Gramercy Capital (GKK)

200 Franklin Square Drive, Somerset, New Jersey

        The Company owns a 25% interest in an equity owner and a fee interest in 200 Franklin Square Drive, a 200,000 square foot building located in Somerset, New Jersey which is 100% net leased to Philips Holdings, USA Inc, a wholly-owned subsidiary of Royal Phillips Electronics through December 2021. As of March 31, 2009 and December 31, 2008, the investment had a carrying value of $1,193 and $2,142, respectively. The Company recorded its pro rata share of net income of the joint venture of $30 and $31 for the three months ended March 31, 2009 and 2008, respectively.

200 Franklin Square Drive, Somerset, New Jersey

        The Company owns a 25% interest in an equity owner and a fee interest in 200 Franklin Square Drive, a 200,000 square foot building located in Somerset, New Jersey which is 100% net leased to Philips Holdings, USA Inc, a wholly-owned subsidiary of Royal Phillips Electronics through December 2021. As of September 30, 2008 and December 31, 2007, the investment has a carrying value of $2,269 and $2,269, respectively. The Company recorded its pro rata share of net income of the joint venture of $26 and $63 and $27 and $86 for the three and nine months ended September 30, 2008 and 2007, respectively.

200 Franklin Square Drive, Somerset, New Jersey

        The Company owns a 25% interest in an equity owner and a fee interest in 200 Franklin Square Drive, a 200,000 square foot building located in Somerset, New Jersey which is 100% net leased to Philips Holdings, USA Inc, a wholly-owned subsidiary of Royal Phillips Electronics through December 2021. As of June 30, 2008 and Decembe  31, 2007, the investment has a carrying value of $2,243 and $2,269, respectively. The Company recorded its pro rata share of net income of the joint venture of $5 and $36 for the three and six months ended June 30, 2008 and 2007, respectively.