8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 Current Report
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported): March 30, 2005
                                                         ---------------


                               CAPITAL TRUST, INC.
                               -------------------
             (Exact Name of Registrant as specified in its charter)



           Maryland                     1-14788               94-6181186
- ---------------------------       ------------------     ---------------------
(State or other jurisdiction       (Commission File          (IRS Employer
     of incorporation)                   Number)           Identification No.)


                 410 Park Avenue, 14th Floor, New York, NY 10022
                 -----------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's telephone number, including area code: (212) 655-0220
                                                          ---------------

                                      N/A
                                   ----------
          (Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))





Item 5.02   Departure of Directors or Principal Officers; Election of Directors;
            Appointment of Principal Officers

(d)  On March 30, 2005, the board of directors (the "Board") of Capital Trust,
Inc. (the "Company"), upon recommendation of the Board's Corporate Governance
Committee, appointed Edward S. Hyman as a director. As a non-employee director,
Mr. Hyman is entitled to receive an annual cash retainer of $30,000. Mr. Hyman
may elect to forgo the $30,000 cash retainer in exchange for an annual award of
stock units under the Company's Second Amended and Restated 1997 Long-Term
Incentive Stock Plan with a value equal to $30,000. A copy of the press release
relating to Mr. Hyman's appointment to the Board is attached hereto as Exhibit
99.1 and is incorporated herein by reference.

Item 9.01         Financial Statements and Exhibits

         (c) Exhibits


         Exhibit Number       Description

         99.1                 Press Release dated March 30, 2005





                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                      CAPITAL TRUST, INC.


                                      By:      /s/ John R. Klopp
                                         --------------------------
                                           Name:    John R. Klopp
                                           Title:   Chief Executive Officer



Date: March 30, 2005




                                  Exhibit Index


         Exhibit Number       Description
         --------------       -----------

         99.1                 Press Release dated March 30, 2005

EX-99

                                                                    Exhibit 99.1


[CAPITAL TRUST LOGO]

Contact:      Rubenstein Associates
              Robert Solomon: (212) 843-8050


                    Edward S. Hyman Joins Capital Trust Board
                    -----------------------------------------


NEW YORK, NY - March 30, 2005 - Capital Trust,  Inc. (NYSE:  CT) today announced
that Edward S. Hyman has been elected to the Company's Board of Directors.

"We are  delighted  to welcome Ed Hyman to the Capital  Trust  Board,"  said Sam
Zell,  Chairman.  "His  perspective  and  insights  will  be  invaluable  to our
company."

Ed Hyman has been ranked  Institutional  Investor's #1 Wall Street economist for
each of the past 25 years. His research reports on the US and foreign  economies
are  widely  quoted  in  the  press  and  followed  by  institutional  investors
worldwide.  Ed is Chairman of ISI Group Inc., a  broker-dealer,  and ISI Inc., a
registered  investment advisor,  which he founded in 1991. Prior to forming ISI,
Ed was Vice Chairman and a member of the Board of C.J.  Lawrence Inc.,  which he
joined in 1972.


                                       ***

Capital Trust,  Inc. is a finance and investment  management  company focused on
the  commercial  real estate  industry and  headquartered  in New York. To date,
Capital Trust, for its own account or for funds under management, has originated
$4.7 billion of commercial real estate mezzanine investments.