Unfortunately not. Way to "shrink" virtual disks are either using VMware Converter, or manually migrating/copying the data to a new (smaller) virtual disk.
In case the virtual disk has been thin provisioned, it is possible - depending on the guest OS - to reduce the partition size. This way no data is written to the unallocated guest disk space, and the .vmdk file can only grow up to the partitioned size.
The use of VMware Converter will generate new GUIDs for all Windows server drives. So I'd check beforehand if there's any application which depends on the drive GUIDs (backup application maybe?).
You can shrink a virtual machine's hard disk using VMware Converter Standalone.
You can perform a virtual to virtual conversion and during conversion wizard you can specify a new size for the virtual disk.
If it is really necessary existing vmdks can be cut with a dd command - I only recommend this for experienced users !!!