CONFIRMING STATEMENT

This Statement confirms that the undersigned, Samuel Zell, 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/ Samuel Zell
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Samuel Zell