Shareholders Approve Merger With Gramercy Capital Corp. integrated commercial real estate finance and operating company. portfolio resulted in total occupancy of 86.7 % . new leasing from 49 leases , with an average rent of $ 20.87 per square foot ( 4 ) . term of 7.96 years , were $ 3.90 per square foot per year. to be returned by the second quarter of 2008 .