Grubb & Ellis Company to Strengthen Presence in Ohio

SANTA ANA, Calif., April 13 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it will expand its presence in Ohio with the opening of company-owned offices in Columbus and Cincinnati, as part of the company's strategy to distinguish itself as the leading provider of integrated real estate services.  To further support this objective, the company plans to significantly enhance its owned-office presence in key markets over the next 24 months.

"Over the past two years, we've restructured our Real Estate Services business, and we've been aggressive about bringing top talent into the company and strengthening and expanding our service platform to better meet the needs of our clients and enhance the company's overall profitability.  Our decision to open owned offices in Columbus and Cincinnati is consistent with those efforts," said Thomas P. D'Arcy, president and chief executive officer of Grubb & Ellis.

Grubb & Ellis currently maintains affiliate relationships with independently owned companies in 63 markets, and the affiliate platform will remain an important component of servicing the company's clients in a number of secondary and tertiary markets throughout the country.

The decision to open owned offices in Ohio follows the company's in-depth, market-by-market review of its geographic coverage, which focused on whether clients would be better served by an owned office, as well as future revenue potential for the company.  Each market in the United States was evaluated based on client feedback and defined criteria, including key demographic, economic and real estate-specific factors.  Phoenix and San Diego are other examples of markets where it is more advantageous for Grubb & Ellis to operate an owned office.  The company announced its newest offices in these cities during the first quarter of this year.

"Our clients have told us they place more value on their services providers having a strong presence in the markets in which they operate, and we are responding by ensuring that our geographic coverage is in alignment with their needs," said Jack Van Berkel, president of Real Estate Services. "In addition to providing an increased level of service, having an owned office allows us to better control the size, shape and composition of operations in these markets going forward, and as a company we will be better positioned to benefit from their success."

Van Berkel added, "We've successfully leveraged our affiliate relationships for many years, and today's announcement doesn't mean we are abandoning our affiliate strategy.  Affiliate relationships make sense in many markets, but we are intent on increasing our owned-office presence.  Where affiliate relationships are the best solution, we want to ensure that we are partnering with the local firm that best meets our criteria as well as the needs of our clients."

Vineet Sahgal, executive vice president in the company's Chicago office, will work with Bob Nosal, the company's Cleveland market leader, to establish Grubb & Ellis' owned offices in Cincinnati and Columbus.

About Grubb & Ellis Company

Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,500 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment subsidiaries, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), mutual funds and other real estate investment funds. For more information, visit www.grubb-ellis.com.

SOURCE Grubb & Ellis Company

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