,129
Issuance of noncontrolling interests in the operating partnership		$ 22,670
Redemption noncontrolling interests in the operating partnership	(3,127)	(8,738)
Net loss attribution	(30)	(236)
Fair value adjustments	(1,390)	2,636
Dividends accrued	(305)	(203)
Balance at end of period	$ 11,277	$ 16,129

Commitments and Contingencie100

Commitments and Contingencies (Narrative) (Details) € in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2015USD ($)	Dec. 31, 2010USD ($)	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)ft²	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)ft²	Dec. 31, 2014USD ($)ft²item	Dec. 31, 2013USD ($)ft²	Dec. 31, 2012USD ($)	Dec. 31, 2014EUR (€)ft²	Jun. 09, 2014ft²
Commitments And Contingencies [Line Items]
Number of outstanding commitments | item							3
Area of real estate property | ft²			21,078,596		21,078,596		8,999,528	3,987,631		8,999,528
Investments in joint ventures			$ 13,928,000		$ 13,928,000		$ 0	$ 39,385,000
Proceeds from sale of joint venture investment to a director related entity								8,275,000
Mortgage loans on real estate, carrying amount of mortgages			318,874,000		318,874,000		161,642,000	48,899,000
Operating leases, rent expense			394,000	$ 381,000	1,172,000	$ 474,000
Proceeds from Divestiture of Interest in Joint Venture								8,275,000
Year one			387,000		387,000		1,390,000
Year three			1,532,000		1,532,000		1,314,000
Garland, Texas [Member]
Commitments And Contingencies [Line Items]
Other commitment							1,500,000
Unfunded amounts							$ 429,000
Olive Branch, Mississippi [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²							250,000			250,000
Logan Township, New Jersey [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²							25,000			25,000
Hialeah Gardens, Florida [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²				118,000		118,000	118,000			118,000
Lease term							25 years
Hamlet, North Carolina [Member] | Capital Lease Obligations [Member]
Commitments And Contingencies [Line Items]
Other commitment							$ 260,000
Herald Square Property [Member]
Commitments And Contingencies [Line Items]
Equity method investment, ownership percentage		45.00%
Proceeds from sale of joint venture investment to a director related entity		$ 25,600,000
Mortgage loans on real estate, carrying amount of mortgages		86,100,000
Loss contingency accrual							4,454,000
Proceeds from Divestiture of Interest in Joint Venture		25,600,000
Herald Square Property [Member] | New York State Division of Taxation and Finance [Member]
Commitments And Contingencies [Line Items]
Loss contingency accrual							4,454,000	4,339,000
Income tax examination, interest accrued							$ 271,000
Additional interest recorded in discontinued operations			$ 0	$ 68,000	$ 68,000	$ 203,000
Herald Square Property [Member] | NYC DOF [Member]
Commitments And Contingencies [Line Items]
Real estate tax expense	$ 4,025,000	2,924,000
Herald Square Property [Member] | NYS DOT [Member]
Commitments And Contingencies [Line Items]
Real estate tax expense	$ 617,000	$ 446,000
Clayton, Missouri 130 South Bemiston Ave [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²							1,100			1,100
Loss contingency accrual							$ 7,000,000
Loss contingency, range of possible loss, minimum							7,000,000
Loss contingency, range of possible loss, maximum							$ 12,000,000
Lease expiration date							Dec. 31, 2016
Extension duration of lease							12 months
Year one							$ 21,000
Year three							$ 22,000
Horsham, Pennsylvania 550 Blair Mill Road [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²							13,000			13,000
Jenkintown, Pennsylvania 610 Old York Road [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²							19,000			19,000
Operating leases, rent expense, minimum rentals							$ 322,000
St Louis, Missouri 800 Market Street [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²							2,000			2,000
Operating leases, rent expense, minimum rentals							$ 32,000
Lease expiration date							Sep. 30, 2014
100 New Bond Street London W1S 1SP [Member]
Commitments And Contingencies [Line Items]
Operating leases, rent expense, minimum rentals							$ 65,000
Philips Building [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²			200,000		200,000		200,000			200,000
Investments in joint ventures							$ 0	0
Equity method investment, ownership percentage			25.00%		25.00%		25.00%			25.00%
Gramercy Europe [Member]
Commitments And Contingencies [Line Items]
Investments in joint ventures							$ 0
Equity method investment, ownership percentage							19.80%			19.80%
Gramercy Europe Commited [Member]
Commitments And Contingencies [Line Items]
Initial equity captial available							$ 426,455,000			€ 352,500
The Company and Equity Investment Partners [Member] | Gramercy Europe [Member]
Commitments And Contingencies [Line Items]
Initial equity captial available							305,475,000			252,500
The Company [Member] | Gramercy Europe [Member]
Commitments And Contingencies [Line Items]
Initial equity captial available							60,490,000			50,000
Equity Investment Partners [Member] | Gramercy Europe [Member]
Commitments And Contingencies [Line Items]
Initial equity captial available							$ 244,985,000			€ 202,500
Fifth Fee Owner LLC [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²							6,580			6,580
Additional Capital Accordian [Member] | Gramercy Europe [Member]
Commitments And Contingencies [Line Items]
Initial equity captial available							$ 120,980,000			€ 100,000
Minimum [Member] | Horsham, Pennsylvania 550 Blair Mill Road [Member]
Commitments And Contingencies [Line Items]
Operating leases, rent expense, minimum rentals							151,000
Minimum [Member] | Fifth Fee Owner LLC [Member]
Commitments And Contingencies [Line Items]
Operating leases, rent expense, minimum rentals							368,000
Maximum [Member] | Horsham, Pennsylvania 550 Blair Mill Road [Member]
Commitments And Contingencies [Line Items]
Operating leases, rent expense, minimum rentals							221,000
Maximum [Member] | Fifth Fee Owner LLC [Member]
Commitments And Contingencies [Line Items]
Operating leases, rent expense, minimum rentals							466,000
Bank of America Portfolio [Member]
Commitments And Contingencies [Line Items]
Area of real estate property | ft²											3,055,000
Investments in joint ventures							0	39,385,000
Equity method investment, ownership percentage											50.00%
Loss contingency accrual			$ 7,000,000		$ 7,000,000
Operating leases, rent expense							$ 853,000	$ 0	$ 0
Bank of America Portfolio [Member] | Minimum [Member]
Commitments And Contingencies [Line Items]
Loss contingency accrual			7,000,000		7,000,000
Bank of America Portfolio [Member] | Maximum [Member]
Commitments And Contingencies [Line Items]
Loss contingency accrual			$ 12,000,000		$ 12,000,000

Commitments and Contingencie101

Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Commitments and Contingencies [Abstract]
2015, operating	$ 387	$ 1,390
2016, operating	1,533	1,317
2017, opearting	1,532	1,314
2018, operating	1,532	1,314
2019, operating	1,447	1,307
Thereafter, operating	45,312	42,121
Total minimum rent expense, operating	51,743	$ 48,763
2015, capital
2016, capital
2017, capital
2018, capital
2019, capital
Thereafter, capital	329	$ 329
Total minimum rent expense, capital	329	329
2015, total	387	1,390
2016, total	1,533	1,317
2017, total	1,532	1,314
2018, total	1,532	1,314
2019, total	1,447	1,307
Thereafter, total	45,641	42,450
Total minimum rent expense, capital	$ 52,072	$ 49,092

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)item$ / shares	Dec. 31, 2013USD ($)$ / shares	Dec. 31, 2012USD ($)
Dividends payable, amount per share | $ / shares	$ 0.22	$ 0.22	$ 0.20	$ 0.22		$ 0.22
Dividends payable, date to be paid	Oct. 15, 2015	Jul. 15, 2015	Apr. 15, 2015
Income tax expense (benefit)				$ 985	$ 165	$ 2,116	$ 971	$ 809	$ 8,908	$ 3,330
Income tax expense (benefit), discontinued operations								0	2,515	$ 0
Net deferred tax assets								$ 738	$ 635
Number of subsidiaries | item								8
Operating loss carryforwards								$ 557,000
Capital loss carryforwards expiration duration								5 years
Series A Preferred Stock [Member]
Dividends payable, amount per share | $ / shares								$ 0.50781	$ 10.23524
Preferred stock, dividend rate, percentage								8.125%
Series A Dividend [Member]
Preferred stock, dividend rate, per-dollar-amount | $ / shares								$ 2.03125
Maximum [Member]
Operating loss carryforwards expiration duration								20 years

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal					$ (1,235)	$ (5,902)	$ (1,990)
State and local					323	(2,535)	(1,061)
Total current					(912)	(8,437)	(3,051)
Deferred:
Federal					197	(348)	(174)
State and local					(94)	(123)	(105)
Total deferred					103	(471)	(279)
Total income tax provision	$ (985)	$ (165)	$ (2,116)	$ (971)	$ (809)	$ (8,908)	$ (3,330)

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
Income tax (expense) benefit at federal statutory rate					$ (19,500)	$ (137,775)	$ 58,366
Tax effect of REIT election					18,501	138,563	(60,230)
State and local taxes, net of federal benefit					194	(1,088)	(843)
Permanent difference					(4)	(1)	1,252
Valuation allowance						(8,607)	(1,672)
Other							(203)
Total income tax provision	$ (985)	$ (165)	$ (2,116)	$ (971)	$ (809)	$ (8,908)	$ (3,330)

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details) - segment	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting [Abstract]
Number of operating segments		2
Number of reportable segments	2	2

Segment Reporting (Evaluation o

Segment Reporting (Evaluation of Performance by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended											9 Months Ended				12 Months Ended
	Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Segment Reporting Information [Line Items]
Total revenues	$ 65,213		$ 37,427	$ 34,301		$ 20,628	$ 15,584	$ 17,712	$ 13,421	$ 16,304	$ 9,267	$ 167,295		$ 70,513		$ 107,940		$ 56,704		$ 36,821
Equity in net loss from unconsolidated joint ventures	(1,096)		103	103		1,125	628	(2,854)	983	(2,603)	(1,188)	(974)		1,856		1,959		(5,662)		(2,904)
Total operating and interest expense	(62,066)	[1]		(36,821)	[1]							(164,652)	[1]	(11,455)	[1]	(54,706)	[2]	(59,214)	[2]	(52,258)	[2]
Net income (loss) from continuing operations	2,051	[3]	(5,721)	(2,417)	[3]	63,746	(415)	(1,548)	1,005	(3,719)	(3,910)	1,669	[3]	60,914	[3]	55,193	[4]	(8,172)	[4]	(18,341)	[4]
Assets:
Total assets	2,451,727		1,500,000					491,663				2,451,727				1,500,000		491,663
Depreciation and amortization	25,120			12,306								68,534		22,451		36,408		5,675		256
Total income tax benefit (provision)	985		(162)	165		437	$ 369	803	$ 744	$ 4,441	$ 405	2,116		971		809		6,393		3,330
Gain on remeasurement of previously held joint venture						$ 72,345								72,345		72,345
Asset Management Financial Measures [Member]
Segment Reporting Information [Line Items]
Total revenues	5,138			4,848								17,546		18,867		25,017		40,896		34,667
Total operating and interest expense	(5,235)	[1]		(3,963)	[1]							(16,592)	[1]	(16,398)	[1]	(21,154)	[2]	(30,887)	[2]	(24,824)	[2]
Net income (loss) from continuing operations	(97)	[3]		885	[3]							954	[3]	2,469	[3]	3,863	[4]	10,009	[4]	9,843	[4]
Assets:
Total assets	13,057		8,140					12,950				13,057				8,140		12,950
Investments Corporate [Member]
Segment Reporting Information [Line Items]
Total revenues	60,075			29,453								149,749		51,646		82,923		15,808		2,154
Equity in net loss from unconsolidated joint ventures	(1,096)			103								(974)		1,856		1,959		(5,662)		(2,904)
Total operating and interest expense	(56,831)	[1]		(32,858)	[1]							(148,060)	[1]	4,943	[1]	(33,552)	[2]	(28,327)	[2]	(27,434)	[2]
Net income (loss) from continuing operations	2,148	[3]		$ (3,302)	[3]							715	[3]	$ 58,445	[3]	51,330	[4]	(18,181)	[4]	$ (28,184)	[4]
Assets:
Total assets	$ 2,438,670		$ 1,491,860					$ 478,713				$ 2,438,670				$ 1,491,860		$ 478,713
[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 $25,120 and $12,306 and provision for taxes of $985 and $165 for the three months ended September 30, 2015 and 2014, respectively, are included in the amounts presented above. Depreciation and amortization of $68,534 and $22,451, provision for taxes of $2,116 and $971 and a gain on remeasurement of a previously held joint venture of $0 and $72,345 for the nine months ended September 30, 2015 and 2014, respectively, are included in the amounts presented above.
[2]	Total operating and interest expense includes operating costs on commercial property assets for the Investments segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $36,408, $5,675, and $256 and provision for taxes of $809, $6,393, and $3,330 for the years ended December 31, 2014, 2013, and 2012, respectively.
[3]	Net income (loss) from continuing operations represents income (loss) before discontinued operations.
[4]	Net income (loss) from continuing operation represents income (loss) before discontinued oeprations.Net income (loss) from continuing operations represents income (loss) before discontinued operations.

Supplemental Disclosure of N107

Supplemental Disclosure of Non-Cash Investing and Financing Activities (Non-Cash Activities Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred losses and other non-cash activity related to derivatives	$ (2,584)	$ 1,031	$ (3,248)	$ (1,172)	$ (3,002)	$ (187)	$ 2,146
Change in net unrealized loss on securities available for sale					752	$ (1,219)	343,528
Non-cash effect of foreign currency translation adjustments					(48)
Parent Company [Member]
Deferred losses and other non-cash activity related to derivatives			$ (3,248)		$ (3,002)		$ 2,146

Selected Quarterly Financial108

Selected Quarterly Financial Data (unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended											9 Months Ended				12 Months Ended
	Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Total Revenues	$ 65,213		$ 37,427	$ 34,301		$ 20,628	$ 15,584	$ 17,712	$ 13,421	$ 16,304	$ 9,267	$ 167,295		$ 70,513		$ 107,940		$ 56,704		$ 36,821
Income (loss) before equity in net income (loss) of joint ventures, provision for taxes, non-controlling interest and discontinued operations	3,740		(5,986)	(2,355)		(7,362)	(674)	2,109	766	3,325	(2,317)	4,166		(10,391)		(16,377)		3,883		(12,107)
Equity in net income (loss) of joint ventures	(1,096)		103	103		1,125	628	(2,854)	983	(2,603)	(1,188)	(974)		1,856		1,959		(5,662)		(2,904)
Income (loss) from continuing operations before provision for taxes and discontinued operations			(5,883)	(2,252)		(6,237)	(46)	(745)	1,749	722	(3,505)
Gain on remeasurement of previously held joint venture						72,345								72,345		72,345
Loss on extinguishment of debt						(1,925)								(1,925)		(1,925)
Provisions for taxes	(985)		162	(165)		(437)	(369)	(803)	(744)	(4,441)	(405)	(2,116)		(971)		(809)		(6,393)		(3,330)
Net income (loss) continuing operations	2,051	[1]	(5,721)	(2,417)	[1]	63,746	(415)	(1,548)	1,005	(3,719)	(3,910)	1,669	[1]	60,914	[1]	55,193	[2]	(8,172)	[2]	(18,341)	[2]
Net income (loss) from discontinued operations	(41)		(2)	(41)		(395)	(86)	(4,399)	(514)	(1,175)	399,087	17		(522)		(524)		5,057		(169,174)
Net income (loss)	2,010		(5,723)	(2,458)		63,351	(501)					1,686		60,392		54,669		$ 384,827		$ (171,548)
Net (income) loss attributable to noncontrolling interest	(20)		132	104								43		104		236
Net income (loss) attributable to Gramercy Property Trust Inc.	1,990		(5,591)	(2,354)		63,351	(501)	(5,947)	491	(4,894)	395,177	1,729		60,496		54,905		$ 384,827		$ (171,548)
Preferred stock redemption costs				(2,912)										(2,912)		(2,912)
Preferred stock dividends	(1,559)		(1,576)	(2,192)		(1,791)	(1,790)	(1,792)	(1,790)	(1,790)	(1,790)	(4,676)		(5,773)		(7,349)		(7,162)		(7,162)
Net income (loss) available to common stockholders	$ 431		$ (7,167)	$ (7,458)		$ 61,560	$ (2,291)	$ (7,739)	$ (1,299)	$ (6,684)	$ 393,387	$ (2,947)		$ 51,811		$ 44,644		$ 377,665		$ (178,710)
Basic earnings per share:
Net loss from continuing operations, net of non-controlling interest and after preferred dividends (in dollars per share)	$ 0.01	[3]	$ (0.05)	$ (0.25)	[3]	$ 0.66	$ (0.03)	$ (0.05)	$ (0.01)	$ (0.09)	$ (0.10)	$ (0.06)	[3]	$ 2.21	[3]	$ 0.43		$ (0.25)		$ (0.49)
Net income (loss) from discontinued operations								(0.06)	(0.01)	(0.02)	6.80			(0.02)	[3]			6.39		(2.95)
Net income (loss) available to common stock holders (in dollars per share)	0.01	[3]	$ (0.05)	$ (0.25)	[3]	$ 0.66	$ (0.03)	(0.11)	(0.02)	(0.11)	6.70	(0.06)	[3]	2.19	[3]	0.43		6.14		(3.44)
Diluted earnings per share:
Net loss from continuing operations, net of non-controlling interest and after preferred dividends (in dollars per share)	0.01	[3]	$ (0.05)	$ (0.25)	[3]	$ 0.65	$ (0.03)	(0.05)	(0.01)	(0.09)	(0.10)	(0.06)	[3]	2.15	[3]	0.41		(0.25)		(0.49)
Net income (loss) from discontinued operations (in dollars per share)								(0.06)	(0.01)	(0.02)	6.80			(0.02)	[3]			6.39		(2.95)
Net income (loss) available to common stock holders (in dollars per share)	$ 0.01	[3]	$ (0.05)	$ (0.25)	[3]	$ 0.65	$ (0.03)	$ (0.11)	$ (0.02)	$ (0.11)	$ 6.70	$ (0.06)	[3]	$ 2.13	[3]	$ 0.41		$ 6.14		$ (3.44)
Basic weighted average common shares outstanding	57,666,780	[3]	133,859,665	29,481,537	[3]	92,753,999	70,763,959	69,724,546	58,902,708	58,605,219	58,678,078	53,226,406	[3]	23,702,710	[3]	104,811,814		61,500,847		51,976,462
Diluted weighted average common shares and common share equivalents outstanding	58,838,683	[3]	133,859,665	29,481,537	[3]	95,085,817	70,763,959	69,724,546	58,902,708	58,605,219	58,678,078	53,226,406	[3]	24,296,691	[3]	107,750,340		61,500,847		51,976,462
Parent Company [Member]
Net income (loss) attributable to Gramercy Property Trust Inc.																$ 54,905		$ 384,827		$ (171,548)
Preferred stock dividends																		$ (7,162)		$ (7,162)
Scenario, Previously Reported [Member]
Basic earnings per share:
Net loss from continuing operations, net of non-controlling interest and after preferred dividends (in dollars per share)				$ (0.06)
Net income (loss) available to common stock holders (in dollars per share)				(0.06)
Diluted earnings per share:
Net loss from continuing operations, net of non-controlling interest and after preferred dividends (in dollars per share)				(0.06)
Net income (loss) available to common stock holders (in dollars per share)				$ (0.06)
Basic weighted average common shares outstanding				117,926,151
Diluted weighted average common shares and common share equivalents outstanding				117,926,151
[1]	Net income (loss) from continuing operations represents income (loss) before discontinued operations.
[2]	Net income (loss) from continuing operation represents income (loss) before discontinued oeprations.Net income (loss) from continuing operations represents income (loss) before discontinued operations.
[3]	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.

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)ft²shares	Sep. 30, 2015USD ($)ft²shares	Jul. 31, 2015USD ($)	Jun. 23, 2015shares	Feb. 28, 2015shares	Jun. 09, 2014USD ($)	Dec. 31, 2013USD ($)ft²shares	Nov. 30, 2013shares
Subsequent Event [Line Items]
Area of real estate property | ft²		8,999,528	21,078,596					3,987,631
Mortgage loans on real estate, carrying amount of mortgages		$ 161,642,000	$ 318,874,000					$ 48,899,000
Common stock, shares authorized | shares		220,000,000	200,000,000		400,000,000			100,000,000	96,000,000
Industrial Property [Member]
Subsequent Event [Line Items]
Area of real estate property | ft²			14,167,861
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares authorized | shares						400,000,000
Subsequent Event [Member] | Nine Property Investment [Member]
Subsequent Event [Line Items]
Area of real estate property | ft²		1,688,778
Payments to acquire real estate, total		$ 144,520,000
Percentage of occupancy for leased office and industrial property		100.00%
Mortgage loans on real estate, carrying amount of mortgages		$ 13,025,000
Mortgage loans on real estate, interest rate		5.57%
Debt instrument, maturity date		Nov. 1, 2016
Unsecured Revolving Credit And Term Loan Agreement [Member]
Subsequent Event [Line Items]
Debt instrument, face amount	$ 1,000,000,000						$ 400,000,000
Unsecured Revolving Credit And Term Loan Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	600,000,000
Unsecured Credit Facillity [Member]
Subsequent Event [Line Items]
Line of credit facility, increase (decrease), net	200,000,000
Debt instrument, face amount				$ 450,000,000			$ 200,000,000
Unsecured Credit Facillity [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility, increase (decrease), net	$ 400,000,000

Schedule II Valuation and Qu110

Schedule II Valuation and Qualifying Accounts (Details) - Tenant and Other Receivables-Allowance [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance	$ 449	$ 211	$ 280
Additions charged to costs	107	450	101
Deductions	368	212	170
Balance	$ 188	$ 449	$ 211

Schedule III - Real Estate I111

Schedule III - Real Estate Investments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Valuation and Qualifying Accounts Disclosure [Line Items]
SEC Schedule III, Real Estate, Federal Income Tax Basis		$ 1,109,824
Building [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Property, plant and equipment, useful life	40 years	40 years
Minimum [Member] | Building Equipment and Fixtures [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Property, plant and equipment, useful life	5 years	5 years
Maximum [Member] | Building Equipment and Fixtures [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Property, plant and equipment, useful life	10 years	10 years

Schedule III - Real Estate I112

Schedule III - Real Estate Investments (Schedule of Real Estate Investments) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 158,061
Initial Costs - Land		239,503
Initial Costs - Building and Improvements		805,074
Net Improvements (Retirements) Since Acquisition		23,043
Gross Amount - Land		239,503
Gross Amount - Building and Improvements		828,117
Total Amount on Land and Building Improvements		1,067,620	[2]	$ 337,712	$ 23,159	$ 68,690
Accumulated Depreciation		$ (27,598)		$ (4,247)	$ (50)	$ (2,983)
Average Depreciable Life	[3]
Greenwood [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IN
Acquisition Date		Nov. 20, 2012
Encumbrances	[1]	$ 7,777
Initial Costs - Land		1,200
Initial Costs - Building and Improvements		12,002
Gross Amount - Land		1,200
Gross Amount - Building and Improvements		12,002
Total Amount on Land and Building Improvements	[2]	13,202
Accumulated Depreciation		$ (726)
Average Depreciable Life	[3]
Greenfield [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IN
Acquisition Date		Nov. 20, 2012
Encumbrances	[1]	$ 6,286
Initial Costs - Land		600
Initial Costs - Building and Improvements		9,357
Gross Amount - Land		600
Gross Amount - Building and Improvements		9,357
Total Amount on Land and Building Improvements	[2]	9,957
Accumulated Depreciation		$ (536)
Average Depreciable Life	[3]
Olive Branch [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MS
Acquisition Date		Mar. 11, 2013
Initial Costs - Land		$ 2,250
Initial Costs - Building and Improvements		18,891
Net Improvements (Retirements) Since Acquisition		35
Gross Amount - Land		2,250
Gross Amount - Building and Improvements		18,926
Total Amount on Land and Building Improvements	[2]	21,176
Accumulated Depreciation		$ (933)
Average Depreciable Life	[3]
Garland [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Mar. 19, 2013
Initial Costs - Land		$ 2,200
Initial Costs - Building and Improvements		6,081
Net Improvements (Retirements) Since Acquisition		1,109
Gross Amount - Land		2,200
Gross Amount - Building and Improvements		7,190
Total Amount on Land and Building Improvements	[2]	9,390
Accumulated Depreciation		$ (654)
Average Depreciable Life	[3]
East Brunswick [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NJ
Acquisition Date		Mar. 28, 2013
Initial Costs - Land		$ 5,700
Initial Costs - Building and Improvements		4,626
Net Improvements (Retirements) Since Acquisition		63
Gross Amount - Land		5,700
Gross Amount - Building and Improvements		4,689
Total Amount on Land and Building Improvements	[2]	10,389
Accumulated Depreciation		$ (368)
Average Depreciable Life	[3]
Atlanta [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		GA
Acquisition Date		May 6, 2013
Initial Costs - Land		$ 1,700
Initial Costs - Building and Improvements		4,949
Net Improvements (Retirements) Since Acquisition		735
Gross Amount - Land		1,700
Gross Amount - Building and Improvements		5,684
Total Amount on Land and Building Improvements	[2]	7,384
Accumulated Depreciation		$ (976)
Average Depreciable Life	[3]
Bellmawr [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NJ
Acquisition Date		May 30, 2013
Initial Costs - Land		$ 540
Initial Costs - Building and Improvements		2,992
Gross Amount - Land		540
Gross Amount - Building and Improvements		2,992
Total Amount on Land and Building Improvements	[2]	3,532
Accumulated Depreciation		$ (179)
Average Depreciable Life	[3]
Hialeah Gardens [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		May 30, 2013
Initial Costs - Land		$ 4,839
Initial Costs - Building and Improvements		1,437
Net Improvements (Retirements) Since Acquisition		19,914
Gross Amount - Land		4,839
Gross Amount - Building and Improvements		21,351
Total Amount on Land and Building Improvements	[2]	26,190
Accumulated Depreciation		$ (267)
Average Depreciable Life	[3]
Deer Park [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NY
Acquisition Date		Jun. 18, 2013
Initial Costs - Land		$ 1,596
Initial Costs - Building and Improvements		1,926
Gross Amount - Land		1,596
Gross Amount - Building and Improvements		1,926
Total Amount on Land and Building Improvements	[2]	3,522
Accumulated Depreciation		$ (219)
Average Depreciable Life	[3]
Elkridge [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MD
Acquisition Date		Jun. 19, 2013
Initial Costs - Land		$ 2,589
Initial Costs - Building and Improvements		3,034
Gross Amount - Land		2,589
Gross Amount - Building and Improvements		3,034
Total Amount on Land and Building Improvements	[2]	5,623
Accumulated Depreciation		$ (303)
Average Depreciable Life	[3]
Orlando [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 26, 2013
Initial Costs - Land		$ 1,644
Initial Costs - Building and Improvements		2,904
Gross Amount - Land		1,644
Gross Amount - Building and Improvements		2,904
Total Amount on Land and Building Improvements	[2]	4,548
Accumulated Depreciation		$ (325)
Average Depreciable Life	[3]
Houston [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Jun. 26, 2013
Initial Costs - Land		$ 3,251
Initial Costs - Building and Improvements		2,650
Net Improvements (Retirements) Since Acquisition		134
Gross Amount - Land		3,251
Gross Amount - Building and Improvements		2,784
Total Amount on Land and Building Improvements	[2]	6,035
Accumulated Depreciation		$ (541)
Average Depreciable Life	[3]
Logan [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NJ
Acquisition Date		Jun. 28, 2013
Initial Costs - Land		$ 1,070
Initial Costs - Building and Improvements		9,603
Gross Amount - Land		1,070
Gross Amount - Building and Improvements		9,603
Total Amount on Land and Building Improvements	[2]	10,673
Accumulated Depreciation		$ (423)
Average Depreciable Life	[3]
Atlanta One [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		GA
Acquisition Date		Aug. 22, 2013
Initial Costs - Land		$ 224
Initial Costs - Building and Improvements		3,150
Gross Amount - Land		224
Gross Amount - Building and Improvements		3,150
Total Amount on Land and Building Improvements	[2]	3,374
Accumulated Depreciation		$ (342)
Average Depreciable Life	[3]
Manassas [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		VA
Acquisition Date		Sep. 5, 2013
Initial Costs - Land		$ 890
Initial Costs - Building and Improvements		2,796
Gross Amount - Land		890
Gross Amount - Building and Improvements		2,796
Total Amount on Land and Building Improvements	[2]	3,686
Accumulated Depreciation		$ (123)
Average Depreciable Life	[3]
Manassas One [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		VA
Acquisition Date		Sep. 5, 2013
Initial Costs - Land		$ 546
Initial Costs - Building and Improvements		3,401
Gross Amount - Land		546
Gross Amount - Building and Improvements		3,401
Total Amount on Land and Building Improvements	[2]	3,947
Accumulated Depreciation		$ (147)
Average Depreciable Life	[3]
Yuma [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		AZ
Acquisition Date		Oct. 1, 2013
Encumbrances	[1]	$ 12,428
Initial Costs - Land		1,897
Initial Costs - Building and Improvements		16,275
Net Improvements (Retirements) Since Acquisition		18
Gross Amount - Land		1,897
Gross Amount - Building and Improvements		16,293
Total Amount on Land and Building Improvements	[2]	18,190
Accumulated Depreciation		$ (781)
Average Depreciable Life	[3]
Austin [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Oct. 22, 2013
Initial Costs - Land		$ 1,017
Initial Costs - Building and Improvements		6,527
Gross Amount - Land		1,017
Gross Amount - Building and Improvements		6,527
Total Amount on Land and Building Improvements	[2]	7,544
Accumulated Depreciation		$ (289)
Average Depreciable Life	[3]
Galesburg [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Nov. 15, 2013
Initial Costs - Land		$ 300
Initial Costs - Building and Improvements		903
Gross Amount - Land		300
Gross Amount - Building and Improvements		903
Total Amount on Land and Building Improvements	[2]	1,203
Accumulated Depreciation		$ (46)
Average Depreciable Life	[3]
Peru [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Nov. 15, 2013
Initial Costs - Land		$ 869
Initial Costs - Building and Improvements		4,438
Gross Amount - Land		869
Gross Amount - Building and Improvements		4,438
Total Amount on Land and Building Improvements	[2]	5,307
Accumulated Depreciation		$ (182)
Average Depreciable Life	[3]
Indianapolis [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IN
Acquisition Date		Nov. 15, 2013
Encumbrances	[1]	$ 21,962
Initial Costs - Land		2,168
Initial Costs - Building and Improvements		27,485
Net Improvements (Retirements) Since Acquisition		(37)
Gross Amount - Land		2,168
Gross Amount - Building and Improvements		27,448
Total Amount on Land and Building Improvements	[2]	29,616
Accumulated Depreciation		$ (1,057)
Average Depreciable Life	[3]
Waco [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Nov. 21, 2013
Encumbrances	[1]	$ 15,782
Initial Costs - Land		1,615
Initial Costs - Building and Improvements		17,940
Gross Amount - Land		1,615
Gross Amount - Building and Improvements		17,940
Total Amount on Land and Building Improvements	[2]	19,555
Accumulated Depreciation		$ (589)
Average Depreciable Life	[3]
Upper Macungie [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		PA
Acquisition Date		Dec. 23, 2013
Encumbrances	[1]	$ 23,793
Initial Costs - Land		4,767
Initial Costs - Building and Improvements		25,468
Gross Amount - Land		4,767
Gross Amount - Building and Improvements		25,468
Total Amount on Land and Building Improvements	[2]	30,235
Accumulated Depreciation		$ (1,154)
Average Depreciable Life	[3]
Vernon [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Dec. 30, 2013
Initial Costs - Land		$ 3,317
Initial Costs - Building and Improvements		4,837
Gross Amount - Land		3,317
Gross Amount - Building and Improvements		4,837
Total Amount on Land and Building Improvements	[2]	8,154
Accumulated Depreciation		$ (158)
Average Depreciable Life	[3]
Vernon One [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Dec. 30, 2013
Initial Costs - Land		$ 2,083
Initial Costs - Building and Improvements		4,583
Gross Amount - Land		2,083
Gross Amount - Building and Improvements		4,583
Total Amount on Land and Building Improvements	[2]	6,666
Accumulated Depreciation		$ (173)
Average Depreciable Life	[3]
Des Plains [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Feb. 18, 2014
Encumbrances	[1]	$ 2,608
Initial Costs - Land		1,110
Initial Costs - Building and Improvements		3,905
Gross Amount - Land		1,110
Gross Amount - Building and Improvements		3,905
Total Amount on Land and Building Improvements	[2]	5,015
Accumulated Depreciation		$ (173)
Average Depreciable Life	[3]
Elgin [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Apr. 23, 2014
Initial Costs - Land		$ 1,570
Initial Costs - Building and Improvements		4,501
Gross Amount - Land		1,570
Gross Amount - Building and Improvements		4,501
Total Amount on Land and Building Improvements	[2]	6,071
Accumulated Depreciation		$ (96)
Average Depreciable Life	[3]
Harrisburgh [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		PA
Acquisition Date		May 1, 2014
Initial Costs - Land		$ 1,825
Initial Costs - Building and Improvements		5,516
Gross Amount - Land		1,825
Gross Amount - Building and Improvements		5,516
Total Amount on Land and Building Improvements	[2]	7,341
Accumulated Depreciation		$ (205)
Average Depreciable Life	[3]
ElK Grove Village [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		May 20, 2014
Initial Costs - Land		$ 5,600
Initial Costs - Building and Improvements		12,403
Gross Amount - Land		5,600
Gross Amount - Building and Improvements		12,403
Total Amount on Land and Building Improvements	[2]	18,003
Accumulated Depreciation		$ (267)
Average Depreciable Life	[3]
Tampa [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		May 29, 2014
Initial Costs - Land		$ 1,830
Initial Costs - Building and Improvements		6,159
Gross Amount - Land		1,830
Gross Amount - Building and Improvements		6,159
Total Amount on Land and Building Improvements	[2]	7,989
Accumulated Depreciation		$ (148)
Average Depreciable Life	[3]
Ames [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IA
Acquisition Date		Jul. 31, 2014
Encumbrances	[1]	$ 17,342
Initial Costs - Land		2,600
Initial Costs - Building and Improvements		19,900
Gross Amount - Land		2,600
Gross Amount - Building and Improvements		19,900
Total Amount on Land and Building Improvements	[2]	22,500
Accumulated Depreciation		$ (243)
Average Depreciable Life	[3]
Buford [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		GA
Acquisition Date		Jul. 31, 2014
Encumbrances	[1]	$ 16,354
Initial Costs - Land		3,520
Initial Costs - Building and Improvements		18,168
Gross Amount - Land		3,520
Gross Amount - Building and Improvements		18,168
Total Amount on Land and Building Improvements	[2]	21,688
Accumulated Depreciation		$ (223)
Average Depreciable Life	[3]
Wilson [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NC
Acquisition Date		Jul. 31, 2014
Encumbrances	[1]	$ 8,827
Initial Costs - Land		540
Initial Costs - Building and Improvements		13,401
Net Improvements (Retirements) Since Acquisition		48
Gross Amount - Land		540
Gross Amount - Building and Improvements		13,449
Total Amount on Land and Building Improvements	[2]	13,989
Accumulated Depreciation		$ (146)
Average Depreciable Life	[3]
Arlington Heights [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Aug. 19, 2014
Initial Costs - Land		$ 1,960
Initial Costs - Building and Improvements		14,505
Gross Amount - Land		1,960
Gross Amount - Building and Improvements		14,505
Total Amount on Land and Building Improvements	[2]	16,465
Accumulated Depreciation		$ (165)
Average Depreciable Life	[3]
Bloomingdale [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Sep. 19, 2014
Initial Costs - Land		$ 1,020
Initial Costs - Building and Improvements		5,061
Gross Amount - Land		1,020
Gross Amount - Building and Improvements		5,061
Total Amount on Land and Building Improvements	[2]	6,081
Accumulated Depreciation		$ (35)
Average Depreciable Life	[3]
Kenosha [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		WI
Acquisition Date		Sep. 24, 2014
Initial Costs - Land		$ 1,710
Initial Costs - Building and Improvements		7,500
Gross Amount - Land		1,710
Gross Amount - Building and Improvements		7,500
Total Amount on Land and Building Improvements	[2]	9,210
Accumulated Depreciation		$ (64)
Average Depreciable Life	[3]
Worcester [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MA
Acquisition Date		Sep. 24, 2014
Initial Costs - Land		$ 1,430
Initial Costs - Building and Improvements		17,789
Gross Amount - Land		1,430
Gross Amount - Building and Improvements		17,789
Total Amount on Land and Building Improvements	[2]	19,219
Accumulated Depreciation		$ (113)
Average Depreciable Life	[3]
Miami [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Oct. 24, 2014
Initial Costs - Land		$ 3,980
Initial Costs - Building and Improvements		6,376
Gross Amount - Land		3,980
Gross Amount - Building and Improvements		6,376
Total Amount on Land and Building Improvements	[2]	10,356
Accumulated Depreciation		$ (44)
Average Depreciable Life	[3]
Morrow [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		GA
Acquisition Date		Nov. 25, 2014
Initial Costs - Land		$ 760
Initial Costs - Building and Improvements		5,401
Gross Amount - Land		760
Gross Amount - Building and Improvements		5,401
Total Amount on Land and Building Improvements	[2]	6,161
Accumulated Depreciation		$ (16)
Average Depreciable Life	[3]
Puyallup [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		WA
Acquisition Date		Dec. 2, 2014
Initial Costs - Land		$ 2,740
Initial Costs - Building and Improvements		6,399
Gross Amount - Land		2,740
Gross Amount - Building and Improvements		6,399
Total Amount on Land and Building Improvements	[2]	9,139
Accumulated Depreciation		$ (16)
Average Depreciable Life	[3]
Rolling Meadows [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Dec. 4, 2014
Initial Costs - Land		$ 3,240
Initial Costs - Building and Improvements		6,705
Gross Amount - Land		3,240
Gross Amount - Building and Improvements		6,705
Total Amount on Land and Building Improvements	[2]	9,945
Accumulated Depreciation		$ (16)
Average Depreciable Life	[3]
Lewisville [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Dec. 4, 2014
Initial Costs - Land		$ 1,530
Initial Costs - Building and Improvements		4,971
Gross Amount - Land		1,530
Gross Amount - Building and Improvements		4,971
Total Amount on Land and Building Improvements	[2]	6,501
Accumulated Depreciation		$ (17)
Average Depreciable Life	[3]
Groveport [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		OH
Acquisition Date		Dec. 4, 2014
Initial Costs - Land		$ 940
Initial Costs - Building and Improvements		5,616
Gross Amount - Land		940
Gross Amount - Building and Improvements		5,616
Total Amount on Land and Building Improvements	[2]	6,556
Accumulated Depreciation		$ (20)
Average Depreciable Life	[3]
Midway [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		GA
Acquisition Date		Dec. 8, 2014
Initial Costs - Land		$ 2,520
Initial Costs - Building and Improvements		14,533
Gross Amount - Land		2,520
Gross Amount - Building and Improvements		14,533
Total Amount on Land and Building Improvements	[2]	17,053
Accumulated Depreciation		$ (40)
Average Depreciable Life	[3]
Buffalo Grove [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Dec. 18, 2014
Initial Costs - Land		$ 1,110
Initial Costs - Building and Improvements		2,724
Gross Amount - Land		1,110
Gross Amount - Building and Improvements		2,724
Total Amount on Land and Building Improvements	[2]	$ 3,834
Average Depreciable Life	[3]
Burr Ridge [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Dec. 18, 2014
Initial Costs - Land		$ 1,260
Initial Costs - Building and Improvements		2,423
Gross Amount - Land		1,260
Gross Amount - Building and Improvements		2,423
Total Amount on Land and Building Improvements	[2]	$ 3,683
Average Depreciable Life	[3]
Hamlet [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NC
Acquisition Date		Dec. 19, 2014
Initial Costs - Land		$ 260
Initial Costs - Building and Improvements		10,382
Gross Amount - Land		260
Gross Amount - Building and Improvements		10,382
Total Amount on Land and Building Improvements	[2]	$ 10,642
Average Depreciable Life	[3]
Downers Grove [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Dec. 23, 2014
Initial Costs - Land		$ 1,270
Initial Costs - Building and Improvements		8,585
Gross Amount - Land		1,270
Gross Amount - Building and Improvements		8,585
Total Amount on Land and Building Improvements	[2]	$ 9,855
Average Depreciable Life	[3]
Bolingbrook [Member] | Industrial Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Dec. 23, 2014
Initial Costs - Land		$ 2,240
Initial Costs - Building and Improvements		9,884
Gross Amount - Land		2,240
Gross Amount - Building and Improvements		9,884
Total Amount on Land and Building Improvements	[2]	$ 12,124
Average Depreciable Life	[3]
Emmaus [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		PA
Acquisition Date		Jun. 6, 2013
Initial Costs - Land		$ 407
Initial Costs - Building and Improvements		986
Gross Amount - Land		407
Gross Amount - Building and Improvements		986
Total Amount on Land and Building Improvements	[2]	1,393
Accumulated Depreciation		$ (83)
Average Depreciable Life	[3]
Calabash [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		SC
Acquisition Date		Jun. 6, 2013
Initial Costs - Land		$ 187
Initial Costs - Building and Improvements		290
Gross Amount - Land		187
Gross Amount - Building and Improvements		290
Total Amount on Land and Building Improvements	[2]	477
Accumulated Depreciation		$ (32)
Average Depreciable Life	[3]
Morristown [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NJ
Acquisition Date		Aug. 1, 2013
Initial Costs - Land		$ 2,236
Initial Costs - Building and Improvements		3,841
Gross Amount - Land		2,236
Gross Amount - Building and Improvements		3,841
Total Amount on Land and Building Improvements	[2]	6,077
Accumulated Depreciation		$ (433)
Average Depreciable Life	[3]
St Louis [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MO
Acquisition Date		May 15, 2014
Initial Costs - Land		$ 1,200
Initial Costs - Building and Improvements		295
Net Improvements (Retirements) Since Acquisition		55
Gross Amount - Land		1,200
Gross Amount - Building and Improvements		350
Total Amount on Land and Building Improvements	[2]	1,550
Accumulated Depreciation		$ (15)
Average Depreciable Life	[3]
Nashville [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TN
Acquisition Date		May 20, 2014
Initial Costs - Land		$ 2,850
Initial Costs - Building and Improvements		8,913
Gross Amount - Land		2,850
Gross Amount - Building and Improvements		8,913
Total Amount on Land and Building Improvements	[2]	11,763
Accumulated Depreciation		$ (173)
Average Depreciable Life	[3]
Malvern [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		PA
Acquisition Date		Jun. 30, 2014
Initial Costs - Land		$ 2,100
Initial Costs - Building and Improvements		21,270
Gross Amount - Land		2,100
Gross Amount - Building and Improvements		21,270
Total Amount on Land and Building Improvements	[2]	23,370
Accumulated Depreciation		$ (430)
Average Depreciable Life	[3]
Parsippany [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NJ
Acquisition Date		Sep. 30, 2014
Initial Costs - Land		$ 1,800
Initial Costs - Building and Improvements		2,154
Gross Amount - Land		1,800
Gross Amount - Building and Improvements		2,154
Total Amount on Land and Building Improvements	[2]	3,954
Accumulated Depreciation		$ (18)
Average Depreciable Life	[3]
Westlake Village [Member] | Office/Banking Centers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Dec. 22, 2014
Initial Costs - Land		$ 17,300
Initial Costs - Building and Improvements		13,077
Gross Amount - Land		17,300
Gross Amount - Building and Improvements		13,077
Total Amount on Land and Building Improvements	[2]	$ 30,377
Average Depreciable Life	[3]
Phoenix [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		AZ
Acquisition Date		Jun. 9, 2014
Initial Costs - Building and Improvements		$ 10,556
Gross Amount - Building and Improvements		10,556
Total Amount on Land and Building Improvements	[2]	10,556
Accumulated Depreciation		$ (225)
Average Depreciable Life	[3]
Phoenix One [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		AZ
Acquisition Date		Jun. 9, 2014
Initial Costs - Building and Improvements		$ 27,106
Net Improvements (Retirements) Since Acquisition		95
Gross Amount - Building and Improvements		27,201
Total Amount on Land and Building Improvements	[2]	27,201
Accumulated Depreciation		$ (494)
Average Depreciable Life	[3]
Phoenix Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		AZ
Acquisition Date		Jun. 9, 2014
Initial Costs - Building and Improvements		$ 5,241
Gross Amount - Building and Improvements		5,241
Total Amount on Land and Building Improvements	[2]	5,241
Accumulated Depreciation		$ (132)
Average Depreciable Life	[3]
Phoenix Three [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		AZ
Acquisition Date		Jun. 9, 2014
Initial Costs - Building and Improvements		$ 10,983
Gross Amount - Building and Improvements		10,983
Total Amount on Land and Building Improvements	[2]	10,983
Accumulated Depreciation		$ (231)
Average Depreciable Life	[3]
Mesa [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		AZ
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 493
Initial Costs - Building and Improvements		2,499
Gross Amount - Land		493
Gross Amount - Building and Improvements		2,499
Total Amount on Land and Building Improvements	[2]	2,992
Accumulated Depreciation		$ (71)
Average Depreciable Life	[3]
Phoenix Four [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		AZ
Acquisition Date		Jun. 9, 2014
Initial Costs - Building and Improvements		$ 19,290
Gross Amount - Building and Improvements		19,290
Total Amount on Land and Building Improvements	[2]	19,290
Accumulated Depreciation		$ (359)
Average Depreciable Life	[3]
Long Beach [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 685
Initial Costs - Building and Improvements		674
Gross Amount - Land		685
Gross Amount - Building and Improvements		674
Total Amount on Land and Building Improvements	[2]	1,359
Accumulated Depreciation		$ (43)
Average Depreciable Life	[3]
Fresno [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 368
Initial Costs - Building and Improvements		1,628
Gross Amount - Land		368
Gross Amount - Building and Improvements		1,628
Total Amount on Land and Building Improvements	[2]	1,996
Accumulated Depreciation		$ (69)
Average Depreciable Life	[3]
Fresno One [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 359
Initial Costs - Building and Improvements		2,260
Gross Amount - Land		359
Gross Amount - Building and Improvements		2,260
Total Amount on Land and Building Improvements	[2]	2,619
Accumulated Depreciation		$ (85)
Average Depreciable Life	[3]
Coronado [Member | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 579
Initial Costs - Building and Improvements		2,431
Net Improvements (Retirements) Since Acquisition		115
Gross Amount - Land		579
Gross Amount - Building and Improvements		2,546
Total Amount on Land and Building Improvements	[2]	3,125
Accumulated Depreciation		$ (82)
Average Depreciable Life	[3]
Bakersfield [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 456
Initial Costs - Building and Improvements		1,437
Gross Amount - Land		456
Gross Amount - Building and Improvements		1,437
Total Amount on Land and Building Improvements	[2]	1,893
Accumulated Depreciation		$ (77)
Average Depreciable Life	[3]
Compton [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 625
Initial Costs - Building and Improvements		605
Gross Amount - Land		625
Gross Amount - Building and Improvements		605
Total Amount on Land and Building Improvements	[2]	1,230
Accumulated Depreciation		$ (32)
Average Depreciable Life	[3]
El Segundo [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,233
Initial Costs - Building and Improvements		685
Gross Amount - Land		1,233
Gross Amount - Building and Improvements		685
Total Amount on Land and Building Improvements	[2]	1,918
Accumulated Depreciation		$ (51)
Average Depreciable Life	[3]
Escondido [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 812
Initial Costs - Building and Improvements		3,138
Gross Amount - Land		812
Gross Amount - Building and Improvements		3,138
Total Amount on Land and Building Improvements	[2]	3,950
Accumulated Depreciation		$ (99)
Average Depreciable Life	[3]
Fresno Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 492
Initial Costs - Building and Improvements		2,263
Gross Amount - Land		492
Gross Amount - Building and Improvements		2,263
Total Amount on Land and Building Improvements	[2]	2,755
Accumulated Depreciation		$ (109)
Average Depreciable Life	[3]
Gardena [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,201
Initial Costs - Building and Improvements		1,003
Gross Amount - Land		1,201
Gross Amount - Building and Improvements		1,003
Total Amount on Land and Building Improvements	[2]	2,204
Accumulated Depreciation		$ (61)
Average Depreciable Life	[3]
Glendale [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,548
Initial Costs - Building and Improvements		4,786
Gross Amount - Land		1,548
Gross Amount - Building and Improvements		4,786
Total Amount on Land and Building Improvements	[2]	6,334
Accumulated Depreciation		$ (241)
Average Depreciable Life	[3]
Ontario [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,609
Initial Costs - Building and Improvements		6,342
Gross Amount - Land		1,609
Gross Amount - Building and Improvements		6,342
Total Amount on Land and Building Improvements	[2]	7,951
Accumulated Depreciation		$ (173)
Average Depreciable Life	[3]
Newport Beach [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,481
Initial Costs - Building and Improvements		2,335
Gross Amount - Land		1,481
Gross Amount - Building and Improvements		2,335
Total Amount on Land and Building Improvements	[2]	3,816
Accumulated Depreciation		$ (108)
Average Depreciable Life	[3]
Los Angeles [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,242
Initial Costs - Building and Improvements		883
Gross Amount - Land		1,242
Gross Amount - Building and Improvements		883
Total Amount on Land and Building Improvements	[2]	2,125
Accumulated Depreciation		$ (40)
Average Depreciable Life	[3]
Lynwood [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 684
Initial Costs - Building and Improvements		806
Gross Amount - Land		684
Gross Amount - Building and Improvements		806
Total Amount on Land and Building Improvements	[2]	1,490
Accumulated Depreciation		$ (57)
Average Depreciable Life	[3]
North Hollywood [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,793
Initial Costs - Building and Improvements		2,025
Gross Amount - Land		1,793
Gross Amount - Building and Improvements		2,025
Total Amount on Land and Building Improvements	[2]	3,818
Accumulated Depreciation		$ (108)
Average Depreciable Life	[3]
Sacramento [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 838
Initial Costs - Building and Improvements		1,601
Gross Amount - Land		838
Gross Amount - Building and Improvements		1,601
Total Amount on Land and Building Improvements	[2]	2,439
Accumulated Depreciation		$ (91)
Average Depreciable Life	[3]
Sacramento Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 498
Initial Costs - Building and Improvements		741
Gross Amount - Land		498
Gross Amount - Building and Improvements		741
Total Amount on Land and Building Improvements	[2]	1,239
Accumulated Depreciation		$ (48)
Average Depreciable Life	[3]
Los Angeles Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 641
Initial Costs - Building and Improvements		630
Gross Amount - Land		641
Gross Amount - Building and Improvements		630
Total Amount on Land and Building Improvements	[2]	1,271
Accumulated Depreciation		$ (38)
Average Depreciable Life	[3]
Pomona [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,046
Initial Costs - Building and Improvements		3,381
Gross Amount - Land		1,046
Gross Amount - Building and Improvements		3,381
Total Amount on Land and Building Improvements	[2]	4,427
Accumulated Depreciation		$ (134)
Average Depreciable Life	[3]
Riverside [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,753
Initial Costs - Building and Improvements		3,437
Gross Amount - Land		1,753
Gross Amount - Building and Improvements		3,437
Total Amount on Land and Building Improvements	[2]	5,190
Accumulated Depreciation		$ (152)
Average Depreciable Life	[3]
Salinas [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 941
Initial Costs - Building and Improvements		1,558
Gross Amount - Land		941
Gross Amount - Building and Improvements		1,558
Total Amount on Land and Building Improvements	[2]	2,499
Accumulated Depreciation		$ (94)
Average Depreciable Life	[3]
San Bernadino [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 581
Initial Costs - Building and Improvements		2,926
Gross Amount - Land		581
Gross Amount - Building and Improvements		2,926
Total Amount on Land and Building Improvements	[2]	3,507
Accumulated Depreciation		$ (144)
Average Depreciable Life	[3]
Santa Barbara [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,676
Initial Costs - Building and Improvements		2,016
Gross Amount - Land		1,676
Gross Amount - Building and Improvements		2,016
Total Amount on Land and Building Improvements	[2]	3,692
Accumulated Depreciation		$ (102)
Average Depreciable Life	[3]
Santa Maria [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 613
Initial Costs - Building and Improvements		2,284
Gross Amount - Land		613
Gross Amount - Building and Improvements		2,284
Total Amount on Land and Building Improvements	[2]	2,897
Accumulated Depreciation		$ (96)
Average Depreciable Life	[3]
Mission Hills [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 583
Initial Costs - Building and Improvements		827
Gross Amount - Land		583
Gross Amount - Building and Improvements		827
Total Amount on Land and Building Improvements	[2]	1,410
Accumulated Depreciation		$ (50)
Average Depreciable Life	[3]
Bakersfield Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 765
Initial Costs - Building and Improvements		1,600
Gross Amount - Land		765
Gross Amount - Building and Improvements		1,600
Total Amount on Land and Building Improvements	[2]	2,365
Accumulated Depreciation		$ (106)
Average Depreciable Life	[3]
Sunnyvale [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 2,808
Initial Costs - Building and Improvements		2,860
Gross Amount - Land		2,808
Gross Amount - Building and Improvements		2,860
Total Amount on Land and Building Improvements	[2]	5,668
Accumulated Depreciation		$ (118)
Average Depreciable Life	[3]
Torrance [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 882
Initial Costs - Building and Improvements		717
Net Improvements (Retirements) Since Acquisition		33
Gross Amount - Land		882
Gross Amount - Building and Improvements		750
Total Amount on Land and Building Improvements	[2]	1,632
Accumulated Depreciation		$ (52)
Average Depreciable Life	[3]
Ventura [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 840
Initial Costs - Building and Improvements		1,870
Gross Amount - Land		840
Gross Amount - Building and Improvements		1,870
Total Amount on Land and Building Improvements	[2]	2,710
Accumulated Depreciation		$ (90)
Average Depreciable Life	[3]
Long Beach One [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 346
Initial Costs - Building and Improvements		939
Gross Amount - Land		346
Gross Amount - Building and Improvements		939
Total Amount on Land and Building Improvements	[2]	1,285
Accumulated Depreciation		$ (42)
Average Depreciable Life	[3]
Tampa One [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 3,366
Initial Costs - Building and Improvements		10,089
Net Improvements (Retirements) Since Acquisition		44
Gross Amount - Land		3,366
Gross Amount - Building and Improvements		10,133
Total Amount on Land and Building Improvements	[2]	13,499
Accumulated Depreciation		$ (338)
Average Depreciable Life	[3]
Clearwater [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 581
Initial Costs - Building and Improvements		2,168
Gross Amount - Land		581
Gross Amount - Building and Improvements		2,168
Total Amount on Land and Building Improvements	[2]	2,749
Accumulated Depreciation		$ (81)
Average Depreciable Life	[3]
Jacksonville [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 3,667
Initial Costs - Building and Improvements		26,983
Net Improvements (Retirements) Since Acquisition		162
Gross Amount - Land		3,667
Gross Amount - Building and Improvements		27,145
Total Amount on Land and Building Improvements	[2]	30,812
Accumulated Depreciation		$ (523)
Average Depreciable Life	[3]
Jacksonville One [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 2,043
Initial Costs - Building and Improvements		9,695
Net Improvements (Retirements) Since Acquisition		150
Gross Amount - Land		2,043
Gross Amount - Building and Improvements		9,845
Total Amount on Land and Building Improvements	[2]	11,888
Accumulated Depreciation		$ (188)
Average Depreciable Life	[3]
Jacksonville Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,961
Initial Costs - Building and Improvements		9,505
Gross Amount - Land		1,961
Gross Amount - Building and Improvements		9,505
Total Amount on Land and Building Improvements	[2]	11,466
Accumulated Depreciation		$ (202)
Average Depreciable Life	[3]
Jacksonville Three [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 3,068
Initial Costs - Building and Improvements		14,503
Gross Amount - Land		3,068
Gross Amount - Building and Improvements		14,503
Total Amount on Land and Building Improvements	[2]	17,571
Accumulated Depreciation		$ (302)
Average Depreciable Life	[3]
Jacksonville Four [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,896
Initial Costs - Building and Improvements		10,406
Gross Amount - Land		1,896
Gross Amount - Building and Improvements		10,406
Total Amount on Land and Building Improvements	[2]	12,302
Accumulated Depreciation		$ (205)
Average Depreciable Life	[3]
Jacksonville Five [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 4,648
Initial Costs - Building and Improvements		25,902
Gross Amount - Land		4,648
Gross Amount - Building and Improvements		25,902
Total Amount on Land and Building Improvements	[2]	30,550
Accumulated Depreciation		$ (575)
Average Depreciable Life	[3]
Jacksonville Six [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 2,099
Initial Costs - Building and Improvements		9,646
Gross Amount - Land		2,099
Gross Amount - Building and Improvements		9,646
Total Amount on Land and Building Improvements	[2]	11,745
Accumulated Depreciation		$ (197)
Average Depreciable Life	[3]
Jacksonville Seven [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 403
Initial Costs - Building and Improvements		1,099
Gross Amount - Land		403
Gross Amount - Building and Improvements		1,099
Total Amount on Land and Building Improvements	[2]	1,502
Accumulated Depreciation		$ (41)
Average Depreciable Life	[3]
Jacksonville Eight [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 27
Initial Costs - Building and Improvements		432
Gross Amount - Land		27
Gross Amount - Building and Improvements		432
Total Amount on Land and Building Improvements	[2]	459
Accumulated Depreciation		$ (9)
Average Depreciable Life	[3]
Jacksonville Nine [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 425
Initial Costs - Building and Improvements		1,757
Gross Amount - Land		425
Gross Amount - Building and Improvements		1,757
Total Amount on Land and Building Improvements	[2]	2,182
Accumulated Depreciation		$ (50)
Average Depreciable Life	[3]
Hialeah [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 833
Initial Costs - Building and Improvements		769
Gross Amount - Land		833
Gross Amount - Building and Improvements		769
Total Amount on Land and Building Improvements	[2]	1,602
Accumulated Depreciation		$ (57)
Average Depreciable Life	[3]
Port Charlotte [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 248
Initial Costs - Building and Improvements		923
Net Improvements (Retirements) Since Acquisition		18
Gross Amount - Land		248
Gross Amount - Building and Improvements		941
Total Amount on Land and Building Improvements	[2]	1,189
Accumulated Depreciation		$ (43)
Average Depreciable Life	[3]
Jacksonville Ten [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 444
Initial Costs - Building and Improvements		643
Gross Amount - Land		444
Gross Amount - Building and Improvements		643
Total Amount on Land and Building Improvements	[2]	1,087
Accumulated Depreciation		$ (31)
Average Depreciable Life	[3]
Miami Lakes [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 4,991
Initial Costs - Building and Improvements		5,751
Net Improvements (Retirements) Since Acquisition		180
Gross Amount - Land		4,991
Gross Amount - Building and Improvements		5,931
Total Amount on Land and Building Improvements	[2]	10,922
Accumulated Depreciation		$ (157)
Average Depreciable Life	[3]
Tampa Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 1,215
Initial Costs - Building and Improvements		1,871
Gross Amount - Land		1,215
Gross Amount - Building and Improvements		1,871
Total Amount on Land and Building Improvements	[2]	3,086
Accumulated Depreciation		$ (85)
Average Depreciable Life	[3]
Savannah [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		GA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 638
Initial Costs - Building and Improvements		2,233
Gross Amount - Land		638
Gross Amount - Building and Improvements		2,233
Total Amount on Land and Building Improvements	[2]	2,871
Accumulated Depreciation		$ (86)
Average Depreciable Life	[3]
Overland Park [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		KS
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 335
Initial Costs - Building and Improvements		1,077
Gross Amount - Land		335
Gross Amount - Building and Improvements		1,077
Total Amount on Land and Building Improvements	[2]	1,412
Accumulated Depreciation		$ (73)
Average Depreciable Life	[3]
Annapolis [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MD
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 483
Initial Costs - Building and Improvements		2,162
Gross Amount - Land		483
Gross Amount - Building and Improvements		2,162
Total Amount on Land and Building Improvements	[2]	2,645
Accumulated Depreciation		$ (69)
Average Depreciable Life	[3]
Baltimore [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MD
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 483
Initial Costs - Building and Improvements		1,821
Net Improvements (Retirements) Since Acquisition		147
Gross Amount - Land		483
Gross Amount - Building and Improvements		1,968
Total Amount on Land and Building Improvements	[2]	2,451
Accumulated Depreciation		$ (76)
Average Depreciable Life	[3]
Richland [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MO
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 143
Initial Costs - Building and Improvements		1,318
Gross Amount - Land		143
Gross Amount - Building and Improvements		1,318
Total Amount on Land and Building Improvements	[2]	1,461
Accumulated Depreciation		$ (42)
Average Depreciable Life	[3]
Springfield [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MO
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 648
Initial Costs - Building and Improvements		1,178
Gross Amount - Land		648
Gross Amount - Building and Improvements		1,178
Total Amount on Land and Building Improvements	[2]	1,826
Accumulated Depreciation		$ (75)
Average Depreciable Life	[3]
Springfield Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		MO
Acquisition Date		Jun. 9, 2014
Initial Costs - Building and Improvements		$ 1,003
Gross Amount - Building and Improvements		1,003
Total Amount on Land and Building Improvements	[2]	1,003
Accumulated Depreciation		$ (71)
Average Depreciable Life	[3]
Albuquerque [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		NM
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 812
Initial Costs - Building and Improvements		1,861
Gross Amount - Land		812
Gross Amount - Building and Improvements		1,861
Total Amount on Land and Building Improvements	[2]	2,673
Accumulated Depreciation		$ (94)
Average Depreciable Life	[3]
Carollton [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 543
Initial Costs - Building and Improvements		609
Gross Amount - Land		543
Gross Amount - Building and Improvements		609
Total Amount on Land and Building Improvements	[2]	1,152
Accumulated Depreciation		$ (40)
Average Depreciable Life	[3]
Houston Two [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 417
Initial Costs - Building and Improvements		2,542
Gross Amount - Land		417
Gross Amount - Building and Improvements		2,542
Total Amount on Land and Building Improvements	[2]	2,959
Accumulated Depreciation		$ (66)
Average Depreciable Life	[3]
Mission [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 315
Initial Costs - Building and Improvements		961
Gross Amount - Land		315
Gross Amount - Building and Improvements		961
Total Amount on Land and Building Improvements	[2]	1,276
Accumulated Depreciation		$ (44)
Average Depreciable Life	[3]
Bellingham [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		WA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 661
Initial Costs - Building and Improvements		2,344
Gross Amount - Land		661
Gross Amount - Building and Improvements		2,344
Total Amount on Land and Building Improvements	[2]	3,005
Accumulated Depreciation		$ (96)
Average Depreciable Life	[3]
Spokane [Member] | Office/Banking Centers [Member] | Bank of America Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		WA
Acquisition Date		Jun. 9, 2014
Initial Costs - Land		$ 477
Initial Costs - Building and Improvements		7,408
Gross Amount - Land		477
Gross Amount - Building and Improvements		7,408
Total Amount on Land and Building Improvements	[2]	7,885
Accumulated Depreciation		$ (351)
Average Depreciable Life	[3]
Hutchins [Member] | Other Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		TX
Acquisition Date		Jun. 27, 2013
Encumbrances	[1]	$ 24,902
Initial Costs - Land		10,867
Initial Costs - Building and Improvements		40,104
Gross Amount - Land		10,867
Gross Amount - Building and Improvements		40,104
Total Amount on Land and Building Improvements	[2]	50,971
Accumulated Depreciation		$ (3,876)
Average Depreciable Life	[3]
Franklin Park [Member] | Other Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Nov. 21, 2013
Initial Costs - Land		$ 4,512
Initial Costs - Building and Improvements		2,457
Gross Amount - Land		4,512
Gross Amount - Building and Improvements		2,457
Total Amount on Land and Building Improvements	[2]	6,969
Accumulated Depreciation		$ (144)
Average Depreciable Life	[3]
Chicago [Member] | Other Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		IL
Acquisition Date		Nov. 22, 2013
Initial Costs - Land		$ 3,070
Initial Costs - Building and Improvements		1,983
Net Improvements (Retirements) Since Acquisition		25
Gross Amount - Land		3,070
Gross Amount - Building and Improvements		2,008
Total Amount on Land and Building Improvements	[2]	5,078
Accumulated Depreciation		$ (158)
Average Depreciable Life	[3]
Medley [Member] | Other Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Aug. 27, 2014
Initial Costs - Land		$ 6,982
Initial Costs - Building and Improvements		583
Gross Amount - Land		6,982
Gross Amount - Building and Improvements		583
Total Amount on Land and Building Improvements	[2]	7,565
Accumulated Depreciation		$ (39)
Average Depreciable Life	[3]
Medley One [Member] | Other Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Aug. 27, 2014
Initial Costs - Land		$ 3,515
Initial Costs - Building and Improvements		1,110
Gross Amount - Land		3,515
Gross Amount - Building and Improvements		1,110
Total Amount on Land and Building Improvements	[2]	4,625
Accumulated Depreciation		$ (37)
Average Depreciable Life	[3]
Medley Two [Member] | Other Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		FL
Acquisition Date		Aug. 27, 2014
Initial Costs - Land		$ 4,169
Initial Costs - Building and Improvements		350
Gross Amount - Land		4,169
Gross Amount - Building and Improvements		350
Total Amount on Land and Building Improvements	[2]	4,519
Accumulated Depreciation		$ (23)
Average Depreciable Life	[3]
Santa Clara [Member] | Other Property [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
State		CA
Acquisition Date		Sep. 11, 2014
Initial Costs - Land		$ 14,530
Initial Costs - Building and Improvements		1,577
Gross Amount - Land		14,530
Gross Amount - Building and Improvements		1,577
Total Amount on Land and Building Improvements	[2]	16,107
Accumulated Depreciation		$ (28)
Average Depreciable Life	[3]
[1]	Encumbrances represent balances at 12/31/2014 of mortgage notes payable that are collateralized by the property for which they are noted.
[2]	The Company computes depreciation expense 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.
[3]	The aggregate cost basis of land, building and improvements, before depreciation, for Federal income tax purposes at December 31, 2014 was $1,109,824.

Schedule III - Real Estate I113

Schedule III - Real Estate Investments (Rollforward of Carrying Values of Real Estate Investments Held-for-Investment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Investment in real estate:
Balance at beginning of year	$ 337,712		$ 23,159	$ 68,690
Improvements	15,202		7,824	1,203
Business acquisitions	714,706		306,729	39,202
Change in held for sale			37,667	(7,519)
Impairments				(22,637)
Property sales			(37,667)	(55,780)
Balance at end of year	1,067,620	[1]	337,712	23,159
Accumulated depreciation:
Balance at beginning of year	4,247		50	2,983
Depreciation expense	23,351		4,197	1,022
Change in held for sale			2,966	(2,468)
Property sales			(2,966)	(1,487)
Balance at end of year	$ 27,598		$ 4,247	$ 50
[1]	The Company computes depreciation expense 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.