SL Green Realty Corp., New York, has priced an initial public offering of Gramercy Capital Corp., an affiliate company that will invest in commercial real estate, at $15 per share.Gramercy Capital is selling 12.5 million shares of common stock and expects to gross $187.5 million, the real estate investment trust said. Gramercy Capital, which has also opted for REIT status, will originate and acquire loans and subordinate interests in loans, mezzanine loans, and preferred equity investments in commercial real estate nationwide. SL Green, which through a subsidiary will manage and advise Gramercy Capital, said it expects to expand its business nationwide through this avenue. The REIT is purchasing 3.125 million shares in the offering, for a $46.875 million investment. Wachovia Securities is the manager of the offering. Gramercy Capital will be listed on the New York Stock Exchange.

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