Gramercy's Holliday Steps Down, Cozzi To Lead

NEW YORK CITY- Gramercy Capital Corp. has appointed Roger Cozzi, as president and CEO, effective immediately. Marc Holliday is stepping down from his position as Gramercy’s president and CEO, a post he has held since Gramercy’s inception in 2004. In conjunction, Gramercy’s chief investment officer, Andrew Mathias, and the firm’s chief credit officer, Gregory Hughes, are stepping down from their positions, effective immediately.

Holliday and Mathias will remain as consultants to Gramercy through Sept. 30, 2009. Gramercy was unable to provide further comment or detail to GlobeSt.com prior to its conference call, which a spokesman says has not yet been scheduled. The spokesman says–in regards to replacements for Hughes’ and Mathias’ positions–that if there are any additional details or discussions to be provided, “they won’t be until Gramercy’s Q3 release and conference call.”

The company’s marketing, general and administrative, expenses include the consolidation of the expenses of its subsidiary GKK Manager LLC, the entity which manages and advises Gramercy. For the quarter ended Sept. 30, 2008, the company’s MG&A included approximately $5.7 million of costs associated with Gramercy compared to $3.7 million in the prior year. This increase, according to a prepared statement, is primarily due to personnel hired in connection with the $3.3-billion AFR acquisition. That transaction doubled the company’s size and diversified its asset base and income stream, as GlobeSt.com reported. It also added 29.2-million sf of commercial real estate to Gramercy’s portfolio. Locally based Gramercy is externally-managed by GKK Manager LLC, which is a majority-owned subsidiary of SL Green Realty Corp.