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Gramercy CFO Stepping Down

NEW YORK CITY-John Roche, Gramercy's CFO since April 2008, is leaving the company by early spring to pursue other interests.

By Paul Bubny | Updated on January 12, 2009

NEW YORK CITY-Gramercy Capital Corp. says its CFO, John Roche, is leaving the company to pursue other interests. Roche will step down after the company files its annual report in late February or early March for the year ended Dec. 31, 2008, but by no later than April 15, according to a release.

Roche initially served in an advisory role at Gramercy during its $3.3-billion acquisition of American Financial Realty Trust in March ’08, and then assumed the CFO role last April after the deal closed. Before joining Gramercy, Roche served as EVP and CFO at New Plan Excel Realty Trust from 2000 to 2007. While at New Plan, Roche 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. Roche departed New Plan upon the closing of its sale to Australia’s Centro Properties Group.

In a statement, Gramercy CEO Roger Cozzi says Roche played “a key role” in the successful incorporation of AFR into the company’s fabric. “With his assistance and subsequent leadership, Gramercy was transformed into a combined debt and equity investment enterprise positioned to address the market challenges presented by the current economic climate,” Cozzi says. “With the initial phase of the post-merger integration largely complete, and as we move forward with our reconfigured, streamlined platform, we wish John the best of luck with his future endeavors.”

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