<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-03-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001278382</issuerCik>
        <issuerName>GLOBAL SIGNAL INC</issuerName>
        <issuerTradingSymbol>GSL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001292336</rptOwnerCik>
            <rptOwnerName>GREENHILL CAPITAL PARTNERS, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE, 23RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001292339</rptOwnerCik>
            <rptOwnerName>GCP MANAGING PARTNER, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE, 23RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001292345</rptOwnerCik>
            <rptOwnerName>GCP, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE, 23RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001282977</rptOwnerCik>
            <rptOwnerName>GREENHILL &amp; CO INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>23RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001292335</rptOwnerCik>
            <rptOwnerName>GCP 2000, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE, 23RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001120194</rptOwnerCik>
            <rptOwnerName>GREENHILL CAPITAL PARTNERS LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVE</rptOwnerStreet1>
            <rptOwnerStreet2>23RD FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001288439</rptOwnerCik>
            <rptOwnerName>BOK SCOTT L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>23RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001288437</rptOwnerCik>
            <rptOwnerName>GREENHILL ROBERT F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>23RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001241677</rptOwnerCik>
            <rptOwnerName>NIEHAUS ROBERT H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 PARK AVENUE, 23RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock; par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2006-03-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>128800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>18.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10543978</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through limited partnerships</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option to buy Common Stock (&quot;Options&quot;)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>18.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-03-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>128800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-06-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>128800</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through limited partnerships</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Immediately.</footnote>
        <footnote id="F2">This Form 4 is being filed by more than one reporting person.</footnote>
        <footnote id="F3">Greenhill Capital Partners, LLC, which is the record owner of 32,200 shares of Common Stock
and which may be deemed to be the beneficial owner of an additional 10,382,978 shares of Common Stock
through the beneficial ownership of such shares by certain affiliated ownerships and whose sole member is
 Greenhill &amp; Co., Inc., is the general partner of GCP Managing Partner, L.P.  GCP Managing Partner, L.P. and GCP, L.P. are
 general partners of Greenhill Capital Partners, L.P., which acquired 79,476 shares of Common Stock pursuant to its exercise
 of the Options, Greenhill Capital Partners (Executives), L.P., which acquired 12,544 shares of Common Stock pursuant to its
 exercise of the Options, Greenhill Capital, L.P., which acquired 25,424 shares of Common Stock pursuant to its exercise of
 the Options, and Greenhill Capital Partners (Cayman), L.P., which acquired 11,356 shares of Common Stock pursuant to its
 exercise of the Options.</footnote>
        <footnote id="F4">GCP 2000, LLC is the general partner of GCP, L.P.  GCP 2000, LLC is in turn controlled by its Senior Members, Scott L. Bok,
 Robert F. Greenhill and Robert H. Niehaus.  Mr. Niehaus is also a member of the Board of Directors of the Issuer.</footnote>
        <footnote id="F5">Each reporting person disclaims beneficial ownership of the reported securities except and to the extent of its or his
 pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Greenhill Capital Partners, LLC, By: Ulrika Ekman, /s/ Ulrika Ekman</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>GCP 2000, LLC, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>GCP, L.P., By: GCP 2000, LLC, its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Greenhill Capital Partners, L.P., By: GCP 2000, LLC, its general partner and GCP, L.P., its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Greenhill Capital Partners, L.P., By: GCP Managing Partner, L.P., its managing general partner and Greenhill Capital Partners, LLC, its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>GCP Managing Partner, L.P., By: Greenhill Capital Partners, LLC, its general partner, By: Robert H. Niehaus, Chairman, /s/ Robert H. Niehaus</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Greenhill &amp; Co., Inc., By: Ulrika Ekman, General Counsel and Secretary, /s/ Ulrika Ekman</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Scott L. Bok, /s/ Scott L. Bok</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Robert F. Greenhill, /s/ Robert F. Greenhill</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Robert H. Niehaus, /s/ Robert H. Niehaus</signatureName>
        <signatureDate>2006-03-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
