FOR IMMEDIATE RELEASE

CONTACT
Bob Foley
Chief Financial Officer
(212) 297-1002
or
Michelle LeRoy
Investor Relations
(212) 594-2700

Gramercy Capital Corp. To Release Third Quarter Financial Results On Monday, October 18, 2004

Conference Call To Be Held At 2:00 P.M. On
Tuesday, October 19, 2004 To Discuss Results


New York, NY – October 5, 2004 – Gramercy Capital Corp. (NYSE: GKK), a specialty finance company organized as a real estate investment trust, announced today that it will release earnings for the third quarter, 2004, on Monday, October 18, 2004, after the close of the day's trading on the New York Stock Exchange.

The company will host a conference call and audio web cast on Tuesday, October 19, at 2 pm ET to discuss the financial results. The conference call can be accessed by dialing (800) 289-0493 Domestic or (913) 981-5510 International. A replay of the call will be available through October 26, 2004 by dialing (888) 203-1112 or (719) 457-0820 and using confirmation code 806835. The call will be simultaneously broadcast via the Internet and individuals who wish to access the conference call should go to www.gramercycapitalcorp.com to log onto the call or to listen to a replay following the call. Gramercy Capital Corp. is an externally-managed real estate investment trust offering full-service financing solutions for owners of commercial real estate throughout the United States.

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To review Gramercy Capital Corp.’s latest news release and other corporate documents, please visit our website at www.gramercycapitalcorp.com or contact Investor Relations at 212-594-2700.