Gramercy Capital Corp. (NYSE: GKK) today announced that it has called a special meeting (the "Special Meeting") of the holders of its 8.125% Series A cumulative redeemable preferred stock (the "Series A preferred stock") on January 17, 2012 at 9:30 a.m., local time, at the offices of Clifford Chance US LLP, 31 West 52nd Street, New York, New York. At the Special Meeting, the Series A preferred stockholders will be asked to elect, as permitted by Article FIRST, Section 10 of the Company’s Articles Supplementary, an additional director to the Company’s board of directors in accordance with the provisions of the Company's bylaws and other procedures established by the Company's board of directors relating to election of directors. Nominations may only be made by holders of record of the Series A preferred stock in accordance with the Company's bylaws. No such nominations have been received by the Company as of the date hereof. Holders of record of the Series A preferred stock as of the close of business on November 11, 2011 will be entitled to notice of and to vote at the Special Meeting.

COMPANY PROFILE

Gramercy Capital Corp. is a self-managed integrated commercial real estate finance and property management and investment company whose Gramercy Finance division focuses on the direct origination, acquisition and portfolio management of whole loans, bridge loans, subordinate interests in whole loans, mezzanine loans, preferred equity, commercial mortgage-backed securities and other real estate securities, and whose Gramercy Realty division focuses on the management of commercial properties leased primarily to financial institutions and affiliated users throughout the United States. The Company is headquartered in New York City and has regional investment and portfolio management offices in Jenkintown, Pennsylvania, Charlotte, North Carolina, and St. Louis, Missouri. To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gkk.com or contact Investor Relations at 212-297-1000.

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