March 18, 2009 |
Grubb & Ellis Co., a Santa Ana commercial real estate broker, said Tuesday that it would delay filing its annual report as part of a restatement of financial results for 2006, 2007 and most of last year.
February 12, 2009 |
International commercial real estate services giant CB Richard Ellis Group Inc., battered by the dismal real estate market and icy credit climate, is likely to ask its bankers for a break on repaying its loans and has continued to lay off employees, the company said Wednesday. The announcements came a day after the Los Angeles company released financial statements showing a 94% drop in profit, which fell to $6.5 million in the fourth quarter. Revenue was down 30% to $1.3 billion. At the same time, CB Richard Ellis has a debt of $500 million coming due in the next two years and is required to maintain specific ratios of cash flow to net debt to meet its obligations to lenders.
January 15, 2009 |
Los Angeles office landlords will probably be forced to slash rents as much as 30% in the first half of the year as job cuts create more empty space, Grubb & Ellis Co. said Wednesday. Office vacancy rates in Los Angeles County jumped to 12.2% at the end of 2008 from 9.7% a year earlier, the Santa Ana broker said. "Southern California counties got caught in the economic whirlwinds of 2008, and there will be little or no letup in 2009," said Jack Kyser, an economist who worked on the report.
CALIFORNIA | LOCAL
January 8, 2009 |
Harold "Hal" A. Ellis Jr., a founder of real estate services firm Grubb & Ellis Co. and one of the best known figures in U.S. real estate, died Monday of metastatic melanoma at his home in Piedmont, Calif. He was 77. Ellis built a small Oakland brokerage into a powerhouse whose circular yellow and black signs dot thousands of stores, offices, factories and other commercial properties for sale or lease across the country.
November 9, 2008 |
The third quarter was a tough one for Grubb & Ellis Co., a global commercial real estate brokerage based in Santa Ana. With turmoil in the credit markets bringing real estate sales to a near-halt, the company reported that third-quarter revenue plunged to $159 million, compared with $469 million in the third quarter of last year. Grubb & Ellis had a net loss of $44 million, or 69 cents a share, compared with a profit of $4 million, or 10 cents a share, a year earlier. The company is working to increase revenue by performing services such as managing real estate for other corporations, Chief Executive Gary Hunt said.
August 6, 2008 |
Grubb & Ellis Co., an international real estate brokerage based in Santa Ana, reported a second-quarter loss of $5.1 million, or 8 cents a share, on slowing commercial property sales. The company earned a profit of $10.2 million, or 24 cents, a year earlier. Revenue fell 9% to $167 million. NNN Realty Advisors acquired Grubb & Ellis last year and moved the headquarters to Orange County.