Grubb & Ellis Co., a Santa Ana, Calif.-based real estate services and investment firm, has entered into a definitive agreement for the sale of substantially all of the assets of its real estate investment fund business, Alesco Global Advisors, to New York-based Lazard Asset Management LLC. Terms of the transaction were not disclosed.
According to Grubb & Ellis, Alesco Global Advisors is a registered investment advisor that focuses on real estate securities and manages three registered mutual funds. Grubb & Ellis acquired a 51% interest in Alesco Global Advisors through its Daymark subsidiary in 2007.
The transaction is subject to related approvals by the mutual funds' board of trustees and shareholders and, if approved, is expected to close in the third quarter of 2011.
