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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
  STATES<br>
  SECURITIES AND EXCHANGE COMMISSION<br>
  </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, DC 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the<br>
  Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report
  (Date of earliest event reported):<br>
  <b>April&nbsp;16, 2008</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">GRAMERCY
  CAPITAL CORP.</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"><br>
  </font></b><font size="2" style="font-size:10.0pt;">(Exact Name of
  Registrant as Specified in Its Charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maryland
  <br>
  </font></b><font size="2" style="font-size:10.0pt;">(State or Other
  Jurisdiction of Incorporation)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>
  
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   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-32248</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">06-1722127</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
    Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer
    Identification No.)</font></p>
    </td>
   </tr>
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    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">420
    Lexington Avenue<br>
    New York, New York</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10170</font></b></p>
    </td>
   </tr>
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    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
    Principal Executive Offices)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
    </td>
   </tr>
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  <p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212)
  297-1000</font></b><font size="2" style="font-size:10.0pt;"><br>
  (Registrant&#146;s Telephone Number, Including Area Code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">N/A</font></b><font size="2" style="font-size:10.0pt;"><br>
  (Former Name or Former Address, if Changed Since Last Report)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions (see
  General Instruction A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
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    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications
    pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
    </td>
   </tr>
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    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
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    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material
    pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
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    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
    communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
    CFR 240.14d-2(b))</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
    </td>
    <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-commencement
    communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
    CFR 240.13e-4(c))</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#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; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Departure of Directors or Certain
  Officers; Election of Directors; Appointment of Certain</font></b></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Officers;
  Compensatory Arrangements of Certain Officers.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Hugh
  F. Hall Resignation</font></i></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;16, 2008,
  Hugh F. Hall resigned from the Board of Directors (the &#147;Board&#148;) of Gramercy
  Capital Corp. (the&nbsp;&#147;Company&#148;) and as the Chief Operating Officer of the
  Company to pursue other opportunities.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with his
  resignation, Mr.&nbsp;Hall entered into a separation agreement (the &#147;Separation
  Agreement&#148;) with the Company.&#160; Under the
  Separation Agreement, all equity awards that Mr.&nbsp;Hall received from the
  Company that were scheduled to vest on or before August&nbsp;2, 2008 will vest
  notwithstanding his termination, and all other unvested equity awards that he
  received from the Company will be forfeited.&#160;
  A copy of the Separation Agreement is filed as Exhibit&nbsp;10.1 to this
  Current Report on Form&nbsp;8-K.&#160; The
  summary of the Separation Agreement set forth above is qualified in its
  entirety by reference to such exhibit, which is incorporated herein by
  reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Robert
  R. Foley Promotion to Chief Operating Officer</font></i></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;16, 2008,
  the Board appointed Robert R. Foley as Chief Operating Officer of the Company,
  and Mr.&nbsp;Foley stepped down as the Company&#146;s Chief Financial Officer.&#160; In connection with this appointment, Mr.&nbsp;Foley&#146;s
  existing employment and non-competition agreement (the &#147;Employment Agreement&#148;)
  with the GKK Manager LLC, the external manager of the Company (the &#147;Manager&#148;),
  was amended, and the Company granted Mr.&nbsp;Foley 13,171 shares of restricted
  common stock of the Company (&#147;Common Stock&#148;).&#160;
  The shares of restricted Common Stock are scheduled to vest on May&nbsp;16,
  2008 subject to Mr.&nbsp;Foley&#146;s continued employment with the Manager.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Employment Agreement
  was amended to extend the term through August&nbsp;2, 2010 and reflect Mr.&nbsp;Foley&#146;s
  new position with the Company.&#160; In
  addition, the parties agreed that in the event of Mr.&nbsp;Foley&#146;s employment
  under the Employment Agreement is terminated by the Manager without &#147;Cause&#148; or
  by Mr.&nbsp;Foley with &#147;Good Reason&#148; (as such terms are defined in the
  Employment Agreement), Mr.&nbsp;Foley will receive 12 months of accelerated
  vesting under any equity awards granted to him by the Company as well as
  certain severance payments and benefits to be provided by the Manager.&#160; Previously, under the Employment Agreement, Mr.&nbsp;Foley
  had been entitled to two years of accelerated vesting under any equity awards
  granted to him by the Company in the event of such a termination.&#160; A copy of the amendment to the Employment
  Agreement is filed as Exhibit&nbsp;10.2 to this Current Report on Form&nbsp;8-K.&#160; The summary of the amendment to the
  Employment Agreement set forth above is qualified in its entirety by reference
  to such exhibit, which is incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="background:white;font-size:10.0pt;">Mr.&nbsp;Foley
  has been a Managing Director of the Manager, a subsidiary of SL Green Realty
  Corp. (&#147;SL Green&#148;), and the Chief Financial Officer of the Company since August&nbsp;2004.&#160; From May&nbsp;2004 until August&nbsp;2004, he
  worked as an independent consultant advising SL Green on the development of the
  Company&#146;s business plan.&#160; Before working
  with SL Green, Mr.&nbsp;Foley was a Vice President in the Special Situations
  Group of Goldman, Sachs&nbsp;&amp; Co., (&#147;Goldman&#148;), where from 2000 until
  2004, he directed that firm&#146;s principal investment activities in commercial
  real estate B notes, mezzanine loans, preferred equity and distressed
  debt.&#160; From 1997 to 2000, Mr.&nbsp;Foley
  was responsible at Goldman for the structuring, capital commitment, pricing and
  distribution of mezzanine debt, non-securitized commercial mortgage loans and
  loans to real estate investment trusts and real estate operating
  companies.&#160; From 1988 until 1997, Mr.&nbsp;Foley
  held a range of senior capital markets, principal investing and client relationship
  management roles with Bankers Trust Company and BT Securities Corporation (now
  Deutsche Bank) in New York and Los Angeles.&#160;
  From 1981 to 1986, Mr.&nbsp;Foley was an accountant and consultant in
  the San Francisco office of Touche, Ross&nbsp;&amp; Co. (now Deloitte&nbsp;&amp;
  Touche), an international independent public accounting firm.&#160; Mr.&nbsp;Foley earned B.A. degrees in
  Economics and Political Science from Stanford University in 1981, and an M.B.A.
  from The Wharton School of the University of Pennsylvania in 1988.&#160; Mr.&nbsp;Foley is a certified public
  accountant.&#160; Mr.&nbsp;Foley is 48 years
  old.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
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  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">John
  B. Roche Appointment as Chief Financial Officer</font></i></b></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;16, 2008,
  the Board appointed John B. Roche as Chief Financial Officer of the
  Company.&#160; In connection with this
  appointment, the Company granted Mr.&nbsp;Roche 60,000 shares of restricted
  Common Stock and options to purchase 50,000 shares of Common Stock.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares of restricted
  Common Stock granted to Mr.&nbsp;Roche are scheduled to vest as follows,
  subject to his continued employment with the Manager through such date:&#160; 16,250 shares vest on April&nbsp;16, 2009;
  16,250 shares vest on April&nbsp;16, 2010; and 27,500 shares vest on April&nbsp;16,
  2011.&#160; However, the vesting of 5,000 of
  the shares scheduled to vest each year is further conditioned upon the
  attainment of specified performance-based vesting criteria.&#160; The performance-based vesting each year is
  based on the Company&#146;s achievement of any of the following performance hurdles
  during the prior year (or on a cumulative basis since 2008):&#160; (1)&nbsp;7% increase in FFO per share, (2)&nbsp;12%
  total return to shareholders during the prior year or (3)&nbsp;total return to
  shareholders in the top third of the Company&#146;s peer group, as determined by the
  Company&#146;s Compensation Committee.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The options granted to Mr.&nbsp;Roche
  have an exercise price of $18.98, which was the closing price of the Common
  Stock on the New York Stock Exchange on April&nbsp;15, 2008, and are scheduled
  to vest as follows, subject to Mr.&nbsp;Roche&#146;s continued employment with the
  Manager through such date:&#160; 16,666 shares
  vest on April&nbsp;16, 2009; 16,667 shares vest on April&nbsp;16, 2010; and
  16,667 shares vest on April&nbsp;16, 2011.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with Mr.&nbsp;Roche&#146;s
  appointment, the Company and Mr.&nbsp;Roche also entered into a severance
  agreement (the &#147;Severance Agreement&#148;) pursuant to which Mr.&nbsp;Roche will be
  entitled to receive certain benefits upon the termination of his employment
  with the Manager.&#160; The Severance
  Agreement provides for an original term of three years with one automatic
  one-year extension and subsequent automatic six-month extensions, unless either
  party gives the other party at least three-months written notice that the
  Severance Agreement is not to be extended.&#160;
  Pursuant to the Severance Agreement, if Mr.&nbsp;Roche&#146;s employment with
  the Manager is terminated by the Manager without &#147;Cause&#148; or by Mr.&nbsp;Roche
  with &#147;Good Reason&#148; (as such terms are defined in Mr.&nbsp;Roche&#146;s employment
  agreement with the Manager as in effect from time to time), Mr.&nbsp;Roche will
  be credited with 12 months of additional vesting under all equity awards
  granted to him by the Company, other than those made under outperformance
  plans.&#160; In addition, if Mr.&nbsp;Roche&#146;s
  employment with the Manager is terminated due to his death or disability, he
  will be credited with 12 months of additional vesting under all equity awards
  granted to him by the Company, other than those made under outperformance
  plans.&#160; A copy of the Severance Agreement
  is filed as Exhibit&nbsp;10.3 to this Current Report on Form&nbsp;8-K.&#160; The summary of the Severance Agreement set
  forth above is qualified in its entirety by reference to such exhibit, which is
  incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="background:white;font-size:10.0pt;">Before
  joining the Company, Mr. Roche had served as a real estate consultant from
  February 2008 to April 2008.&#160; Prior to
  serving as a consultant, Mr. Roche served as Executive Vice President and Chief
  Financial Officer of New Plan Excel Realty Trust, Inc., a publicly traded real
  estate investment trust that owned over 450 shopping centers encompassing more
  than 65 million square feet.&#160; Mr. Roche
  had served as Chief Financial Officer from May 2000 until March 2002 and as
  Executive Vice President and Chief Financial Officer from March 2002 until
  April 2007, when he departed upon the closing of the sale of New Plan Excel
  Realty Trust, Inc. to Centro Properties Group.&#160;
  While at New Plan Excel Realty Trust, Inc., he oversaw the issuance of
  $2 billion of debt and equity and facilitated acquisitions and dispositions of
  assets in excess of $5 billion and $700 million of redevelopment projects.&#160; From May 1998 until May 2000, Mr. Roche was
  Senior Vice President of the financial services division of The Related
  Companies, a fully integrated real estate firm.&#160;
  He also spent six years in public accounting with the firms of Peat
  Marwick &amp; Mitchell and later, at Kenneth Leventhal &amp; Co.&#160; He has been a Certified Public Accountant in
  New York since 1986.&#160; Mr. Roche earned a
  B.A. in Accounting from Queens College, City University of New York in 1984 and
  an M.B.A. from the Executive Program at Columbia Business School, Columbia
  University in 1996. Mr. Roche is 50 years old.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  9.01.&#160; Financial Statements and Exhibits.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)&nbsp;Exhibits</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.88%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>
    Number</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="89%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:89.9%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description
    of Exhibits</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:7.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:89.9%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.9%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Separation Agreement,
    dated as of April&nbsp;16, 2008, by and between the Company and Hugh F. Hall</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\jtam\08-12221-1\task2882825\12221-1-ba.htm',USER='jtam',CD='Apr 22 17:00 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.9%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Amendment to
    Employment and Non-Competition Agreement, dated as of April&nbsp;16, 2008, by
    and between the Company and Robert R. Foley</font></p>
    </td>
   </tr>
   <tr>
    <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.88%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.9%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severance Agreement,
    dated as of April&nbsp;16, 2008, by and between the Company and John B. Roche</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\jtam\08-12221-1\task2882825\12221-1-ba.htm',USER='jtam',CD='Apr 22 17:00 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, thereunto
  duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:45.56%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GRAMERCY
    CAPITAL CORP.</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: April&nbsp;22,
    2008</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="41%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:41.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John B. Roche&nbsp; </font></p>
    </td>
   </tr>
   <tr>
    <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:6.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>
    </td>
    <td width="35%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:35.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John B. Roche </font></p>
    </td>
   </tr>
   <tr>
    <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.24%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
    </td>
    <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-12221_18k.htm", "description": "8-K", "secsgml_size_bytes": 40619}]
metadata_filer: {"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": "08769891"}, "business-address": {"street1": "420 LEXINGTON AVE", "city": "NEW YORK", "state": "NY", "zip": "10170", "phone": "2125942700"}}
text: UNITED
  STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, DC 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  Date of report
  (Date of earliest event reported):
  April 16, 2008
  GRAMERCY
  CAPITAL CORP.
  (Exact Name of
  Registrant as Specified in Its Charter)
  Maryland
  (State or Other
  Jurisdiction of Incorporation)
  001-32248
  06-1722127
  (Commission File
    Number)
  (IRS Employer
    Identification No.)
  420
    Lexington Avenue
  New York, New York
  10170
  (Address of
    Principal Executive Offices)
  (Zip Code)
  (212)
  297-1000
  (Registrant's Telephone Number, Including Area Code)
  N/A
  (Former Name or Former Address, if Changed Since Last Report)
  Check the appropriate box
  below if the Form 8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions (see
  General Instruction A.2. below):
  o
  Written communications
    pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material
    pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17
    CFR 240.14d-2(b))
  o
  Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17
    CFR 240.13e-4(c))
  Item 5.02
  Departure of Directors or Certain
  Officers; Election of Directors; Appointment of Certain
  Officers;
  Compensatory Arrangements of Certain Officers.
  Hugh
  F. Hall Resignation
  On April 16, 2008,
  Hugh F. Hall resigned from the Board of Directors (the "Board") of Gramercy
  Capital Corp. (the "Company") and as the Chief Operating Officer of the
  Company to pursue other opportunities.
  In connection with his
  resignation, Mr. Hall entered into a separation agreement (the "Separation
  Agreement") with the Company.  Under the
  Separation Agreement, all equity awards that Mr. Hall received from the
  Company that were scheduled to vest on or before August 2, 2008 will vest
  notwithstanding his termination, and all other unvested equity awards that he
  received from the Company will be forfeited. 
  A copy of the Separation Agreement is filed as Exhibit 10.1 to this
  Current Report on Form 8-K.  The
  summary of the Separation Agreement set forth above is qualified in its
  entirety by reference to such exhibit, which is incorporated herein by
  reference.
  Robert
  R. Foley Promotion to Chief Operating Officer
  On April 16, 2008,
  the Board appointed Robert R. Foley as Chief Operating Officer of the Company,
  and Mr. Foley stepped down as the Company's Chief Financial Officer.  In connection with this appointment, Mr. Foley's
  existing employment and non-competition agreement (the "Employment Agreement")
  with the GKK Manager LLC, the external manager of the Company (the "Manager"),
  was amended, and the Company granted Mr. Foley 13,171 shares of restricted
  common stock of the Company ("Common Stock"). 
  The shares of restricted Common Stock are scheduled to vest on May 16,
  2008 subject to Mr. Foley's continued employment with the Manager.
  The Employment Agreement
  was amended to extend the term through August 2, 2010 and reflect Mr. Foley's
  new position with the Company.  In
  addition, the parties agreed that in the event of Mr. Foley's employment
  under the Employment Agreement is terminated by the Manager without "Cause" or
  by Mr. Foley with "Good Reason" (as such terms are defined in the
  Employment Agreement), Mr. Foley will receive 12 months of accelerated
  vesting under any equity awards granted to him by the Company as well as
  certain severance payments and benefits to be provided by the Manager.  Previously, under the Employment Agreement, Mr. Foley
  had been entitled to two years of accelerated vesting under any equity awards
  granted to him by the Company in the event of such a termination.  A copy of the amendment to the Employment
  Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K.  The summary of the amendment to the
  Employment Agreement set forth above is qualified in its entirety by reference
  to such exhibit, which is incorporated herein by reference.
  Mr. Foley
  has been a Managing Director of the Manager, a subsidiary of SL Green Realty
  Corp. ("SL Green"), and the Chief Financial Officer of the Company since August 2004.  From May 2004 until August 2004, he
  worked as an independent consultant advising SL Green on the development of the
  Company's business plan.  Before working
  with SL Green, Mr. Foley was a Vice President in the Special Situations
  Group of Goldman, Sachs & Co., ("Goldman"), where from 2000 until
  2004, he directed that firm's principal investment activities in commercial
  real estate B notes, mezzanine loans, preferred equity and distressed
  debt.  From 1997 to 2000, Mr. Foley
  was responsible at Goldman for the structuring, capital commitment, pricing and
  distribution of mezzanine debt, non-securitized commercial mortgage loans and
  loans to real estate investment trusts and real estate operating
  companies.  From 1988 until 1997, Mr. Foley
  held a range of senior capital markets, principal investing and client relationship
  management roles with Bankers Trust Company and BT Securities Corporation (now
  Deutsche Bank) in New York and Los Angeles. 
  From 1981 to 1986, Mr. Foley was an accountant and consultant in
  the San Francisco office of Touche, Ross & Co. (now Deloitte &
  Touche), an international independent public accounting firm.  Mr. Foley earned B.A. degrees in
  Economics and Political Science from Stanford University in 1981, and an M.B.A.
  from The Wharton School of the University of Pennsylvania in 1988.  Mr. Foley is a certified public
  accountant.  Mr. Foley is 48 years
  old.
  2
  John
  B. Roche Appointment as Chief Financial Officer
  On April 16, 2008,
  the Board appointed John B. Roche as Chief Financial Officer of the
  Company.  In connection with this
  appointment, the Company granted Mr. Roche 60,000 shares of restricted
  Common Stock and options to purchase 50,000 shares of Common Stock.
  The shares of restricted
  Common Stock granted to Mr. Roche are scheduled to vest as follows,
  subject to his continued employment with the Manager through such date:  16,250 shares vest on April 16, 2009;
  16,250 shares vest on April 16, 2010; and 27,500 shares vest on April 16,
  2011.  However, the vesting of 5,000 of
  the shares scheduled to vest each year is further conditioned upon the
  attainment of specified performance-based vesting criteria.  The performance-based vesting each year is
  based on the Company's achievement of any of the following performance hurdles
  during the prior year (or on a cumulative basis since 2008):  (1) 7% increase in FFO per share, (2) 12%
  total return to shareholders during the prior year or (3) total return to
  shareholders in the top third of the Company's peer group, as determined by the
  Company's Compensation Committee.
  The options granted to Mr. Roche
  have an exercise price of $18.98, which was the closing price of the Common
  Stock on the New York Stock Exchange on April 15, 2008, and are scheduled
  to vest as follows, subject to Mr. Roche's continued employment with the
  Manager through such date:  16,666 shares
  vest on April 16, 2009; 16,667 shares vest on April 16, 2010; and
  16,667 shares vest on April 16, 2011.
  In connection with Mr. Roche's
  appointment, the Company and Mr. Roche also entered into a severance
  agreement (the "Severance Agreement") pursuant to which Mr. Roche will be
  entitled to receive certain benefits upon the termination of his employment
  with the Manager.  The Severance
  Agreement provides for an original term of three years with one automatic
  one-year extension and subsequent automatic six-month extensions, unless either
  party gives the other party at least three-months written notice that the
  Severance Agreement is not to be extended. 
  Pursuant to the Severance Agreement, if Mr. Roche's employment with
  the Manager is terminated by the Manager without "Cause" or by Mr. Roche
  with "Good Reason" (as such terms are defined in Mr. Roche's employment
  agreement with the Manager as in effect from time to time), Mr. Roche will
  be credited with 12 months of additional vesting under all equity awards
  granted to him by the Company, other than those made under outperformance
  plans.  In addition, if Mr. Roche's
  employment with the Manager is terminated due to his death or disability, he
  will be credited with 12 months of additional vesting under all equity awards
  granted to him by the Company, other than those made under outperformance
  plans.  A copy of the Severance Agreement
  is filed as Exhibit 10.3 to this Current Report on Form 8-K.  The summary of the Severance Agreement set
  forth above is qualified in its entirety by reference to such exhibit, which is
  incorporated herein by reference.
  Before
  joining the Company, Mr. Roche had served as a real estate consultant from
  February 2008 to April 2008.  Prior to
  serving as a consultant, Mr. Roche served as Executive Vice President and Chief
  Financial Officer of New Plan Excel Realty Trust, Inc., a publicly traded real
  estate investment trust that owned over 450 shopping centers encompassing more
  than 65 million square feet.  Mr. Roche
  had served as Chief Financial Officer from May 2000 until March 2002 and as
  Executive Vice President and Chief Financial Officer from March 2002 until
  April 2007, when he departed upon the closing of the sale of New Plan Excel
  Realty Trust, Inc. to Centro Properties Group. 
  While at New Plan Excel Realty Trust, Inc., he oversaw the issuance of
  $2 billion of debt and equity and facilitated acquisitions and dispositions of
  assets in excess of $5 billion and $700 million of redevelopment projects.  From May 1998 until May 2000, Mr. Roche was
  Senior Vice President of the financial services division of The Related
  Companies, a fully integrated real estate firm. 
  He also spent six years in public accounting with the firms of Peat
  Marwick & Mitchell and later, at Kenneth Leventhal & Co.  He has been a Certified Public Accountant in
  New York since 1986.  Mr. Roche earned a
  B.A. in Accounting from Queens College, City University of New York in 1984 and
  an M.B.A. from the Executive Program at Columbia Business School, Columbia
  University in 1996. Mr. Roche is 50 years old.
  Item
  9.01.  Financial Statements and Exhibits.
  (d) Exhibits
  Exhibit
  Number
  Description
    of Exhibits
  10.1
  Separation Agreement,
    dated as of April 16, 2008, by and between the Company and Hugh F. Hall
  3
  10.2
  First Amendment to
    Employment and Non-Competition Agreement, dated as of April 16, 2008, by
    and between the Company and Robert R. Foley
  10.3
  Severance Agreement,
    dated as of April 16, 2008, by and between the Company and John B. Roche
  4
  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, thereunto
  duly authorized.
  GRAMERCY
    CAPITAL CORP.
  Date: April 22,
    2008
  By:
  /s/ John B. Roche
  Name:
  John B. Roche
  Title:
  Chief Financial Officer
  5