FIRST AMENDMENT TO TERM LOAN AGREEMENT

This First Amendment to Term Loan Agreement (this “Amendment”) is made as of this 19^th day of January, 2016, among GPT OPERATING PARTNERSHIP LP, a Delaware limited partnership (“GPT OP”), GPT PROPERTY TRUST LP, a Delaware limited partnership (together with GPT OP, each a “Borrower”), GRAMERCY PROPERTY TRUST, a Maryland real estate investment trust (the “Guarantor”), CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association, as administrative agent (the “Administrative Agent”) and each of the Lenders (as defined in the Loan Agreement referenced in the recitals below) party hereto.

WHEREAS, the Borrowers, Guarantor, Administrative Agent, and the Lenders have entered into a certain Term Loan Agreement dated as of December 17, 2015 (the “Loan Agreement”), pursuant to which Administrative Agent and the Lenders agreed to provide term loans to Borrower in the aggregate principal amount of up to $175,000,000.00 evidenced by those certain Notes dated December 17, 2015 (collectively, the “Note”) made by the Borrowers in favor of each Lender; and

WHEREAS, the Borrowers, Guarantor, Administrative Agent, and the Lenders have agreed to amend the Loan Agreement as set forth herein.

NOW, THEREFORE, the parties hereto agree as follows:

1.Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Loan Agreement has the meaning assigned to such term in the Loan Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Amendment” and each other similar reference contained in the Loan Agreement and other Loan Documents shall, after this Amendment becomes effective, refer to the Loan Agreement as amended hereby.

2.
    Amendment to Loan Agreement. Section 1.1 of the Loan Agreement is hereby amended by:

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on (and including) the date of such Borrowing and ending on (but excluding) February 1, 2016 and, thereafter, the period commencing on the last day of the previous Interest Period and ending on the numerically corresponding day in the calendar month that is one, two, three, or six months thereafter, as the Borrowers may elect; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no Interest Period shall extend beyond the Maturity Date. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, thereafter, shall be the effective date of the most recent conversion or continuation of such Borrowing.

3.
    Representations and Warranties.

(i)    All representations and warranties made in the Loan Agreement and other Loan Documents remain and continue to be true and correct in all material respects, except to the extent that such representations and warranties expressly refer to an earlier date.

(ii)    To the knowledge of the Borrowers, there exists no Default or Event of Default under any of the Loan Documents.

(iii)    This Amendment has been duly authorized, executed and delivered by each Borrower and Guarantor so as to constitute the legal, valid and binding obligations of each Borrower and Guarantor, enforceable in accordance with its terms, except as the same may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors’ rights or by general equitable principles.

4.
    General Terms. This Amendment, which may be executed in multiple counterparts, constitutes the entire agreement of the parties regarding the matters contained herein and shall not be modified by any prior oral or written discussions. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging transmission (e.g. PDF by email) shall be effective as delivery of a manually executed counterpart of this Amendment. Each Borrower and Guarantor hereby ratify, confirm and reaffirm all of the terms and conditions of the Loan Agreement, and each of the other Loan Documents, and further acknowledge and agree that all of the terms and conditions of the Loan Agreement shall remain in full force and effect except as expressly provided in this Amendment. Except where the context clearly requires otherwise, all references to the Loan Agreement in any other Loan Document shall be to the Loan Agreement as amended by this Amendment.

5.
    Illegality. Any determination that any provision of this Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Amendment.

6.
    Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

IN WITNESS HEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first written above.

LENDER:

1931089.3