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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 11, 2012<BR>
</B>Date of report (Date of earliest event reported)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Gramercy
Capital Corp.<BR>
</B></FONT>(Exact Name of Registrant as Specified in Charter)</P>

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<TR>
    <TD STYLE="width: 30%; vertical-align: top; font-weight: bold; text-align: center">Maryland</TD>
    <TD STYLE="width: 5; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; vertical-align: top; font-weight: bold; text-align: center">001-32248</TD>
    <TD STYLE="width: 5%; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; vertical-align: top; font-weight: bold; text-align: center">06-1722127</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Commission</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(IRS Employer</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">of Incorporation)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">File Number)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Identification No.)</TD></TR>
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<p></p>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 50%; vertical-align: top; font-weight: bold; text-align: center">420 Lexington Avenue</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; vertical-align: top; font-weight: bold; text-align: center">10170</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">New York, New York</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Zip Code)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 297-1000<BR>
</B>(Registrant's telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 9pt">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing of obligation of the registrant under any of the following
provisions:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02.&#9;Results of Operations and Financial
Condition.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 15, 2012, Gramercy Capital Corp.
(the &quot;Company&quot;) issued an earnings press release relating to the Company's financial performance for the quarter and
year ended December 31, 2011. The Company is attaching the press release as Exhibit&nbsp;99.1 to this Current Report on Form&nbsp;8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information being furnished pursuant
to this &quot;Item 2.02. Results of Operations and Financial Condition&quot; (including Exhibit 99.1) shall not be deemed to be
&quot;filed&quot; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;)
or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing
under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;), or the Exchange Act, regardless of any general incorporation
language in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4.02.&#9;Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim Review.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 11, 2012, the Company's
management and Audit Committee concluded that the Company's previously filed financial statements in the Company's Quarterly Report
on Form 10-Q for the three- and nine-months ended September 30, 2011 should no longer be relied upon because of an error recorded
by the Company in other-than-temporary impairment on commercial mortgage-backed securities (&quot;CMBS&quot;) in the third quarter.
In the fourth quarter, the Company corrected the discount rate used in the calculation of other-than-temporary impairment on CMBS
investments and recorded an adjustment to correct the other-than-temporary impairment for the year ended December 31, 2011. This
error reduced the portion of the impairment charge related to credit risk which is included in the Condensed Consolidated Statement
of Operations by $15.0 million and increased the portion of the impairment charge related to other factors by $15.0 million which
is included in Other Comprehensive Income (Loss) for the three- and nine-months ended September 30, 2011. Additionally, the error
resulted in an overstatement of accumulated deficit of $15.0 million and a corresponding understatement in accumulated other comprehensive
loss in our Condensed Consolidated Statement of Stockholders' Equity and Non-controlling Interests at September 30, 2011. The adjustment
had no effect on the operating, investing and financing activities included in the Company's Condensed Consolidated Statement of
Cash Flows for the nine-months ended September 30, 2011.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has corrected the error
in its unaudited quarterly financial data included in footnote 22 to the Company's consolidated financial statements which will
be included the Company's Annual Report on Form 10-K for the year ended December 31, 2011. The adjustment to other-than-temporary
impairment to the three-months ended September 30, 2011 resulted in income from continuing operations and net income available
to common stockholders changing from $1.7 million and $129.2 million, as previously reported, respectively, to $8.3 million, after
giving effect to discontinued operations, and $144.3 million, respectively. Basic and diluted earnings per share increased in the
three-month period ended September 30, 2011 by $0.29 per share, respectively related to the adjustment to correct the other-than-temporary
impairment. This adjustment did not affect the Company's 2011 annual earnings or cash flow, nor did it have any effect on stockholders'
equity at December 31, 2011.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company's Audit Committee discussed
each of these matters with Ernst &amp; Young LLP, the Company's independent registered public accounting firm.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02.&#9;Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 14, 2012, Robert R. Foley announced
that he will be stepping down as Chief Operating Officer and Secretary of the Company, effective March 16, 2012. Mr. Foley's resignation
was not due to any disagreement or dispute with the Company's management or members of the board of directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01.&#9;Regulation FD Disclosure.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As discussed in Item 2.02. above, the Company
issued a press release, dated March 15, 2012, relating to its financial performance for the quarter and year ended December 31,
2011, the text of which is incorporated by reference into this &quot;Item 7.01. Regulation FD Disclosure.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information being furnished pursuant
to this &quot;Item 7.01. Regulation FD Disclosure&quot; shall not be deemed to be &quot;filed&quot; for purposes of Section 18
of the Exchange Act or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference
into any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.
This information shall not be deemed an admission as to the materiality of such information that is required to be disclosed solely
by Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.&#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>(d) Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; padding-top: 1pt; padding-bottom: 2pt; text-align: left; line-height: 8pt; font-weight: bold">Exhibit No.</TD>
    <TD STYLE="width: 4%; padding-top: 1pt; padding-bottom: 2pt; text-align: left; line-height: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 85%; border-bottom: windowtext 1pt solid; padding-top: 1pt; padding-bottom: 2pt; text-align: left; line-height: 8pt; font-weight: bold">Description&emsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">99.1</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">Press Release, dated March 15, 2012, relating to earnings</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font-weight: bold">GRAMERCY CAPITAL CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 44%; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-bottom: 1pt">/s/ Jon W. Clark</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name: Jon W. Clark</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title: &nbsp;&nbsp;Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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{"company-data": {"conformed-name": "GRAMERCY CAPITAL CORP", "cik": "0001287701", "assigned-sic": "6798", "irs-number": "061722127", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32248", "film-number": "12694804"}, "business-address": {"street1": "420 LEXINGTON AVE", "city": "NEW YORK", "state": "NY", "zip": "10170", "phone": "2125942700"}}
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 11, 2012
Date of report (Date of earliest event reported)
Gramercy
Capital Corp.
(Exact Name of Registrant as Specified in Charter)
Maryland
001-32248
06-1722127
(State or Other Jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
420 Lexington Avenue
10170
New York, New York
(Zip Code)
(Address of Principal Executive Offices)
(212) 297-1000
(Registrant's telephone number, including area code)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing of obligation of the registrant under any of the following
provisions:
£
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02.	Results of Operations and Financial
Condition.
On March 15, 2012, Gramercy Capital Corp.
(the "Company") issued an earnings press release relating to the Company's financial performance for the quarter and
year ended December 31, 2011. The Company is attaching the press release as Exhibit 99.1 to this Current Report on Form 8-K.
The information being furnished pursuant
to this "Item 2.02. Results of Operations and Financial Condition" (including Exhibit 99.1) shall not be deemed to be
"filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")
or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing
under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation
language in such filing.
Item 4.02.	Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim Review.
On March 11, 2012, the Company's
management and Audit Committee concluded that the Company's previously filed financial statements in the Company's Quarterly Report
on Form 10-Q for the three- and nine-months ended September 30, 2011 should no longer be relied upon because of an error recorded
by the Company in other-than-temporary impairment on commercial mortgage-backed securities ("CMBS") in the third quarter.
In the fourth quarter, the Company corrected the discount rate used in the calculation of other-than-temporary impairment on CMBS
investments and recorded an adjustment to correct the other-than-temporary impairment for the year ended December 31, 2011. This
error reduced the portion of the impairment charge related to credit risk which is included in the Condensed Consolidated Statement
of Operations by $15.0 million and increased the portion of the impairment charge related to other factors by $15.0 million which
is included in Other Comprehensive Income (Loss) for the three- and nine-months ended September 30, 2011. Additionally, the error
resulted in an overstatement of accumulated deficit of $15.0 million and a corresponding understatement in accumulated other comprehensive
loss in our Condensed Consolidated Statement of Stockholders' Equity and Non-controlling Interests at September 30, 2011. The adjustment
had no effect on the operating, investing and financing activities included in the Company's Condensed Consolidated Statement of
Cash Flows for the nine-months ended September 30, 2011.
The Company has corrected the error
in its unaudited quarterly financial data included in footnote 22 to the Company's consolidated financial statements which will
be included the Company's Annual Report on Form 10-K for the year ended December 31, 2011. The adjustment to other-than-temporary
impairment to the three-months ended September 30, 2011 resulted in income from continuing operations and net income available
to common stockholders changing from $1.7 million and $129.2 million, as previously reported, respectively, to $8.3 million, after
giving effect to discontinued operations, and $144.3 million, respectively. Basic and diluted earnings per share increased in the
three-month period ended September 30, 2011 by $0.29 per share, respectively related to the adjustment to correct the other-than-temporary
impairment. This adjustment did not affect the Company's 2011 annual earnings or cash flow, nor did it have any effect on stockholders'
equity at December 31, 2011.
The Company's Audit Committee discussed
each of these matters with Ernst & Young LLP, the Company's independent registered public accounting firm.
Item 5.02.	Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 14, 2012, Robert R. Foley announced
that he will be stepping down as Chief Operating Officer and Secretary of the Company, effective March 16, 2012. Mr. Foley's resignation
was not due to any disagreement or dispute with the Company's management or members of the board of directors of the Company.
2
Item 7.01.	Regulation FD Disclosure.
As discussed in Item 2.02. above, the Company
issued a press release, dated March 15, 2012, relating to its financial performance for the quarter and year ended December 31,
2011, the text of which is incorporated by reference into this "Item 7.01. Regulation FD Disclosure."
The information being furnished pursuant
to this "Item 7.01. Regulation FD Disclosure" shall not be deemed to be "filed" for purposes of Section 18
of the Exchange Act or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference
into any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.
This information shall not be deemed an admission as to the materiality of such information that is required to be disclosed solely
by Regulation FD.
Item 9.01.	Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release, dated March 15, 2012, relating to earnings
3
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 15, 2012
GRAMERCY CAPITAL CORP.
By:
/s/ Jon W. Clark
Name: Jon W. Clark
Title:   Chief Financial Officer