BGC Partners (BGCP) to Acquire Grubb & Ellis

Grubb & Ellis Compan has signed an agreement to sell substantially all its assets to BGC Partners, Inc. (Nasdaq: BGCP), a global intermediary to the wholesale financial markets. BGC owns Newmark Knight Frank, one of the largest commercial real estate service firms in the U.S.

Upon completion, Grubb & Ellis believes the acquisition by BGC will bring the much-needed scale and resources the company had been seeking through its strategic process. The partnership with BGC, a financially strong and respected organization with a deep commitment to the commercial real estate markets, will position Grubb & Ellis to become part of a well-capitalized global platform.

Grubb & Ellis intends to implement the transaction as an asset sale under Section 363 of the U.S. Bankruptcy Code. To that end, the company has commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Grubb & Ellis expects business to continue without disruption as it completes the "363" sale process as expeditiously as possible. The company has simultaneously filed motions requesting that the Court, among other things, approve sale procedures and fix a hearing date and time to approve a sale. Additionally, the company has filed a series of motions to facilitate ongoing operations.

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