Gramercy Capital Corp. operates as an integrated commercial real estate investment and asset management company in the United States. Its Gramercy Realty division manages commercial properties leased primarily to regulated financial institutions and affiliated users. The company s Gramercy Finance division manages whole loans, bridge loans, subordinate interests in whole loans, mezzanine loans, preferred equity, commercial mortgage-backed securities, and other real estate securities, which are financed through three non-recourse collateralized debt obligations. Its portfolio consists of 2 sub-portfolios, including the core portfolio comprising 67 assets located in 10 states; and the held-for-sale portfolio comprising 48 assets located in 13 states. Gramercy Capital Corp. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. The company was founded in 2004 and is headquartered in New York, New York.