SANTA ANA, Calif., Oct. 6, 2011 /PRNewswire/ -- Grubb & Ellis
Company (NYSE: GBE), a leading real estate services and investment
firm, today announced that the company has completed the sale of
its real estate investment fund business, Alesco Global Advisors,
to Lazard Asset Management LLC. Terms of the transaction were
not disclosed.
Alesco Global Advisors is a registered investment advisor that
focuses on real estate securities and manages three registered
mutual funds. Grubb & Ellis acquired a 51 percent
interest in Alesco Global Advisors in 2007.
The sale is consistent with the company's strategy to maximize
value for its stakeholders and strengthen the company's competitive
position by exiting unprofitable, non-core businesses.
"The sale of Alesco combined with last month's divestiture of
Daymark Realty Advisors has significantly strengthened the
company's balance sheet and better positioned Grubb & Ellis as
we continue to search for long-term strategic alternatives," said
Thomas P. D'Arcy, president and
chief executive officer of Grubb & Ellis.
The transaction, which was announced in June, required approval
of the mutual funds' Board of Trustees and shareholders.
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 5,200 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 management business, the company is a leading
sponsor of real estate investment programs. For more information,
visit www.grubb-ellis.com.
Forward-Looking Statements
Certain statements included in this press release may constitute
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause the
company's actual results and events in future periods to be
materially different from those anticipated, including risks and
uncertainties related to the financial markets. Such factors which
could adversely affect the company's ability to obtain these
results include, among other things: (i) the general economic
pressures on transaction values of sales and leasing transactions
and businesses in general; (ii) a prolonged and pronounced
recession in real estate markets and values; (iii) the
unavailability of credit to finance real estate transactions in
general; (iv) the success of current and new investment programs;
(v) the success of new initiatives and investments; (vi) the
inability to attain expected levels of revenue, performance, brand
equity in general, and in the current macroeconomic and credit
environment, in particular; (vii) the occurrence of a bankruptcy by
the Met 10 tenant-in-common program or the demand for payments on
certain non-recourse/carve-out guaranty and indemnification
obligations issued by the company, which may, in turn, in the event
such bankruptcy, or such guaranty or indemnification obligations
cannot be met, result in a cross-default under the company's issued
and outstanding Convertible Senior Notes; and (viii) other factors
described in the company's annual report on Form 10-K for the
fiscal year ending December 31, 2010,
the Company's quarterly report on Form 10-Q for the quarter ended
March 31, 2011 and June 30, 2011 in other Current Reports on Form
8-K filed by the company from time to time with the Securities and
Exchange Commission. The company does not undertake any obligation
to update forward-looking statements.
SOURCE Grubb & Ellis Company