Grubb & Ellis Co., once one of the nation's largest commercial real estate firms, has initiated Chapter 11 bankruptcy proceedings in New York and agreed to sell the majority of its assets to BGC Partners Inc.
The company says the partnership with BGC, which owns CRE firm Newmark Knight Frank, will ‘position Grubb & Ellis to become part of a well-capitalized global platform.’
‘Following a thorough and rigorous process and the evaluation of all available options, we determined that a partnership with BGC provides the best platform for our brokerage professionals, employees and clients,’ says Thomas P. D'Arcy, Grubb & Ellis' president and CEO. ‘We look forward to future growth and success under new ownership.’
