Monday, April 4, 2011
SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has received an $18 million financing commitment from Colony Capital, LLC, a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies, headquartered in Los Angeles.
In conjunction with this financing, Colony was granted the right to an exclusive 60-day negotiating period during which it can evaluate a potential larger strategic investment with Grubb & Ellis.
“Colony Capital is a premier real estate investment and advisory firm with a strong track record of identifying undervalued real estate and corporate investment opportunities, and we welcome their support and the confidence they have shown in Grubb & Ellis,” said Thomas P. D’Arcy (top right photo), president and chief executive officer.
“We will work with Colony over the next 60 days as they focus on a possible larger strategic transaction. With this show of support by Colony, our clients and partners should feel confident that our experienced team of professionals will continue to provide the same outstanding service that they have come to expect from us.”
Should the company and Colony enter into a definitive agreement for a strategic transaction, Grubb & Ellis retains the right to solicit competing strategic transactions for a period of 25 business days.
JMP Securities served as financial advisor to Grubb & Ellis in connection with this financing.
Contact: Janice McDill, Phone: 312.698.6707