Grubb & Ellis Acquires Central Florida Affiliate

SANTA ANA, Calif., Dec. 6, 2010 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has strengthened its presence in the Southeast with the acquisition of its central Florida affiliate, Grubb & Ellis|Commercial Florida, with offices in Melbourne, Orlando and Tampa.  Terms of the transaction were not disclosed.

"We believe that the Southeast offers considerable growth opportunities for commercial real estate services providers, and acquiring Grubb & Ellis|Commercial Florida was a logical next move in what is a larger plan to increase Grubb & Ellis' presence throughout the region," said Thomas P. D'Arcy, president and chief executive officer of Grubb & Ellis.  "Grubb & Ellis|Commercial Florida has been a strong partner for a number of years.  The firm has many highly talented professionals, strong client relationships and a solid platform for growth."

The change in ownership structure adds approximately 45 experienced brokerage professionals to Grubb & Ellis Company, who specialize in all aspects of commercial real estate, including office, industrial, retail, investments, multifamily and land.  Grubb & Ellis will now manage more than 15 million square feet of commercial property throughout Florida.  

"We're impressed by the progress Grubb & Ellis has made in attracting top talent and broadening its platform over the past several years, and we believe that as an owned office we will be able to leverage these enhancements to better serve our clients," said Jeffrey Sweeney, managing principal with Grubb & Ellis|Commercial Florida.  

Sweeney will continue to oversee the Orlando and Melbourne offices as executive vice president, managing director.

"Adding the north Florida presence was an integral part of our growth strategy in the Southeast and greatly enhances our ability to service all of our clients' real estate requirements throughout the region," said Randy Buddemeyer, executive managing director, Florida and the Carolinas.

Grubb & Ellis has stated that its goal is to be the leading provider of integrated real estate services.  In support of this objective, over the past two years it has aggressively recruited top talent into the company and strengthened and expanded its service platform to better meet the needs of clients and enhance the company's overall profitability.

During 2010, Grubb & Ellis acquired its affiliate in Las Vegas and opened owned offices in Cincinnati, San Diego and Phoenix, and announced similar plans for Columbus, Ohio, and Charlotte, N.C.

The phone numbers and addresses of Grubb & Ellis' Melbourne, Orlando and Tampa locations will remain the same.  The addresses and phones for the offices are as follows:  Melbourne: 2108 W. New Haven Ave., 321.984.1957; Orlando: 20 N. Orange Ave. Suite 500, 407.423.1200 and Tampa: 3030 N. Rocky Point Drive West, Suite 560, 813.639.1111.

About Grubb & Ellis Company

Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,000 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment subsidiaries, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), mutual funds and other real estate investment funds. For more information, visit www.grubb-ellis.com.

SOURCE Grubb & Ellis Company