Exhibit 99.1

[CAPITAL TRUST LOGO]
Contact:   Rubenstein Associates

           Robert Solomon: (212) 843-8050


        Capital Trust Announces Closing of Class A Common Stock Offering
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      NEW YORK, NY (July 28, 2004) - Capital Trust, Inc. (NYSE:CT) announced
today the closing of its previously announced public offering of class A common
stock. A total of 4,025,000 shares were sold at a price of $23.75 per share.
Capital Trust sold 1,888,289 shares, including 525,000 shares pursuant to an
over-allotment option exercised by the underwriters, and the selling
shareholders sold 2,136,711 shares. Proceeds to the company totaled $42.5
million, or $22.53 per share after payment of underwriting discounts and
commissions.

      The offering was made through an underwriting syndicate led by Morgan
Stanley & Co. Incorporated and Bear, Stearns & Co. Inc. and co-managed by
Jefferies & Co., Inc. and JMP Securities LLC.

      This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction. Copies of the prospectus supplement and accompanying prospectuses
may be obtained from Morgan Stanley & Co. Incorporated, Prospectus Department,
1585 Broadway, New York, NY 10036.