ROSEMONT, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Computer Systems Institute in the 10-year lease of 25,000 square feet of educational space located at 400 Airport Road in Elgin.
Jim Ward (top right photo), senior vice president, Office Group, and Craig Cassell, senior vice president, Tenant Advisory Group, facilitated the lease. The transaction represents a new campus for CSI, a computer- based education provider in the areas of technology, healthcare and business administration.
“CSI determined that the Elgin area was an excellent target market for the school’s growth, and the property is extremely well-located, with public transportation accessible and excellent proximity to I-90 and the Elgin community,” said Ward.
Computer Systems Institute is headquartered in Skokie and owns and operates five other campuses in Chicagoland area: the Chicago Loop, Skokie, Lombard, Gurnee and Wheeling.
The company offers its students career advising, morning, afternoon, evening and weekend schedules and job placement assistance. The training facilities are comprised of comfortable classroom/labs, student lounges, administrative offices and testing centers.
Contact: Erin Mays, Phone: 312.698.6735,
Email: erin.mays@grubb-ellis.com
Rick Besse Joins Grubb & Ellis as Vice President, Hotel, Golf & Leisure
“The addition of hospitality services to our Dallas office further enables us to provide full-service, best-in-class solutions to our clients. Rick is an excellent addition to our team and I am thrilled to welcome him aboard,” said Moody Younger, executive managing director, Texas.
With more than 30 years of experience, Besse joins Grubb & Ellis from Horwath HTL LLC, a hospitality consulting firm, where he spent five years as managing director of the company’s Dallas office.
Andrew B. Nott Joins Grubb & Ellis as Senior Vice President, Office Group
“Andy is an all-around seasoned professional who brings varied experience within the office sector during his 18-year career. I am thrilled to welcome him to our office,” said Greg May, executive vice president, co-managing director, Orange County.
Nott joins Grubb & Ellis from Grove Realty Services Inc., where he spent 12 years as a vice president specializing in brokerage services, development and asset management.
Contact: Julia McCartney, Phone: 714.975.2230
Grubb & Ellis Reports Preliminary Results for Third Quarter 2010; Updates Fiscal 2010 Outlook
SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced unaudited preliminary results for the third quarter of 2010.
For the quarter ended Sept. 30, 2010, the company expects to report revenue of approximately $144 million and negative adjusted EBITDA of approximately $3 million.
The financial information reflects the company’s preliminary results and is subject to customary adjustments that may arise during the completion of the financial statement closing process. Such adjustments could result in changes to these preliminary results.
The company believes that, while it remains on track to meet its full-year revenue guidance, it no longer expects to achieve its previously announced full-year adjusted EBITDA target of $10 million to $15 million.
Full-year adjusted EBITDA for 2010 is now expected to be negative, but management anticipates that adjusted EBITDA for the fourth quarter of 2010 will be positive, representing an improvement in each quarter of 2010.
For a complete copy of the company’s news release, please contact:
Janice McDill , Phone: 312.698.6707. Email: janice.mcdill@grubb-ellis.com
Grubb & Ellis and Healthcare Trust of America, Inc. Enter Into Redemption, Termination and Release Agreement
The parties also resolved all outstanding issues between them. In connection with the execution of the agreement, HTA made a one-time payment to Grubb & Ellis of $8 million.
Grubb & Ellis expects this payment to have an approximately $3 million beneficial impact on the Company’s fourth quarter 2010 results.
Contact: Janice McDill, Phone: 312.698.6707
Grubb & Ellis Completes Disposition of Former Cabrini Hospital Site in New York City
Grubb & Ellis initially announced the sale agreement in February when the transaction was approved by the U.S. Bankruptcy Court.
MSKCC says it intends to renovate and convert the property to an outpatient cancer center. The facility served as a 455-bed hospital until it ceased operations in March 2008 as directed by the New York State Commission of Health Care Facilities in the 21st Century.
Cabrini Medical Center subsequently filed for bankruptcy protection in July 2009.
Contacts:
Erin Mays, Phone: 312.698.6735, erin.mays@grubb-ellis.com
Mary Ryan, 212.326.4747, mary.ryan@grubb-ellis.com
Coldstream Real Estate Advisors, Inc. and Eaton Partners come together to form Grubb & Ellis|Northern New England
The combined firm brings together Grubb & Ellis|Coldstream Real Estate Advisors’ brokerage, development and consulting knowledge and Eaton Partners’ commercial financing, property management and commercial real estate advisory expertise to provide clients with a complete array of commercial real estate services.
Robert Rohrer (lower left photo), a managing director of Grubb & Ellis|Northern New England, said, “Both companies have a dynamic and successful track record in commercial real estate.
“We examined the trends in our industry and evaluated future business opportunities.
“ We recognized that, by joining forces, the new Grubb & Ellis|Northern New England will have an unprecedented capacity to serve its clients through the entire commercial real estate lifecycle.
“ We’ll also be ideally positioned to provide individualized services such as consulting and commercial real estate analysis, brokerage – including leasing, acquisition and disposition – asset and property management and commercial financing.”
Initially, the company will operate from current office locations in Bedford, Manchester and Portsmouth.
Contacts:
Robert Rohrer, 603.206.9612, rlr@grubbellisnne.com
David Eaton, Phone: 603.626.1964, ext. 12, Email: dbe@grubbellisnne.com
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