Exhibit 99.1


[CAPITAL TRUST LOGO]


Contact:   Rubenstein Associates

           Robert Solomon: (212) 843-8050


  Capital Trust, Inc. Announces Pricing for Public Offering of Class A Common
                                     Stock

      NEW YORK, NY (July 23, 2004) - Capital Trust, Inc. (NYSE:CT) announced
today that it had priced its previously announced underwritten public offering
of 3,500,000 shares of class A common stock at a price of $23.75 per share. The
offering consists of 1,363,289 newly issued shares of class A common stock
offered by Capital Trust and 2,136,711 shares of class A common stock to be sold
by certain selling shareholders, issued upon the conversion of $44,871,000 of
convertible junior subordinated debentures.

      Capital Trust has granted to the underwriters an option to purchase up to
an additional 525,000 shares of class A common stock from the Company to cover
over-allotments, if any. The Company expects that the offering will be completed
on July 28, 2004, subject to customary closing conditions.

      The offering will be 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.

      The offering of these securities will be made only by means of a
prospectus supplement and accompanying prospectuses as filed with the Securities
and Exchange Commission. When available, investors may obtain a copy of the
prospectus supplement and accompanying prospectuses relating to the offering
from Morgan Stanley & Co. Incorporated, Prospectus Department, 1585 Broadway,
New York, NY 10036.

      This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there by any sale of these securities
in any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any state.