Grubb & Ellis Landauer Valuation Advisory Services Opens for Business with Presence in 12 Key Markets

SANTA ANA, Calif., Sept. 20 /PRNewswire-FirstCall/ -- Grubb & Ellis Landauer Valuation Advisory Services opened for business today with 12 offices, just three months after Grubb & Ellis Company (NYSE: GBE) announced its intent to launch a national valuation advisory business, which will ultimately grow to more than 350 appraisers with a presence in every key market throughout the United States.

The business, which is run by industry veterans, Douglas Haney, president, and Eduardo Alegre, executive managing director, is fully operational and staffed with experienced appraisal professionals in New York City, Boston, Atlanta, Orlando, Houston, San Antonio, Austin, Texas, Phoenix, Las Vegas, Los Angeles, Orange County, Calif., and Seattle.

"We couldn't be more pleased to be launching Grubb & Ellis Landauer with a fully integrated platform," said Thomas P. D'Arcy, president and chief executive officer of Grubb & Ellis Company.  "Doug and Ed have combined their unmatched expertise to create a business structured around valuation-related services, state-of-the-art technology and proprietary systems, and also have attracted experienced professionals who share our vision of building on the tradition and excellence of the Landauer brand."

Jack Van Berkel, president, Real Estate Services, said the launch of Grubb & Ellis Landauer provides another important service offering to clients who are looking for both comprehensive commercial real estate solutions and a trusted advisor in today's uncertain environment.

"The strength of any organization lies in its people, and while we've received considerable interest from experienced appraisers throughout the country, we are being extremely selective when it comes to staffing Landauer Valuation Advisory Services," said Haney.  "With the significant changes taking place throughout the commercial real estate industry, and the impact those changes have had on property values, there is a critical need for best-in-class valuation advisory services.  We see this as an opportunity to build a unique organization -- one that can provide meaningful analyses and solutions to real estate owners and financial institutions.  As with the other services provided by Grubb & Ellis, our objective is to provide clients with a competitive advantage as they look to solidify their real estate strategies."

When fully staffed, Grubb & Ellis Landauer will have eight regions: Northeast, Southeast, Florida, Midwest, Texas, Rocky Mountain, California and Pacific Northwest.  To date, the following senior managing directors are in place:

• Northeast -- John Brengelman, MAI, CRE, FRICS.  Brengelman brings 26 years of commercial appraisal and valuation experience.  Most recently, he spent three years as vice president and chief appraiser of AIG Global Real Estate, where he managed the market valuations of fund assets and directly owned real estate, both foreign and domestic.  Previously, he spent nearly 20 years with Landauer Real Estate Counselors in New York, ultimately rising to the position of senior managing director.  
• Southeast -- Daniel Boring, MAI.  Boring has 18 years of commercial real estate experience, having specialized in the valuation, analysis, acquisition and disposition of institutional investment-grade real estate on both a national and international basis.  His experience spans a wide range of property types, including mixed-use, residential, office, industrial, retail, medical, senior housing, marine, natural resources, agribusiness, infrastructure and special-use assets.  His specialties also include valuation for financial reporting and dispute resolution and litigation support.  Prior to joining Grubb & Ellis Landauer, Boring was a senior director with Cushman & Wakefield.  He also held a similar position with Colliers International.
• Florida -- Scott Tew, MAI, MRICS. Tew brings nearly 20 years of commercial appraisal and valuation experience to his role as senior managing director, Florida and head of the Orlando office.  He joins Grubb & Ellis Landauer Valuation Advisory Services from Tew Realty Advisory, a private valuation and appraisal company he opened in 2005.  Servicing all of Florida, the company primarily assisted national lending institutions with multi-tenant leased assets and distressed residential assets.  Earlier, Tew spent six years as a commercial appraiser at CB Richard Ellis.
• Texas -- Michael Miller, MAI.  A 26-year industry veteran, Miller joined Grubb & Ellis Landauer in August from Cushman & Wakefield where he spent 16 years as senior director, Appraisal Management Group.  In this position, he was responsible for the oversight of appraisal professionals, as well as serving financial institutions and corporate clients.  Prior to joining Cushman & Wakefield, Miller spent 10 years with CB Richard Ellis, where he began his career and most recently served as senior vice president, Appraisal.  
• Rocky Mountain -- Ted Wall.  Wall brings more than 13 years of commercial appraisal and valuation experience.  Most recently, he spent two years with Strategic Valuation Group, PLC, a private valuation and consulting firm he co-opened in 2008.  Previously, he spent three years as a vice president of CB Richard Ellis Valuation & Advisory Services, where he serviced clients with Class A office properties, master-planned communities, regional malls and other complex income-producing properties.  
• California -- Robert Bell, MAI. A 32-year veteran of the appraisal industry, Bell joined Grubb & Ellis after spending three years as a director of Integra Realty Resources' Orange County office.  He specializes in mass valuation assignments as well as valuation of acreage, master-planned communities and large retail developments. Prior to joining Integra, he was Southern California area manager of Colliers International Realty Advisors, director and manager of Cushman & Wakefield Valuation and Advisory Services and vice president of CB Commercial Appraisal Services.  
• Pacific Northwest -- Chad Campbell, MRICS.  Campbell brings 21 years of commercial appraisal and valuation experience.  Most recently, he spent three years as managing director, Northwest Region, of CB Richard Ellis Valuation & Advisory Services.  Earlier, Campbell spent 12 years with Tully West Company, a private valuation and consulting company he opened in 1994.  Campbell also serves on the Appraisal Foundation's Appraisal Qualification Board, which is responsible for establishing the minimum criteria to certify and license real property appraisers in all states.  

 

Grubb & Ellis Landauer provides a full range of services, including single asset and portfolio valuations, market analysis and feasibility studies, lease and cost analyses, debt analysis and valuation, and plant, machinery and equipment valuations for all types of commercial real estate, including office, industrial, retail, multifamily, vacant land, hotels and resorts, as well as special use facilities.

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.

Forward-Looking Statements

Certain statements included in this press release may constitute forward-looking statements regarding, among other things, the expected closing of the sale of the notes and the expected use of proceeds. These statements involve known and unknown risks, uncertainties and other factors that may cause the company's actual results and events in future periods to be materially different from those anticipated, including risks and uncertainties related to the financial markets. Such factors which could adversely affect the company's ability to obtain these results include, among other things: (i) a continued or further slowdown in the volume and the decline in transaction values of sales and leasing transactions; (ii) the general economic downturn and recessionary pressures on businesses in general; (iii) a prolonged and pronounced recession in real estate markets and values; (iv) the unavailability of credit to finance real estate transactions in general and the company's tenant-in-common programs, in particular; (v) the success of current and new investment programs; (vi) the success of new initiatives and investments; (vii) the inability to attain expected levels of revenue, performance, brand equity in general, and in the current macroeconomic and credit environment, in particular; and (viii) other factors described in the company's annual report on Form 10-K/A for the fiscal year ending December 31, 2009, Form 10-Q for the three-month periods ending March 31, 2010 and June 30, 2010 and in other current reports on Form 8-K filed with the Securities and Exchange Commission. The company does not undertake any obligation to update forward-looking statements.

SOURCE Grubb & Ellis Company