There appears to be an end to the Grubb & Ellis saga (above is its Santa Ana, Calif. HQ). Late yesterday, the brokerage firm entered Ch. 11 bankruptcy and agreed to sell substantially all its assets—including a loan made to Grubb & Ellis by C-III Partners and Colony Capital—to BGC Partners (an affiliate of Cantor Fitzgerald) for an undisclosed sum. In turn, BGC, which last year purchased Newmark Knight Frank, will infuse Grubb & Ellis with “debtor-in-possession” financing to get through the sales process. The question now: what will the fate be for the NKF and Grubb & Ellis offices? To that end, officials have been mum, but NKF CEO Barry Gosin, in a prepared statement, offered clues to the reasoning behind the acquisition. “The synergiesbetween Newmark Knight Frank's consultative approach to creating value for clients and Grubb & Ellis' transactional and management services are tremendous,” he says. |
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