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        <entityName>Colony Capital Operating Company, LLC</entityName>
        <issuerAddress>
            <street1>515 SOUTH FLOWER STREET, 44TH FLOOR</street1>
            <city>LOS ANGELES</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>90071</zipCode>
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        <issuerPhoneNumber>310-282-8820</issuerPhoneNumber>
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        <entityType>Limited Liability Company</entityType>
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                <lastName>Saltzman</lastName>
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    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2017-01-10</value>
            </dateOfFirstSale>
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        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
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            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Units of membership interest</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>true</isBusinessCombinationTransaction>
            <clarificationOfResponse>Units of membership interest in the Issuer and shares of Class A Common Stock of Colony NorthStar, Inc. were issued in exchange for partnership units in NSAM LP in connection with the merger of NSAM LP into Issuer.</clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
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        <offeringSalesAmounts>
            <totalOfferingAmount>0</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
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            <clarificationOfResponse>Units of membership interest in the Issuer and shares of Class A Common Stock of Colony NorthStar, Inc. were issued in exchange for partnership units in NSAM LP in connection with the merger of NSAM LP into Issuer.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>23</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>70</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
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        <signatureBlock>
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            <signature>
                <issuerName>Colony Capital Operating Company, LLC</issuerName>
                <signatureName>/s/ Ronald M. Sanders</signatureName>
                <nameOfSigner>Ronald M. Sanders, Esq.</nameOfSigner>
                <signatureTitle>Chief Legal Officer and Secretary</signatureTitle>
                <signatureDate>2017-01-25</signatureDate>
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</edgarSubmission>