| **CapLease,                Inc. and Subsidiaries**                   |
|----------------------------------------------------------------------|
| **Ratio                of Earnings to Fixed                Charges** |

|                                                                 |   |                                   |    |   |   |    |   |   |   |   |   |
|----------------------------------------------------------------------|--------|----------------------------------------|---------|--------|--------|---------|--------|--------|--------|--------|--------|
| *(dollars                in thousands)*                              |   | Year                ended December 31, |    |
|                                                                 |   | 2007                                   |    | 2006   |   | 2005    |   | 2004   |   | 2003   |   |
| Earnings:                                                            |   |                                   |    |   |   |    |   |   |   |   |   |
| Net                income (loss)                                     |   | $                                      | (2,261  | )      | $      | 7,249   |   | $      | 5,130  |   | $      | 1,369 |   | $ | 6,633 |   |
| Interest                expense                                      |   |                                   | 97,036  |   |   | 63,212  |   |   | 32,987 |   |   | 2,768 |   |   | 2,058 |   |
| Less:                Interest capitalized during the period Note (A) |   |                                   | – |   |   | – |   |   | (1,589 | )      |   | – |   |   | – |   |
| Portion                of rental expense representing interest       |   |                                   | 248     |   |   | 140     |   |   | 39     |   |   | 77 |   |   | 110 |   |
| Total                earnings                                        |   | $                                      | 95,023  |   | $      | 70,600  |   | $      | 36,567 |   | $      | 4,214 |   | $ | 8,801 |   |
|                                                                 |   |                                   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Fixed                Charges:                                        |   |                                   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Interest                expense                                      |   | $                                      | 97,036  |   | $      | 63,212  |   | $      | 31,398 |   | $      | 2,768 |   | $ | 2,058 |   |
| Interest                capitalized during the period                |   |                                   | – |   |   | – |   |   | 1,589  |   |   | – |   |   | – |   |
| Portion                of rental expense representing interest       |   |                                   | 248     |   |   | 140     |   |   | 39     |   |   | 77 |   |   | 110 |   |
| Total                                                                |   | $                                      | 97,284  |   | $      | 63,351  |   | $      | 33,026 |   | $      | 2,845 |   | $ | 2,168 |   |
|                                                                 |   |                                   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Ratio                of Earnings to Fixed Charges                    |   |                                   | 0.98    |   |   | 1.11    |   |   | 1.11   |   |   | 1.48 |   |   | 4.06 |   |

| **CapLease,                Inc. and Subsidiaries**                                                          |
|-------------------------------------------------------------------------------------------------------------|
| **Ratio                of Earnings to Combined Fixed Charges and Preferred Stock                Dividends** |

|                                                                                     |   |                                   |    |   |   |    |   |   |   |   |   |
|------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|--------|---------|--------|--------|--------|--------|--------|
| *(dollars                in thousands)*                                                  |   | Year                ended December 31, |    |
|                                                                 |   | 2007                                   |    | 2006   |   | 2005    |   | 2004   |   | 2003   |   |
| Earnings:                                                                                |   |                                   |    |   |   |    |   |   |   |   |   |
| Net                income (loss)                                                         |   | $                                      | (2,261  | )      | $      | 7,249   |   | $      | 5,130  |   | $      | 1,369 |   | $ | 6,633 |   |
| Interest                expense                                                          |   |                                   | 97,036  |   |   | 63,212  |   |   | 32,987 |   |   | 2,768 |   |   | 2,058 |   |
| Less:                Interest capitalized during the period Note (A)                     |   |                                   | – |   |   | – |   |   | (1,589 | )      |   | – |   |   | – |   |
| Portion                of rental expense representing interest                           |   |                                   | 248     |   |   | 140     |   |   | 39     |   |   | 77 |   |   | 110 |   |
| Total                earnings                                                            |   | $                                      | 95,023  |   | $      | 70,600  |   | $      | 36,567 |   | $      | 4,214 |   | $ | 8,801 |   |
|                                                                                     |   |                                   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Combined                Fixed Charges and Preference Dividends:                          |   |                                   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Interest                expense                                                          |   | $                                      | 97,036  |   | $      | 63,212  |   | $      | 31,398 |   | $      | 2,768 |   | $ | 2,058 |   |
| Interest                capitalized during the period                                    |   |                                   | – |   |   | – |   |   | 1,589  |   |   | – |   |   | – |   |
| Portion                of rental expense representing interest                           |   |                                   | 248     |   |   | 140     |   |   | 39     |   |   | 77 |   |   | 110 |   |
| Preferred                Stock Dividends                                                 |   |                                   | 2,844   |   |   | 2,844   |   |   | 561    |   |   | – |   |   | – |   |
| Total                                                                                    |   | $                                      | 100,128 |   | $      | 66,195  |   | $      | 33,587 |   | $      | 2,845 |   | $ | 2,168 |   |
|                                                                                     |   |                                   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Ratio                of Earnings to Combined Fixed Charges and Preferred Stock Dividends |   |                                   | 0.95    |   |   | 1.07    |   |   | 1.09   |   |   | 1.48 |   |   | 4.06 |   |

| Note                (A) Interest capitalized during the period is deducted because fixed                charges includes all interest, whether capitalized or                expensed. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Only                fixed charges that were deducted from income should be added back                in the                earnings computation.                                       |