Grubb & Ellis Strengthens Capabilities in Florida With Addition of Randy Buddemeyer and Tim Rivers

Industry veterans recruited from CB Richard Ellis to enhance service offerings, expand presence

Jun 14, 2010, 14:54 ET from Grubb & Ellis Company

SANTA ANA, Calif., June 14 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has hired industry veterans Randy Buddemeyer and Tim Rivers as part of the company's strategy to significantly increase its presence in key markets throughout the Southeast.  Buddemeyer joins the company as executive managing director, responsible for the Florida and Carolinas region, and Rivers as senior vice president, director, Management Services.

"Randy and Tim are two of the most talented real estate services professionals I know and together they have enjoyed considerable success building a significant presence in Florida," said Jack Van Berkel, Grubb & Ellis' chief operating officer and President, Real Estate Services.  "Grubb & Ellis is focused on growth, and Florida is an important region.  It is home to many of the largest real estate owners and has four of the top 50 markets in the nation.  As we look to expand our owned office presence throughout the Southeast, they will be instrumental in supporting this effort."

Buddemeyer will report to Van Berkel and have full responsibility for the company's Real Estate Services operations in Florida, North Carolina and South Carolina.  This includes expanding the company's presence throughout the region, with the first owned office planned for Charlotte later this year.  Both he and Rivers will be based in Tampa.  Jonathan Kingsley, executive vice president based in Miami, will continue to oversee the company's South Florida Transaction Services operations.

"Over the past several years, Grubb & Ellis has become the company to watch in the commercial real estate industry.  They've used the market downturn to upgrade talent and build out their delivery platform," Buddemeyer said.  "Now, with the market on the verge of a recovery, the company's comprehensive service offerings and ability to provide customized solutions present a real opportunity for Grubb & Ellis to gain market share and grow.  It's exciting to be able to execute on that potential."

Buddemeyer joins the company from CB Richard Ellis, where he served as managing director, and was responsible for the firm's Asset Services Division in Florida, which included 40 million square feet of property and 300 full-time employees.  Earlier, he was executive director of property services in Washington, D.C., for Insignia/ESG.  Following the company's merger with CB Richard Ellis, Buddemeyer was named managing director of Asset Services, responsible for all property services operations in the Metropolitan Washington, D.C., area, and all asset leasing for a 15-million-square-foot management portfolio consisting of office, retail, industry and engineering services.  He relocated to Florida in 2004, and over the past six years more than doubled the size of the Asset Services division.  

During his 22-year commercial real estate career, Buddemeyer also oversaw the management operations for The Farr Corporation, a major local commercial real estate development and management company.  He holds a Florida real estate license and earned his bachelor's degree from the University of Missouri. Buddemeyer serves as treasurer and a member of the board of directors of the Barth Syndrome Foundation.

Rivers brings more than 18 years of experience in real estate management and facility operations.  At CB Richard Ellis, he was director of Asset Services, where he was responsible for new business development and the day operations of all field operations, as well as acted as a single point of contact for TIAA-CREF, Cabot Investment Properties, LLC, Ghits Property Company and BPG Properties, LTD.  Rivers also served as the director of the Restructuring and Receivership Division, in addition to being a receiver for Wells Fargo Bank, Wachovia Bank, J.E. Robert Companies, C-III Asset Management LLC and Midland Loan Services, Inc.  

Prior to joining CB Richard Ellis in 2005, Rivers was vice president of operations and general management for AFB Construction Management.  He holds a real estate license and earned his bachelor's degree from Middlebury College.  Rivers is the president of board of directors for the Tampa Bay Chapter of the Juvenile Diabetes Research Foundation.

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



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