SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that it has engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company. “The Board is pleased to formalize this engagement with JMP Securities, which has an intimate working knowledge of our company and each of our businesses,” said C. Michael Kojaian (top right photo), chairman of the board.
“While the management team has made progress restructuring the business and driving top-line growth, we believe now is the time to explore opportunities on how to best leverage the broad platform and capabilities of the company into an improving market for the benefit of all stakeholders.
“ We have received unsolicited inquiries, and decided that a formal process is in the best interest of all of our constituents.”
In conjunction with today’s announcement, the Board also determined, as permitted, not to declare the quarterly dividend to holders of its 12% Cumulative Participating Perpetual Convertible Preferred Stock.
“A formal process to explore a transaction which affords the company the opportunity to drive additional scale across our platform is in the best interests of our corporate stakeholders, clients, broker-dealer partners and Grubb & Ellis professionals. We look forward to working with JMP in this process,” said Thomas P. D’Arcy (top left photo), president and chief executive officer.
For more information, visit http://www.grubb-ellis.com/
Contact: Janice McDill, Phone: 312.698.6707
Grubb & Ellis|Wilson Kibler Named Affiliate of the Year
Grubb & Ellis|Wilson Kibler serves as the company’s affiliate throughout South Carolina.
The award is presented annually to the affiliate that ranks highest in all the areas measured, including quality of service, utilization of systems, tools and processes and participation in all other aspects of the affiliate program. In recognition of this special designation, the firm will be honored at the company’s 2010 Circle of Excellence in May.
“With the firm’s strong market performance, dedication to its clients and superior level of service, Grubb & Ellis|Wilson Kibler exemplifies all the qualities that make our affiliate program so successful,” said Jim Jones (middle right photo), executive vice president, Real Estate Services and head of Grubb & Ellis’ Affiliate Program.
“The firm plays an integral role in our ability to serve our clients across all the markets in which they operate, which is the core of mission of Grubb & Ellis’ Affiliate Program. We’re pleased to honor Grubb & Ellis|Wilson Kibler with this distinction.”
Headquartered in Columbia, S.C., Grubb & Ellis|Wilson Kibler is one of the largest commercial real estate brokerage firms in the state.
The company was founded by the firm’s principals, Jeremy G. Wilson and C. Marshall Kibler, in 1987, and has been affiliated with Grubb & Ellis since 2001. In addition to its Columbia office, the firm operates an office in Myrtle Beach, S.C.
The company offers a full range of commercial real estate services through a team of 33 brokers, staff and property management professionals.
“Grubb & Ellis’ Affiliate program gives us access to national relationships and an expanded platform of services, supporting our ability to provide fully integrated real estate solutions to our clients throughout the country,” said Kibler.
“We’re honored to receive this recognition and look forward to our continued relationship with Grubb & Ellis.”
Contact: Erin Mays, Phone: 312.698.6735
Email: erin.mays@grubb-ellis.com
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