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BUSINESS
February 21, 2012 | By Roger Vincent
Venerable commercial real estate brokerage Grubb & Ellis Co. will sell its assets to the parent company of rival Newmark Knight Frank as part of a prepackaged bankruptcy, the firms said Tuesday. BGC Partners Inc., a New York financial services firm that acquired Newmark Knight Frank in October, agreed to buy essentially all the assets of Santa Ana-based Grubb & Ellis for an undisclosed price. Grubb & Ellis will conduct its asset sale under Section 363 of the U.S. Bankruptcy Code and has commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
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BUSINESS
February 22, 2012 | Roger Vincent
Venerable commercial real estate brokerage Grubb & Ellis Co. will sell its assets to the parent company of rival Newmark Knight Frank as part of a prepackaged bankruptcy, the firms said Tuesday. BGC Partners Inc., a New York financial services firm that acquired Newmark Knight Frank in October, agreed to buy essentially all the assets of Grubb & Ellis for an undisclosed price. Grubb & Ellis will conduct its asset sale under Section 363 of the U.S. Bankruptcy Code and has commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
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BUSINESS
May 26, 1998 | BOB HOWARD
Jim Rosten finds it easy to drum up enthusiasm around the office. All he has to do is sit down at the set he keeps there and start playing. Often he calls in fellow Grubb & Ellis Co. executive Bob Osbrink to accompany him on guitar. Rosten is president of the Western Region Management Services unit of Grubb & Ellis, and Osbrink is senior vice president and regional manager for the Los Angeles metro region. Both are based at the company's downtown office.
BUSINESS
February 21, 2012 | By Roger Vincent
Venerable commercial real estate brokerage Grubb & Ellis Co. will sell its assets to the parent company of rival Newmark Knight Frank as part of a prepackaged bankruptcy, the firms said Tuesday. BGC Partners Inc., a New York financial services firm that acquired Newmark Knight Frank in October, agreed to buy essentially all the assets of Santa Ana-based Grubb & Ellis for an undisclosed price. Grubb & Ellis will conduct its asset sale under Section 363 of the U.S. Bankruptcy Code and has commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
BUSINESS
October 23, 2001 | A Times Staff Writer
Grubb & Ellis Co. has promoted Robert H. Osbrink to head its Southern California real estate brokerage and services operations. He will serve as executive vice president and regional managing director and oversee Grubb & Ellis offices stretching from San Diego to Santa Barbara. He had previously worked as chief of the company's five Los Angeles County offices. Osbrink's new assignment is part of the company's plan to transform itself into a full-service business-advisory firm.
BUSINESS
August 6, 2008 | From Times Wire Services
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.
BUSINESS
March 18, 2003 | From Bloomberg News
Grubb & Ellis Co. President and Chief Executive Barry Barovick resigned after less than two years at the property brokerage. Barovick's His resignation is part of a shake-up at the company since Michael Kojaian took over as chairman last year. Analysts said the changes suggest Grubb & Ellis, whose fourth-quarter revenue fell 13% to $88 million, may scale back corporate consulting in the face of falling commission income. Shares of Northbrook, Ill.-based Grubb & Ellis rose 15 cents to $1.
REAL ESTATE
January 26, 1986
Grubb & Ellis Co. has scheduled its annual commercial real estate forecasts covering the Los Angeles basin, Orange County and San Diego. The Los Angeles forecast will be given Wednesday at the Sheraton Grande Hotel downtown. The Orange County one will be held Feb. 4 at the Irvine Marriott Hotel. The San Diego one is planned Feb. 13 at the Sheraton Harbor Island Hotel East. There is no cost but seating is limited, and all sessions will begin at 4 p.m. Speakers will include Harold A. Ellis Jr.
REAL ESTATE
February 24, 1985
John G. Russell, a senior executive with Grubb & Ellis Co. for the past 15 years, has been named president of the firm's newly formed Pacific Southwest Region. With Russell's appointment, the San Francisco-based company also announced plans to acquire a residential brokerage company in the Los Angeles basin, one of the few areas in Southern California where it has no residential offices.
BUSINESS
August 4, 1990 | MARTHA GROVES, TIMES STAFF WRITER
In a further sign of weakness in commercial real estate markets nationwide, San Francisco-based Grubb & Ellis, the nation's largest commercial brokerage, said Friday that it is closing five of its 176 offices nationwide, reducing the size of others and laying off 75 of 1,700 employees. The steps are expected to save $7 million this year and $11.5 million in 1991.
BUSINESS
March 18, 2009 | Bloomberg News
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.
BUSINESS
February 12, 2009 | Roger Vincent
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.
BUSINESS
January 15, 2009 | Bloomberg News
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 | Roger Vincent
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.
BUSINESS
November 9, 2008 | Roger Vincent
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.
BUSINESS
August 6, 2008 | From Times Wire Services
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.
BUSINESS
May 25, 2002 | JESUS SANCHEZ, TIMES STAFF WRITER
Commercial real estate brokerage Grubb & Ellis Co. on Friday said it had called off merger negotiations with an unidentified company--widely believed to be Los Angeles-based CB Richard Ellis Inc.--over concerns about employee layoffs and other issues. The announcement sent shares of Grubb & Ellis tumbling on Wall Street. On the New York Stock Exchange on Friday, Grubb & Ellis stock fell 90cents--or about 23%--to $3 a share.
BUSINESS
May 23, 2007 | Roger Vincent, Times Staff Writer
A small Santa Ana real estate company is taking over venerable commercial real estate brokerage Grubb & Ellis Co. and will move the firm's headquarters from Chicago to Santa Ana. The merger announced Tuesday with NNN Realty Advisors Inc., a privately held real estate services and management company in Santa Ana, marks the latest consolidation in the increasingly competitive industry. "Companies need to be bigger to compete now," said real estate analyst Craig Silvers of Bricks & Mortar Capital.
BUSINESS
July 12, 2008 | Roger Vincent, Times Staff Writer
Commercial real estate brokerage giant Grubb & Ellis Co., with its stock getting battered in a softening market, announced Friday that its chief executive had resigned and that it would repurchase as much as $25 million worth of its own stock. The Santa Ana company, which helps arrange sales and leases of such properties as office buildings, stores and warehouses, said CEO and President Scott D. Peters, 50, stepped down "to pursue other interests."
BUSINESS
December 11, 2007 | From Times Staff and Wire Reports
Commercial real estate broker Grubb & Ellis Co. completed a merger with NNN Realty Advisors Inc., adding to its property management and investment operations. Grubb & Ellis will keep its name and continue to be listed on the New York Stock Exchange. Grubb & Ellis' headquarters has been moved to Santa Ana from Chicago. Tony Thompson, founder of NNN, is chairman of the combined company, taking over for C. Michael Kojaian, who remains on the board.
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