<html>

  <head>
    <title>caps8-072707.htm</title>
<!-- Licensed to: PHJW-->
<!-- Document Created using EDGARizer 4.0.1.0 -->
<!-- Copyright 2007 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      filed
      with the Securities and Exchange Commission on July 27, 2007</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 243pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Registration
      No. 333-_______</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>FORM
      S-8</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>REGISTRATION
      STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>UNDER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>THE
      SECURITIES ACT OF 1933</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>CAPITAL
      TRUST, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">(Exact
      name of registrant as specified in its charter)<br></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="80%">

          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><strong>Maryland</strong></font>&#160;</font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<strong>94&#8722;6181186</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;(State
                or other jurisdiction of&#160;</font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;(I.R.S.
                Employer Identification No.)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;incorporation
                or organization)</font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>410
      Park Avenue, 14th Floor</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>New
      York, NY 10022</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Address
      of Principal Executive Offices)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>CAPITAL
      TRUST, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>2007
      LONG-TERM INCENTIVE PLAN</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Full
      title of the plan)</font></div>
    <div><br></div>
    <div><br></div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="80%">

          <tr bgcolor="white">
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Copies
                of all communications to:</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<strong>John
                R. Klopp</strong></font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Chief
                Executive Officer</strong></font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Michael
                L. Zuppone, Esq.</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">Capital
                Trust,
                Inc.</font></strong></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Paul,
                Hastings, Janofsky &amp; Walker LLP</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>410
                Park Avenue, 14th Floor</strong></font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>75
                East 55th Street</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>New
                York, NY 10022</strong></font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>New
                York, NY 10022</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Name
                and address of agent for service)</font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Telephone:
                (212) 318&#8722;6000</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>(212)
                655&#8722;0220</strong></font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="33%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Telephone
                number, including area code, <br>of agent for service)</font></div>
            </td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">___________________________________________________________________</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CALCULATION
        OF REGISTRATION FEE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font>
        <div>
          <hr style="COLOR: black" align="left" noshade size="2" width="100%">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Proposed
              maximum</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Proposed
              maximum</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Title
              of securities</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amount
              to be</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">offering
              price</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">aggregate</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amount
              of</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;to
              be registered&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">registered</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">per
              share(1)&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">offering
              price(1)</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">registration
              fee</font></td>
            <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div>
      <hr style="COLOR: black" align="left" noshade size="1" width="100%">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">class
        A
        common stock,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">par
        value
        $0.01 per
        share&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;700,000
        shares(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
$
        32.16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
$22,512,000&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$691.12<br></font>
        <hr style="COLOR: black" align="left" noshade size="2" width="100%"><font size="3">&#160;</font></div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      accordance with Rule 457(h)(1) of the Securities Act of 1933, as amended (the
      &#8220;Securities Act&#8221;), the price of the securities has been estimated pursuant to
      Rule 457(c) of the Securities Act solely for the purpose of calculating the
      registration fee, and the price listed is the average of the high and low prices
      of the registrant's class A common stock as reported on the New York Stock
      Exchange on July 25, 2007 (a date within 5 business days prior to the date
      of
      filing this registration statement).</font></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to Rule 416 under the Securities Act, this registration statement also covers
      a
      presently indeterminate number of additional shares of the registrant&#8217;s class A
      common stock with respect to the shares registered hereunder in the event of
      a
      stock split, stock dividend or similar transaction.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">==================================================================================================================================================================================</font></div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
        I</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INFORMATION
        REQUIRED IN THE SECTION 10(</strong>a<strong>) PROSPECTUS</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        documents containing the information specified in &#8220;Item 1. Plan Information&#8221; and
&#8220;Item 2. Registrant Information and Employee Plan Annual Information&#8221; of Form
        S&#8722;8 will be sent or given to participants of the Capital Trust, Inc. 2007
        Long-Term Incentive Plan as specified by Rule 428(b)(1) under the Securities
        Act.&#160;&#160;In accordance with the Note to Part I of Form S-8, such
        documents are not required to be, and are not, filed with the Securities
        and
        Exchange Commission (the &#8220;Commission&#8221;) either as part of this registration
        statement or as a prospectus or prospectus supplement pursuant to Rule 424
        under
        the Securities Act. These documents and the documents incorporated by reference
        in this registration statement pursuant to Item 3 of Part II of Form S-8,
        taken
        together, constitute a prospectus that meets the requirements of Section
        10(a)
        of the Securities Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
        II</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INFORMATION
        REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        3.&#160;&#160;Incorporation of Documents by Reference.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        following documents are hereby
        incorporated by reference into this registration statement and made a part
        hereof by this reference:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>1.&#160;&#160;The
        registrant&#8217;s
        quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2007,
        as
        filed with the Commission on May 1, 2007 (SEC File No. 001-14788);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>2.&#160;&#160;The
        registrant&#8217;s
        definitive proxy statement as filed with the Commission on April 30, 2007
        (SEC
        File No. 001-14788);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>3.&#160;&#160;The
        registrant&#8217;s annual
        report on Form 10-K for the year ended December 31, 2006, as filed with the
        Commission on February 28, 2007 (SEC File No. 001-14788);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>4.&#160;&#160;The
        registrant&#8217;s current
        reports on Form 8-K, as filed with the Commission on June 12, 2007, June
        7,
        2007, March 30, 2007, March 26, 2007, March 23, 2007, February 27, 2007,
        February 21, 2007, February 16, 2007, and February 13, 2007 (SEC File No.
        001-14788); and</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>5.&#160;&#160;The
        description of the
        registrant&#8217;s class A common stock contained in the registrant&#8217;s current report
        on Form 8-K, as filed with the Commission on July 10, 2003 (SEC File No.
        001-14788), including any amendment or report filed for the purpose of updating
        that description.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>In
        addition, all documents subsequently
        filed by the registrant with the Commission pursuant to Sections 13(a), 13(c),
        14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
        Act&#8221;), on or after the date of this registration statement and prior to the
        filing of a post-effective amendment which indicates that all securities
        offered
        have been sold or which deregisters all securities then remaining unsold,
        shall
        be deemed to be incorporated by reference into this registration statement
        and
        to be a part hereof from the date of filing of such documents with the
        Commission.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-2-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Notwithstanding
        the foregoing,
        information furnished under Items 2.02 and 7.01 of the registrant&#8217;s current
        reports on Form 8-K, including the related exhibits, is not incorporated
        by
        reference in this registration statement.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>You
        may contact the registrant to
        request copies of these filings as follows:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Capital
        Trust, Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">410
        Park
        Avenue</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">14th
        Floor</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;New
        York, NY 10222</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        4.&#160;&#160;Description of Securities.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Not
        applicable.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        5.&#160;&#160;Interests of Named Experts and Counsel.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Not
        applicable.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        6.&#160;&#160;Indemnification of Directors and Officers.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Maryland
        law permits a Maryland
        corporation to include in its charter a provision limiting the liability
        of its
        directors and officers to the corporation and its shareholders for money
        damages
        except for liability resulting from (a) actual receipt of an improper benefit
        or
        profit in money, property or services, or (b) active and deliberate dishonesty
        established by a final judgment and which is material to the cause of
        action.&#160;&#160;The registrant's charter contains such a provision
        eliminating such liability to the maximum extent permitted under Maryland
        law.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        registrant's charter authorizes the registrant, to the maximum extent permitted
        under Maryland law, to obligate itself to indemnify any present or former
        director or officer or any&#160;&#160;individual&#160;&#160;who, while a
        director or officer of the registrant and at the request of the registrant,
        serves or has served another corporation, real estate investment trust,
        partnership, joint venture,&#160;&#160;trust, employee benefit plan or other
        enterprise as a director, officer, partner or trustee, from and against any
        claim or liability to which that person may become subject or which that
        person
        may incur by reason of his or her status as a present or former director
        or
        officer of the registrant and to pay or reimburse such person's reasonable
        expenses&#160;&#160;in advance of final disposition of a proceeding. The
        registrant's bylaws obligate the registrant, to the maximum extent permitted
        by
        Maryland law, to indemnify any present or former director or officer or
        any&#160;&#160;individual who, while a director or officer of the registrant and
        at the request of the registrant, serves or has served another corporation,
        real
        estate&#160;&#160;investment trust, partnership, joint venture, trust, employee
        benefit plan or other enterprise as a director, officer, partner or trustee
        and
        who is made a party to the proceeding by reason of his or her service in
        that
        capacity from and against any claim or liability to which that person may
        become
        subject or which that person may incur by reason of his or her&#160;&#160;status
        as a present or former&#160;&#160;director or officer of the registrant and to
        pay or reimburse such person's reasonable expenses in advance of final
        disposition of a proceeding.&#160;&#160;The charter and bylaws also permit the
        registrant to indemnify and advance expenses to any person who served a
        predecessor of the registrant in any of the capacities described above and
        any
        employee or agent of the registrant or a predecessor of the
        registrant.</font></div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-3-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Maryland
        law requires a Maryland corporation (unless its charter provides otherwise,
        which the registrant's charter does not) to indemnify a director or officer
        who
        has been successful in the defense of any proceeding to which he or she is
        made
        a party by reason of his or her service in that capacity.&#160;&#160;Maryland
        law permits a Maryland corporation to indemnify its present and former directors
        and officers, among others, against judgments, penalties, fines, settlements
        and
        reasonable&#160;&#160;expenses actually&#160;&#160;incurred by them in
        connection with any proceeding to which they may be made a party by reason
        of
        their service in those or other capacities unless it is established that
        (a) the
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">act
        or
        omission of the director or officer was material to the matter giving rise
        to
        the proceeding and (i) was committed in bad faith or (ii) was the result
        of
        active and deliberate dishonesty, (b) the director or officer actually received
        an improper personal benefit in money, property or services, or (c) in the
        case
        of any criminal proceeding, the director or officer had reasonable cause
        to
        believe that the act or omission was unlawful.&#160;&#160;However, under
        Maryland law, a Maryland corporation may not indemnify for an adverse judgment
        in a suit by or in the right of the&#160;&#160;corporation or for a judgment of
        liability on the basis that personal benefit was improperly received, unless
        in
        either case a court orders indemnification and then only for expenses. In
        addition, Maryland law permits a corporation to advance reasonable expenses
        to a
        director or officer upon the corporation's receipt of (a) a written affirmation
        by the director or officer of his or her good faith belief that he or she
        has
        met the standard of conduct necessary for indemnification by the corporation,
        and (b) a written undertaking by such director or officer or on his or her
        behalf to repay the amount paid or reimbursed by the corporation if it is
        ultimately&#160;&#160;determined that the standard of conduct was not
        met.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        registrant maintains a "claims-made" directors and officers liability insurance
        policy that insures directors and officers of the registrant against loss
        from
        claimed insured wrongful acts. The policy limit of liability is $10,000,000
        each
        policy year and is subject to retentions for each loss of $100,000, or $500,000
        with respect to securities laws related losses, for the registrant.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<strong>Item
        7.&#160;&#160;Exemption from Registration Claimed.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Not
        applicable.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        8.&#160;&#160;Exhibits.</strong></font></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Capital
                  Trust, Inc. 2007 Long-Term Incentive Plan (filed as Exhibit 10.1
                  to the
                  registrant&#8217;s current report on Form 8-K (SEC File No. 001-14788) filed on
                  June 12, 2007 and incorporated herein by reference)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Opinion
                  of Venable LLP regarding the legality of the securities being registered
                  hereunder</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                  of Ernst &amp; Young LLP, independent registered public
                  accountants</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.2</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                  of Venable LLP (included in Exhibit 5.1)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">24.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Power
                  of Attorney (included on the signature page of this registration
                  statement)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-4-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        9.&#160;&#160;Undertakings</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;The
        registrant hereby undertakes:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)&#160;To
        file, during any period in which offers or sales are being made, a
        post-effective amendment to this registration statement:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)&#160;</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                  include any prospectus required by Section 10(a)(3)&#160;of the Securities
                  Act;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)&#160;</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                  reflect in the prospectus any facts or events arising after the
                  effective
                  date of the registration statement (or the most recent post-effective
                  amendment thereof) which, individually or in the aggregate, represent
                  a
                  fundamental change in the information set forth in the registration
                  statement. Notwithstanding the foregoing, any increase or decrease
                  in
                  volume of securities offered (if the total dollar value of securities
                  would not exceed that which was registered) and any deviation from
                  the low
                  or high end of the maximum offering range may be reflected in the
                  form of
                  prospectus filed with the Commission pursuant to Rule 424(b)&#160;if, in
                  the aggregate, the changes in volume and price represent no more
                  than 20%
                  percent change in the maximum aggregate offering price set forth
                  in the
                  &#8220;Calculation of Registration Fee&#8221; table in the effective registration
                  statement;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)&#160;</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                  include any material information with respect to the plan of distribution
                  not previously disclosed in the registration statement or any material
                  change to such information in the registration
                  statement;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Provided,
        however, that:</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(A)
        Paragraphs (a)(1)(i)and (a)(1)(ii) of this section do not apply if the
        registration statement is on Form S-8 (&#167;&#160;239.16b of this chapter), and the
        information required to be included in a post-effective amendment by those
        paragraphs is contained in reports filed with or furnished to the Commission
        by
        the registrant pursuant to section 13 or section 15(d)&#160;of the Exchange Act
        (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration
        statement; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(B)
        Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply
        if
        the registration statement is on Form S-3 (&#167;&#160;239.13 of this chapter) or
        Form F-3 (&#167;&#160;239.33 of this chapter) and the information required to be
        included in a post-effective amendment by those paragraphs is contained in
        reports filed with or furnished to the Commission by the registrant pursuant
        to
        section 13 or section 15(d) of the Exchange Act that are incorporated by
        reference in the registration statement, or is contained in a form of prospectus
        filed pursuant to Rule 424(b) (&#167;&#160;230.424 (b)&#160;of this chapter) that is
        part of the registration statement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(C)
        <em>Provided further, however</em>, that paragraphs (a)(1)(i) and (a)(1)(ii) do
        not apply if the registration statement is for an offering of asset-backed
        securities on Form S-1 (&#167;&#160;239.11 of this chapter) or Form S-3
        (&#167;&#160;239.13 of this chapter), and the information required to be included in
        a post-effective amendment is provided pursuant to Item 1100(c)&#160;of
        Regulation AB (&#167;&#160;239.1100(c)).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)&#160;That,
        for the purpose of determining any liability under the Securities Act, each
        such
        post-effective amendment shall be deemed to be a new registration statement
        relating to the securities offered therein, and the offering of such securities
        at that time shall be deemed to be the initial bona fide offering
        thereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-5-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(3)&#160;To
        remove from registration by means of a post-effective amendment any of the
        securities being registered which remain unsold at the termination of the
        offering.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(4)&#160;If
        the registrant is a foreign private issuer, to file a post-effective amendment
        to the registration statement to include any financial statements required
        by
        Item 8.A of Form 20-F (17 CFR 249.220f) at the start of any delayed offering
        or
        throughout a continuous offering.&#160;&#160;Financial statements and
        information otherwise required by Section 10(a)(3) of the Securities Act
        need
        not be furnished, provided that the registrant includes in the prospectus,
        by
        means of a post-effective amendment, financial statements required pursuant
        to
        this paragraph (a)(4) and other information necessary to ensure that all
        other
        information in the prospectus is at least as current as the date of those
        financial statements.&#160;&#160;Notwithstanding the foregoing, with respect to
        registration statements on Form F-3 (&#167;&#160;239.33 of this chapter), a
        post-effective amendment need not be filed to include financial statements
        and
        information required by Section 10(a)(3)&#160;of the Securities Act or &#167;210.3-19
        of this chapter if such financial statements and information are contained
        in
        periodic reports filed with or furnished to the Commission by the registrant
        pursuant to section 13 or section 15(d)&#160;of the Exchange Act that are
        incorporated by reference in the Form F-3.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(5)&#160;That,
        for the purpose of determining liability under the Securities Act to any
        purchaser:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)&#160;If
        the registrant is relying on Rule 430B (&#167;&#160;230.430B of this
        chapter):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(A)
        Each
        prospectus filed by the registrant pursuant to Rule
        424(b)(3)&#160;(&#167;230.424(b)(3)&#160;of this chapter) shall be deemed to be part
        of the registration statement as of the date the filed prospectus was deemed
        part of and included in the registration statement; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(B)
        Each
        prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
        (b)(7)&#160;(&#167;&#160;230.424 (b)(2), (b)(5), or (b)(7)&#160;of this chapter) as
        part of a registration statement in reliance on Rule 430B relating to an
        offering made pursuant to Rule 415 (a)(1)(i), (vii), or
        (x)&#160;(&#167;&#160;230.415(a)(1)(i), (vii), or (x)&#160;of this chapter) for the
        purpose of providing the information required by section 10(a)&#160;of the
        Securities Act shall be deemed to be part of and included in the registration
        statement as of the earlier of the date such form of prospectus is first
        used
        after effectiveness or the date of the first contract of sale of securities
        in
        the offering described in the prospectus.&#160;&#160;As provided in Rule 430B,
        for liability purposes of the issuer and any person that is at that date
        an
        underwriter, such date shall be deemed to be a new effective date of the
        registration statement relating to the securities in the registration statement
        to which that prospectus relates, and the offering of such securities at
        that
        time shall be deemed to be the initial bona fide offering
        thereof.&#160;&#160;<em>Provided, however, </em>that no statement made in a
        registration statement or prospectus that is part of the registration statement
        or made in a document incorporated or deemed incorporated by reference into
        the
        registration statement or prospectus that is part of the registration statement
        will, as to a purchaser with a time of contract of sale prior to such effective
        date, supersede or modify any statement that was made in the registration
        statement or prospectus that was part of the registration statement or made
        in
        any such document immediately prior to such effective date; or</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)&#160;If
        the registrant is subject to Rule 430C, (&#167;&#160;230.430C of this chapter), each
        prospectus filed pursuant to Rule 424(b)&#160;as part of a registration
        statement relating to an offering, other than registration statements relying
        on
        Rule 430B or other than prospectuses filed in reliance on Rule 430A
        (&#167;&#160;230.430A of this chapter), shall be deemed to be part of and included in
        the registration statement as of the date it is first used after
        effectiveness.&#160;&#160;<em>Provided, however</em>, that no statement made in
        a registration statement or prospectus that is part of the registration
        statement or made in a document incorporated or deemed incorporated by reference
        into the registration <br></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-6-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div><font size="2">statement or prospectus that is part of the registration
          statement will, as to a purchaser with a time of contract of sale prior
          to such
          first use, supersede or modify any statement that was made in the registration
          statement or prospectus that was part of the registration statement or
          made in
          any such document immediately prior to such date of first use.</font></div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(6)&#160;That,
        for the purpose of determining liability of the registrant under the Securities
        Act to any purchaser in the initial distribution of the securities:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        undersigned registrant undertakes that in a primary offering of securities
        of
        the undersigned registrant pursuant to this registration statement, regardless
        of the underwriting method used to sell the securities to the purchaser,
        if the
        securities are offered or sold to such purchaser by means of any of the
        following communications, the undersigned registrant will be a seller to
        the
        purchaser and will be considered to offer or sell such securities to such
        purchaser:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)&#160;Any
        preliminary prospectus or prospectus of the undersigned registrant relating
        to
        the offering required to be filed pursuant to Rule 424 (&#167;&#160;230.424 of this
        chapter);</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)
        Any
        free writing prospectus relating to the offering prepared by or on behalf
        of the
        undersigned registrant or used or referred to by the undersigned
        registrant;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)&#160;The
        portion of any other free writing prospectus relating to the offering containing
        material information about the undersigned registrant or its securities provided
        by or on behalf of the undersigned registrant; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iv)&#160;Any
        other communication that is an offer in the offering made by the undersigned
        registrant to the purchaser.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)&#160;The
        undersigned registrant hereby undertakes that, for purposes of determining
        any
        liability under the Securities Act, each filing of the registrant&#8217;s annual
        report pursuant to Section 13(a)&#160;or Section 15(d)&#160;of the Exchange Act
        (and, where applicable, each filing of an employee benefit plan&#8217;s annual report
        pursuant to Section 15(d)&#160;of the Exchange Act) that is incorporated by
        reference in the registration statement shall be deemed to be a new registration
        statement relating to the securities offered therein, and the offering of
        such
        securities at that time shall be deemed to be the initial <em>bona fide</em>
        offering thereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;Insofar
        as indemnification for liabilities arising under the Securities Act may be
        permitted to directors, officers and controlling persons of the registrant
        pursuant to the foregoing provisions, or otherwise, the registrant has been
        advised that in the opinion of the Commission such indemnification is against
        public policy as expressed in the Securities Act and is, therefore,
        unenforceable.&#160;&#160;In the event that a claim for indemnification against
        such liabilities (other than the payment by the registrant of expenses incurred
        or paid by a director, officer or controlling person of the registrant in
        the
        successful defense of any action, suit or proceeding) is asserted by such
        director, officer or controlling person in connection with the securities
        being
        registered, the registrant will, unless in the opinion of its counsel the
        matter
        has been settled by controlling precedent, submit to a court of appropriate
        jurisdiction the question whether such indemnification by it is against public
        policy as expressed in the Securities Act and will be governed by the final
        adjudication of such issue.<br></font></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-7-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
        to the requirements of the Securities Act of 1933, the registrant certifies
        that
        it has reasonable grounds to believe that it meets all of the requirements
        for
        filing on Form S-8 and has duly caused this registration statement to be
        signed
        on its behalf by the undersigned, thereunto duly authorized, in the City
        of New
        York, State of New York, on July 27, 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">CAPITAL
                TRUST, INC.</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">By:
                  </font></div>
              </td>
              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt;"><u>/s/
                </u><u>John R.
                Klopp&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">Name:&#160;John
                R.
                Klopp</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">Title:&#160;&#160;
Chief
                Executive Officer</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>POWER
        OF ATTORNEY</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;KNOW
        ALL MEN BY THESE PRESENTS, that each person whose signature appears below
        constitutes and appoints John R. Klopp and Geoffrey G. Jervis, and each of
        them
        singly, such person's true and lawful attorney-in-fact and agent, with full
        power of substitution and resubstitution, for such person and in such person's
        name, place and stead, in any and all capacities (including such person's
        capacity as a director and/or officer of Capital Trust, Inc.), to sign any
        and
        all amendments to this registration statement, and to file the same, with
        all
        exhibits thereto, and other documents in connection therewith, with the U.S.
        Securities and Exchange Commission, granting unto each said attorney-in-fact
        and
        agent full power and authority to do and perform each and every act and thing
        requisite and necessary to be done in and about the premises, as fully to
        all
        intents and purposes as he might or could do in person, hereby ratifying
        and
        confirming all that each said attorney-in-fact and agent, or their or his
        substitute or substitutes, may lawfully do or cause to be done by virtue
        hereof.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant
        to the requirements of the Securities Act of 1933, this registration statement
        has been signed by the following persons in the capacities and on the date
        indicated:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="27%" style="BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong><u>Signature</u></strong></font></div>
              </td>
              <td valign="top" width="34%" style="BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong><u>Title</u></strong></font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong><u>Date</u></strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  </u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>Samuel
                  Zell<br></u></font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Samuel
                  Zell</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chairman
                  of the Board</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">John
                  R. Klopp</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">John
                  R. Klopp</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director,
                  Chief Executive officer and President (principal executive
                  officer)</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Geoffrey
                  G. Jervis</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Geoffrey
                  G. Jervis</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                  Financial Officer (principal financial and accounting
                  officer)</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-8-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Thomas
                  E. Dobrowski</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Thomas
                  E. Dobrowski</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Martin
                  L. Edelman</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Martin
                  L. Edelman</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Craig
                  M. Hatkoff</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Craig
                  M. Hatkoff</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Edward
                  S. Hyman</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Edward
                  S. Hyman</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Henry
                  N. Nassau</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Henry
                  N. Nassau</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Joshua
                  A. Polan</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Joshua
                  A. Polan</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
                <div>&#160;</div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Lynne
                  B. Sagalyn</font></u></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Lynne
                  B. Sagalyn</font></div>
              </td>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
              </td>
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">July
                  27, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-9-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INDEX
        TO EXHIBITS</strong></font></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.1</font></div>
              </td>
              <td align="left" valign="top" width="92%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Capital
                  Trust, Inc. 2007 Long-Term Incentive Plan (filed as Exhibit 10.1
                  to the
                  registrant&#8217;s current report on Form 8-K (SEC File No. 001-14788) filed on
                  June 12, 2007 and incorporated herein by reference)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5.1</font></div>
              </td>
              <td align="left" valign="top" width="92%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Opinion
                  of Venable LLP regarding the legality of the securities being registered
                  hereunder</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.1</font></div>
              </td>
              <td align="left" valign="top" width="92%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                  of Ernst &amp; Young LLP, independent registered public
                  accountants</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.2</font></div>
              </td>
              <td align="left" valign="top" width="92%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                  of Venable LLP (included in Exhibit 5.1)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">24.1</font></div>
              </td>
              <td align="left" valign="top" width="92%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Power
                  of Attorney (included on the signature page of this registration
                  statement)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-10-</font></div>
    </div>
  </body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "caps8-072707.htm", "description": "JULY 27, 2007", "secsgml_size_bytes": 107827}]
{"company-data": {"conformed-name": "CAPITAL TRUST INC", "cik": "0001061630", "assigned-sic": "6798", "irs-number": "946181186", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-144929", "film-number": "071007131"}, "business-address": {"street1": "410 PARK AVENUE", "street2": "14TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2126550220"}, "mail-address": {"street1": "PAUL, HASTINGS, JANOFSKY & WALKER LLP", "street2": "75 E 55TH ST", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
caps8-072707.htm
As
      filed
      with the Securities and Exchange Commission on July 27, 2007
Registration
      No. 333-_______
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      D.C. 20549
FORM
      S-8
REGISTRATION
      STATEMENT
UNDER
THE
      SECURITIES ACT OF 1933
CAPITAL
      TRUST, INC.
(Exact
      name of registrant as specified in its charter)
Maryland
94−6181186
(State
                or other jurisdiction of
(I.R.S.
                Employer Identification No.)
incorporation
                or organization)
410
      Park Avenue, 14th Floor
New
      York, NY 10022
(Address
      of Principal Executive Offices)
CAPITAL
      TRUST, INC.
2007
      LONG-TERM INCENTIVE PLAN
(Full
      title of the plan)
Copies
                of all communications to:
John
                R. Klopp
Chief
                Executive Officer
Michael
                L. Zuppone, Esq.
Capital
                Trust,
                Inc.
Paul,
                Hastings, Janofsky & Walker LLP
410
                Park Avenue, 14th Floor
75
                East 55th Street
New
                York, NY 10022
New
                York, NY 10022
(Name
                and address of agent for service)
Telephone:
                (212) 318−6000
(212)
                655−0220
(Telephone
                number, including area code,
of agent for service)
___________________________________________________________________
CALCULATION
        OF REGISTRATION FEE
Proposed
              maximum
Proposed
              maximum
Title
              of securities
Amount
              to be
offering
              price
aggregate
Amount
              of
to
              be registered
registered
per
              share(1)
offering
              price(1)
registration
              fee
class
        A
        common stock,
par
        value
        $0.01 per
        share                                         700,000
        shares(2)                                                   
$
        32.16                                                                     
$22,512,000                                                               $691.12
(1)
In
      accordance with Rule 457(h)(1) of the Securities Act of 1933, as amended (the
      "Securities Act"), the price of the securities has been estimated pursuant to
      Rule 457(c) of the Securities Act solely for the purpose of calculating the
      registration fee, and the price listed is the average of the high and low prices
      of the registrant's class A common stock as reported on the New York Stock
      Exchange on July 25, 2007 (a date within 5 business days prior to the date
      of
      filing this registration statement).
(2)
Pursuant
      to Rule 416 under the Securities Act, this registration statement also covers
      a
      presently indeterminate number of additional shares of the registrant's class A
      common stock with respect to the shares registered hereunder in the event of
      a
      stock split, stock dividend or similar transaction.
==================================================================================================================================================================================
PART
        I
INFORMATION
        REQUIRED IN THE SECTION 10(
a
) PROSPECTUS
The
        documents containing the information specified in "Item 1. Plan Information" and
"Item 2. Registrant Information and Employee Plan Annual Information" of Form
        S−8 will be sent or given to participants of the Capital Trust, Inc. 2007
        Long-Term Incentive Plan as specified by Rule 428(b)(1) under the Securities
        Act.  In accordance with the Note to Part I of Form S-8, such
        documents are not required to be, and are not, filed with the Securities
        and
        Exchange Commission (the "Commission") either as part of this registration
        statement or as a prospectus or prospectus supplement pursuant to Rule 424
        under
        the Securities Act. These documents and the documents incorporated by reference
        in this registration statement pursuant to Item 3 of Part II of Form S-8,
        taken
        together, constitute a prospectus that meets the requirements of Section
        10(a)
        of the Securities Act.
PART
        II
INFORMATION
        REQUIRED IN THE REGISTRATION STATEMENT
Item
        3.  Incorporation of Documents by Reference.
The
        following documents are hereby
        incorporated by reference into this registration statement and made a part
        hereof by this reference:
1.  The
        registrant's
        quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2007,
        as
        filed with the Commission on May 1, 2007 (SEC File No. 001-14788);
2.  The
        registrant's
        definitive proxy statement as filed with the Commission on April 30, 2007
        (SEC
        File No. 001-14788);
3.  The
        registrant's annual
        report on Form 10-K for the year ended December 31, 2006, as filed with the
        Commission on February 28, 2007 (SEC File No. 001-14788);
4.  The
        registrant's current
        reports on Form 8-K, as filed with the Commission on June 12, 2007, June
        7,
        2007, March 30, 2007, March 26, 2007, March 23, 2007, February 27, 2007,
        February 21, 2007, February 16, 2007, and February 13, 2007 (SEC File No.
        001-14788); and
5.  The
        description of the
        registrant's class A common stock contained in the registrant's current report
        on Form 8-K, as filed with the Commission on July 10, 2003 (SEC File No.
        001-14788), including any amendment or report filed for the purpose of updating
        that description.
In
        addition, all documents subsequently
        filed by the registrant with the Commission pursuant to Sections 13(a), 13(c),
        14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
        Act"), on or after the date of this registration statement and prior to the
        filing of a post-effective amendment which indicates that all securities
        offered
        have been sold or which deregisters all securities then remaining unsold,
        shall
        be deemed to be incorporated by reference into this registration statement
        and
        to be a part hereof from the date of filing of such documents with the
        Commission.
-2-
Notwithstanding
        the foregoing,
        information furnished under Items 2.02 and 7.01 of the registrant's current
        reports on Form 8-K, including the related exhibits, is not incorporated
        by
        reference in this registration statement.
You
        may contact the registrant to
        request copies of these filings as follows:
Capital
        Trust, Inc.
410
        Park
        Avenue
14th
        Floor
New
        York, NY 10222
Item
        4.  Description of Securities.
Not
        applicable.
Item
        5.  Interests of Named Experts and Counsel.
Not
        applicable.
Item
        6.  Indemnification of Directors and Officers.
Maryland
        law permits a Maryland
        corporation to include in its charter a provision limiting the liability
        of its
        directors and officers to the corporation and its shareholders for money
        damages
        except for liability resulting from (a) actual receipt of an improper benefit
        or
        profit in money, property or services, or (b) active and deliberate dishonesty
        established by a final judgment and which is material to the cause of
        action.  The registrant's charter contains such a provision
        eliminating such liability to the maximum extent permitted under Maryland
        law.
The
        registrant's charter authorizes the registrant, to the maximum extent permitted
        under Maryland law, to obligate itself to indemnify any present or former
        director or officer or any  individual  who, while a
        director or officer of the registrant and at the request of the registrant,
        serves or has served another corporation, real estate investment trust,
        partnership, joint venture,  trust, employee benefit plan or other
        enterprise as a director, officer, partner or trustee, from and against any
        claim or liability to which that person may become subject or which that
        person
        may incur by reason of his or her status as a present or former director
        or
        officer of the registrant and to pay or reimburse such person's reasonable
        expenses  in advance of final disposition of a proceeding. The
        registrant's bylaws obligate the registrant, to the maximum extent permitted
        by
        Maryland law, to indemnify any present or former director or officer or
        any  individual who, while a director or officer of the registrant and
        at the request of the registrant, serves or has served another corporation,
        real
        estate  investment trust, partnership, joint venture, trust, employee
        benefit plan or other enterprise as a director, officer, partner or trustee
        and
        who is made a party to the proceeding by reason of his or her service in
        that
        capacity from and against any claim or liability to which that person may
        become
        subject or which that person may incur by reason of his or her  status
        as a present or former  director or officer of the registrant and to
        pay or reimburse such person's reasonable expenses in advance of final
        disposition of a proceeding.  The charter and bylaws also permit the
        registrant to indemnify and advance expenses to any person who served a
        predecessor of the registrant in any of the capacities described above and
        any
        employee or agent of the registrant or a predecessor of the
        registrant.
-3-
Maryland
        law requires a Maryland corporation (unless its charter provides otherwise,
        which the registrant's charter does not) to indemnify a director or officer
        who
        has been successful in the defense of any proceeding to which he or she is
        made
        a party by reason of his or her service in that capacity.  Maryland
        law permits a Maryland corporation to indemnify its present and former directors
        and officers, among others, against judgments, penalties, fines, settlements
        and
        reasonable  expenses actually  incurred by them in
        connection with any proceeding to which they may be made a party by reason
        of
        their service in those or other capacities unless it is established that
        (a) the
act
        or
        omission of the director or officer was material to the matter giving rise
        to
        the proceeding and (i) was committed in bad faith or (ii) was the result
        of
        active and deliberate dishonesty, (b) the director or officer actually received
        an improper personal benefit in money, property or services, or (c) in the
        case
        of any criminal proceeding, the director or officer had reasonable cause
        to
        believe that the act or omission was unlawful.  However, under
        Maryland law, a Maryland corporation may not indemnify for an adverse judgment
        in a suit by or in the right of the  corporation or for a judgment of
        liability on the basis that personal benefit was improperly received, unless
        in
        either case a court orders indemnification and then only for expenses. In
        addition, Maryland law permits a corporation to advance reasonable expenses
        to a
        director or officer upon the corporation's receipt of (a) a written affirmation
        by the director or officer of his or her good faith belief that he or she
        has
        met the standard of conduct necessary for indemnification by the corporation,
        and (b) a written undertaking by such director or officer or on his or her
        behalf to repay the amount paid or reimbursed by the corporation if it is
        ultimately  determined that the standard of conduct was not
        met.
The
        registrant maintains a "claims-made" directors and officers liability insurance
        policy that insures directors and officers of the registrant against loss
        from
        claimed insured wrongful acts. The policy limit of liability is $10,000,000
        each
        policy year and is subject to retentions for each loss of $100,000, or $500,000
        with respect to securities laws related losses, for the registrant.
Item
        7.  Exemption from Registration Claimed.
Not
        applicable.
Item
        8.  Exhibits.
4.1
Capital
                  Trust, Inc. 2007 Long-Term Incentive Plan (filed as Exhibit 10.1
                  to the
                  registrant's current report on Form 8-K (SEC File No. 001-14788) filed on
                  June 12, 2007 and incorporated herein by reference)
5.1
Opinion
                  of Venable LLP regarding the legality of the securities being registered
                  hereunder
23.1
Consent
                  of Ernst & Young LLP, independent registered public
                  accountants
23.2
Consent
                  of Venable LLP (included in Exhibit 5.1)
24.1
Power
                  of Attorney (included on the signature page of this registration
                  statement)
-4-
Item
        9.  Undertakings
(a) The
        registrant hereby undertakes:
(1) To
        file, during any period in which offers or sales are being made, a
        post-effective amendment to this registration statement:
(i)
To
                  include any prospectus required by Section 10(a)(3) of the Securities
                  Act;
(ii)
To
                  reflect in the prospectus any facts or events arising after the
                  effective
                  date of the registration statement (or the most recent post-effective
                  amendment thereof) which, individually or in the aggregate, represent
                  a
                  fundamental change in the information set forth in the registration
                  statement. Notwithstanding the foregoing, any increase or decrease
                  in
                  volume of securities offered (if the total dollar value of securities
                  would not exceed that which was registered) and any deviation from
                  the low
                  or high end of the maximum offering range may be reflected in the
                  form of
                  prospectus filed with the Commission pursuant to Rule 424(b) if, in
                  the aggregate, the changes in volume and price represent no more
                  than 20%
                  percent change in the maximum aggregate offering price set forth
                  in the
                  "Calculation of Registration Fee" table in the effective registration
                  statement;
(iii)
To
                  include any material information with respect to the plan of distribution
                  not previously disclosed in the registration statement or any material
                  change to such information in the registration
                  statement;
Provided,
        however, that:
(A)
        Paragraphs (a)(1)(i)and (a)(1)(ii) of this section do not apply if the
        registration statement is on Form S-8 (§ 239.16b of this chapter), and the
        information required to be included in a post-effective amendment by those
        paragraphs is contained in reports filed with or furnished to the Commission
        by
        the registrant pursuant to section 13 or section 15(d) of the Exchange Act
        (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration
        statement; and
(B)
        Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply
        if
        the registration statement is on Form S-3 (§ 239.13 of this chapter) or
        Form F-3 (§ 239.33 of this chapter) and the information required to be
        included in a post-effective amendment by those paragraphs is contained in
        reports filed with or furnished to the Commission by the registrant pursuant
        to
        section 13 or section 15(d) of the Exchange Act that are incorporated by
        reference in the registration statement, or is contained in a form of prospectus
        filed pursuant to Rule 424(b) (§ 230.424 (b) of this chapter) that is
        part of the registration statement.
(C)
Provided further, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do
        not apply if the registration statement is for an offering of asset-backed
        securities on Form S-1 (§ 239.11 of this chapter) or Form S-3
        (§ 239.13 of this chapter), and the information required to be included in
        a post-effective amendment is provided pursuant to Item 1100(c) of
        Regulation AB (§ 239.1100(c)).
(2) That,
        for the purpose of determining any liability under the Securities Act, each
        such
        post-effective amendment shall be deemed to be a new registration statement
        relating to the securities offered therein, and the offering of such securities
        at that time shall be deemed to be the initial bona fide offering
        thereof.
-5-
(3) To
        remove from registration by means of a post-effective amendment any of the
        securities being registered which remain unsold at the termination of the
        offering.
(4) If
        the registrant is a foreign private issuer, to file a post-effective amendment
        to the registration statement to include any financial statements required
        by
        Item 8.A of Form 20-F (17 CFR 249.220f) at the start of any delayed offering
        or
        throughout a continuous offering.  Financial statements and
        information otherwise required by Section 10(a)(3) of the Securities Act
        need
        not be furnished, provided that the registrant includes in the prospectus,
        by
        means of a post-effective amendment, financial statements required pursuant
        to
        this paragraph (a)(4) and other information necessary to ensure that all
        other
        information in the prospectus is at least as current as the date of those
        financial statements.  Notwithstanding the foregoing, with respect to
        registration statements on Form F-3 (§ 239.33 of this chapter), a
        post-effective amendment need not be filed to include financial statements
        and
        information required by Section 10(a)(3) of the Securities Act or §210.3-19
        of this chapter if such financial statements and information are contained
        in
        periodic reports filed with or furnished to the Commission by the registrant
        pursuant to section 13 or section 15(d) of the Exchange Act that are
        incorporated by reference in the Form F-3.
(5) That,
        for the purpose of determining liability under the Securities Act to any
        purchaser:
(i) If
        the registrant is relying on Rule 430B (§ 230.430B of this
        chapter):
(A)
        Each
        prospectus filed by the registrant pursuant to Rule
        424(b)(3) (§230.424(b)(3) of this chapter) shall be deemed to be part
        of the registration statement as of the date the filed prospectus was deemed
        part of and included in the registration statement; and
(B)
        Each
        prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
        (b)(7) (§ 230.424 (b)(2), (b)(5), or (b)(7) of this chapter) as
        part of a registration statement in reliance on Rule 430B relating to an
        offering made pursuant to Rule 415 (a)(1)(i), (vii), or
        (x) (§ 230.415(a)(1)(i), (vii), or (x) of this chapter) for the
        purpose of providing the information required by section 10(a) of the
        Securities Act shall be deemed to be part of and included in the registration
        statement as of the earlier of the date such form of prospectus is first
        used
        after effectiveness or the date of the first contract of sale of securities
        in
        the offering described in the prospectus.  As provided in Rule 430B,
        for liability purposes of the issuer and any person that is at that date
        an
        underwriter, such date shall be deemed to be a new effective date of the
        registration statement relating to the securities in the registration statement
        to which that prospectus relates, and the offering of such securities at
        that
        time shall be deemed to be the initial bona fide offering
        thereof.
Provided, however,
that no statement made in a
        registration statement or prospectus that is part of the registration statement
        or made in a document incorporated or deemed incorporated by reference into
        the
        registration statement or prospectus that is part of the registration statement
        will, as to a purchaser with a time of contract of sale prior to such effective
        date, supersede or modify any statement that was made in the registration
        statement or prospectus that was part of the registration statement or made
        in
        any such document immediately prior to such effective date; or
(ii) If
        the registrant is subject to Rule 430C, (§ 230.430C of this chapter), each
        prospectus filed pursuant to Rule 424(b) as part of a registration
        statement relating to an offering, other than registration statements relying
        on
        Rule 430B or other than prospectuses filed in reliance on Rule 430A
        (§ 230.430A of this chapter), shall be deemed to be part of and included in
        the registration statement as of the date it is first used after
        effectiveness.
Provided, however
, that no statement made in
        a registration statement or prospectus that is part of the registration
        statement or made in a document incorporated or deemed incorporated by reference
        into the registration
-6-
statement or prospectus that is part of the registration
          statement will, as to a purchaser with a time of contract of sale prior
          to such
          first use, supersede or modify any statement that was made in the registration
          statement or prospectus that was part of the registration statement or
          made in
          any such document immediately prior to such date of first use.
(6) That,
        for the purpose of determining liability of the registrant under the Securities
        Act to any purchaser in the initial distribution of the securities:
The
        undersigned registrant undertakes that in a primary offering of securities
        of
        the undersigned registrant pursuant to this registration statement, regardless
        of the underwriting method used to sell the securities to the purchaser,
        if the
        securities are offered or sold to such purchaser by means of any of the
        following communications, the undersigned registrant will be a seller to
        the
        purchaser and will be considered to offer or sell such securities to such
        purchaser:
(i) Any
        preliminary prospectus or prospectus of the undersigned registrant relating
        to
        the offering required to be filed pursuant to Rule 424 (§ 230.424 of this
        chapter);
(ii)
        Any
        free writing prospectus relating to the offering prepared by or on behalf
        of the
        undersigned registrant or used or referred to by the undersigned
        registrant;
(iii) The
        portion of any other free writing prospectus relating to the offering containing
        material information about the undersigned registrant or its securities provided
        by or on behalf of the undersigned registrant; and
(iv) Any
        other communication that is an offer in the offering made by the undersigned
        registrant to the purchaser.
(b) The
        undersigned registrant hereby undertakes that, for purposes of determining
        any
        liability under the Securities Act, each filing of the registrant's annual
        report pursuant to Section 13(a) or Section 15(d) of the Exchange Act
        (and, where applicable, each filing of an employee benefit plan's annual report
        pursuant to Section 15(d) of the Exchange Act) that is incorporated by
        reference in the registration statement shall be deemed to be a new registration
        statement relating to the securities offered therein, and the offering of
        such
        securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar
        as indemnification for liabilities arising under the Securities Act may be
        permitted to directors, officers and controlling persons of the registrant
        pursuant to the foregoing provisions, or otherwise, the registrant has been
        advised that in the opinion of the Commission such indemnification is against
        public policy as expressed in the Securities Act and is, therefore,
        unenforceable.  In the event that a claim for indemnification against
        such liabilities (other than the payment by the registrant of expenses incurred
        or paid by a director, officer or controlling person of the registrant in
        the
        successful defense of any action, suit or proceeding) is asserted by such
        director, officer or controlling person in connection with the securities
        being
        registered, the registrant will, unless in the opinion of its counsel the
        matter
        has been settled by controlling precedent, submit to a court of appropriate
        jurisdiction the question whether such indemnification by it is against public
        policy as expressed in the Securities Act and will be governed by the final
        adjudication of such issue.
-7-
SIGNATURES
Pursuant
        to the requirements of the Securities Act of 1933, the registrant certifies
        that
        it has reasonable grounds to believe that it meets all of the requirements
        for
        filing on Form S-8 and has duly caused this registration statement to be
        signed
        on its behalf by the undersigned, thereunto duly authorized, in the City
        of New
        York, State of New York, on July 27, 2007.
CAPITAL
                TRUST, INC.
By:
/s/
John R.
                Klopp
Name: John
                R.
                Klopp
Title:  
Chief
                Executive Officer
POWER
        OF ATTORNEY
KNOW
        ALL MEN BY THESE PRESENTS, that each person whose signature appears below
        constitutes and appoints John R. Klopp and Geoffrey G. Jervis, and each of
        them
        singly, such person's true and lawful attorney-in-fact and agent, with full
        power of substitution and resubstitution, for such person and in such person's
        name, place and stead, in any and all capacities (including such person's
        capacity as a director and/or officer of Capital Trust, Inc.), to sign any
        and
        all amendments to this registration statement, and to file the same, with
        all
        exhibits thereto, and other documents in connection therewith, with the U.S.
        Securities and Exchange Commission, granting unto each said attorney-in-fact
        and
        agent full power and authority to do and perform each and every act and thing
        requisite and necessary to be done in and about the premises, as fully to
        all
        intents and purposes as he might or could do in person, hereby ratifying
        and
        confirming all that each said attorney-in-fact and agent, or their or his
        substitute or substitutes, may lawfully do or cause to be done by virtue
        hereof.
Pursuant
        to the requirements of the Securities Act of 1933, this registration statement
        has been signed by the following persons in the capacities and on the date
        indicated:
Signature
Title
Date
/s/
Samuel
                  Zell
Samuel
                  Zell
Chairman
                  of the Board
July
                  27, 2007
/s/
John
                  R. Klopp
John
                  R. Klopp
Director,
                  Chief Executive officer and President (principal executive
                  officer)
July
                  27, 2007
/s/
Geoffrey
                  G. Jervis
Geoffrey
                  G. Jervis
Chief
                  Financial Officer (principal financial and accounting
                  officer)
July
                  27, 2007
-8-
/s/
Thomas
                  E. Dobrowski
Thomas
                  E. Dobrowski
Director
July
                  27, 2007
/s/
Martin
                  L. Edelman
Martin
                  L. Edelman
Director
July
                  27, 2007
/s/
Craig
                  M. Hatkoff
Craig
                  M. Hatkoff
Director
July
                  27, 2007
/s/
Edward
                  S. Hyman
Edward
                  S. Hyman
Director
July
                  27, 2007
/s/
Henry
                  N. Nassau
Henry
                  N. Nassau
Director
July
                  27, 2007
/s/
Joshua
                  A. Polan
Joshua
                  A. Polan
Director
July
                  27, 2007
/s/
Lynne
                  B. Sagalyn
Lynne
                  B. Sagalyn
Director
July
                  27, 2007
-9-
INDEX
        TO EXHIBITS
4.1
Capital
                  Trust, Inc. 2007 Long-Term Incentive Plan (filed as Exhibit 10.1
                  to the
                  registrant's current report on Form 8-K (SEC File No. 001-14788) filed on
                  June 12, 2007 and incorporated herein by reference)
5.1
Opinion
                  of Venable LLP regarding the legality of the securities being registered
                  hereunder
23.1
Consent
                  of Ernst & Young LLP, independent registered public
                  accountants
23.2
Consent
                  of Venable LLP (included in Exhibit 5.1)
24.1
Power
                  of Attorney (included on the signature page of this registration
                  statement)
-10-