Attached files
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| EX-99.1 - Gramercy Property Trust Inc. | v206509_ex99-1.htm |
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
December
22, 2010
Date of
report (Date of earliest event reported)
Gramercy
Capital Corp.
(Exact
Name of Registrant as Specified in Charter)
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Maryland
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001-32248
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06-1722127
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(State
or Other Jurisdiction
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(Commission
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(IRS
Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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420
Lexington Avenue
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10170
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New
York, New York
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(Zip
Code)
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(Address
of Principal Executive Offices)
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(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:
| o |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.01. Completion
of Acquisition or Disposition of Assets.
On
December 27, 2010, Gramercy Capital Corp. (the “Company”) announced that
the Company and SL Green Realty Corp. ("SL Green") completed the previously
announced transactions pursuant to which SL Green acquired from the Company (i)
on December 22, 2010, (1) the Company's 45% joint venture interests in the
leased fee of the 2 Herald Square property in New York, New York, for
approximately $25.6 million, plus assumed mortgage debt of approximately $86.1
million, (2) the Company's 100% fee interest in the 292 Madison Avenue property
in New York, New York, for approximately $19.2 million, plus assumed mortgage
debt of approximately $59.1 million, and (3) the Company's mezzanine loan
secured by the 601 West 26th Street
property in New York, New York, for approximately $39.0 million, and (ii)
on December 23, 2010, the Company's 45% joint venture interests in the leased
fee of the 885 Third Avenue property in New York, New York, for approximately
$39.3 million, plus assumed mortgage debt of approximately $120.4
million. Net of closing costs, release of cash collateral posted for
related letters of credit and the sale of certain contingent interests, the
transactions produced approximately $89.8 million of unrestricted cash for the
Company and approximately $39.0 million of restricted cash for one of the
Company's three CDOs. A copy of the press release announcing the
completion of these transactions with SL Green is attached hereto as Exhibit
99.1 and is incorporated by reference herein.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits
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Exhibit
No.
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Description
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99.1
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Joint
Press Release, dated December 27, 2010
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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:
December 28, 2010
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GRAMERCY
CAPITAL CORP.
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By:
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/s/
Jon W. Clark
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Name:
Jon W. Clark
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Title:
Chief Financial Officer
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