After a long search, commercial real estate firm Grubb & Ellis has found its buyer.
It’s a move that is sure to impact the Midwest; Grubb & Ellis, after all, boasts a strong presence in major markets in this region.
BGC Partners, a global brokerage company, announced yesterday that it has agreed to acquire substantially all of the assets of Grubb & Ellis Company.
BGC earlier made a splash in the real estate arena when in October of last year it acquired Newmark Knight Frank.
“This transaction reflects the deep and unwavering commitment of BGC to build a premier position in real estate services,” said Howard Lutnick, chairman and chief executive officer of BGC, in a written statement. “We agreed to acquire Grubb & Ellis because we believe Newmark Knight Frank’s and Grubb & Ellis’ broad knowledge and extensive brokerage expertise, combined with BGC’s powerful proprietary technology and our strong financial backing, will enable Grubb & Ellis to thrive and grow as part of the BGC family of companies.”
To complete the transaction, BGC has acquired the outstanding debt of Grubb & Ellis and has committed to provide — or will have an affiliate provide — Grubb & Ellis with “debtor-in-possession” financing to support Grubb & Ellis throughout the acquisition process.
BGC Partners is no lightweight. The company boasts about 4,000 employees in New York, London and more than 24 financial centers across the globe. It conducts about $200 trillion in financial transactions for customers every year.
