CONFIRMING STATEMENT

This Statement confirms that the undersigned, Gary R. Garrabrant, has authorized
and designated Brian H. Oswald to execute and file on the undersigned's behalf
all Forms 3, 4, and 5 (including any amendments thereto) that the undersigned
may be required to file with the U.S. Securities and Exchange Commission as a
result of the undersigned's ownership of or transactions in securities of
Capital Trust, Inc. (the "Company"). The authority of Brian H. Oswald under this
Statement shall continue until the undersigned is no longer required to file
Forms 3, 4, and 5 with regard to the undersigned's ownership of or transactions
in securities of the Company, unless earlier revoked in writing. The undersigned
acknowledges that Brian H. Oswald is not assuming, nor is the Company assuming,
any of the undersigned's responsibilities to comply with Section 16 of the
Securities Exchange Act of 1934.


Date:  October 31, 2003

/s/ Gary R. Garrabrant
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Gary R. Garrabrant