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Published Wed, Feb 22, 2012 04:34 AM
Modified Wed, Feb 22, 2012 09:34 AM

Grubb & Ellis files Chaper 11

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BY DAVID BRACKEN - STAFF WRITER

Grubb & Ellis, the real estate services firm, announced Tuesday that it has filed for Chapter 11 bankruptcy and is selling all of its assets to BGC Partners.

The deal won't affect the operations of Grubb & Ellis Thomas Linderman Graham, the firm's Triangle affiliate.

The affiliate is independently owned, said John Linderman, president and COO, in a statement.

"The bankruptcy and sale do not directly impact our business," he said. "However, we view this announcement as positive step forward. Grubb & Ellis will benefit greatly by being part of the BGC organization, which, with its recent acquisition of Newmark Knight Frank, will bring together two leading commercial real estate service firms with strong brands and best-in-class professionals."

BGC Partners acquired Newmark, the parent company of real estate advisory firm Newmark Knight Frank, last year. BGC Partners' chief executive and chairman is Howard Lutnick, who is also head of the brokerage firm Cantor Fitzgerald.

Santa Ana, Calif.-based Grubb & Ellis struggled as the global economic downturn greatly reduced the number of real estate transactions being completed. The company completed about 12,000 transactions last year.

Grubb & Ellis and its affiliates manage more than 250 million square feet of property.

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