- Current report filing (8-K)
28 January 2009 - 8:53AM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 21, 2009
GRUBB & ELLIS COMPANY
(Exact name of registrant as specified in its charter)
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Delaware
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1-8122
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94-1424307
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(State or other
jurisdiction of
formation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1551 North Tustin Avenue, Suite 300, Santa Ana, California 92705
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (714) 667-8252
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
Disposition of Property
On January 26, 2009, Grubb & Ellis Company (the Company) issued a press release announcing
that it had received non-refundable earnest money deposits totaling $6.25 million from an
undisclosed buyer for the property located at 39 Old Ridgebury Road, Danbury, Connecticut (the
Property). Upon closing, the transaction is expected to result in net cash proceeds of
approximately $14 million for the Company.
The definitive agreements entered into by the Company in connection with the disposition of
the Property will be filed by amendment to this Current Report on Form 8-K.
The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form
8-K and is incorporated herein by reference.
Sixth Amendment to Danbury Purchase Agreement
On October 31, 2008, the Company, through GERA Danbury LLC, a subsidiary of the Companys
wholly owned subsidiary GERA Property Acquisition, LLC, entered into Agreement for Purchase and
Sale of Real Property and Escrow Instructions (the Danbury Purchase Agreement) with Matrix
Connecticut, LLC (Matrix) for the property located at 39 Old Ridgebury Road, Danbury, Connecticut
(the Property).
Matrix made an initial deposit of $1,250,000 (Initial Deposit) in connection with the
execution of the Danbury Purchase Agreement. The Initial Deposit is non-refundable except in the
event the Company does not meet its closing conditions. Matrix was required to make an additional,
non-refundable deposit of $5,000,000 (Additional Deposit) on or prior to January 8, 2009, the
last day of the inspection period (the Inspection Period) if it wishes to proceed with the
transaction.
On January 8, 2009, the Company, through GERA Danbury LLC, entered into an amendment (the
First Amendment) to the Danbury Purchase Agreement with Matrix. The First Amendment extended for
Matrix from January 8, 2009 to January 12, 2009 the Inspection Period, and correspondingly, the
time for Matrix to decide whether it wishes to proceed with the transaction and make the Additional
Deposit.
On January 12, 2009, the Company, through GERA Danbury LLC, entered into a second amendment
(the Second Amendment) to the Danbury Purchase Agreement with Matrix. The Second Amendment
further extended for Matrix the Inspection Period from January 12, 2009 to January 14, 2009, and
correspondingly, the time for Matrix to decide whether it wishes to proceed with the transaction
and make the Additional Deposit.
On January 14, 2009, the Company, through GERA Danbury LLC, entered into a third amendment
(the Third Amendment) to the Danbury Purchase Agreement with Matrix. The Third Amendment further
extended for Matrix the Inspection Period from January 14, 2009 to January 16, 2009, and
correspondingly, the time for Matrix to decide whether it wishes to proceed with the transaction
and make the Additional Deposit.
On January 16, 2009, the Company, through GERA Danbury LLC, entered into a fourth amendment
(the Fourth Amendment) to the Danbury Purchase Agreement with Matrix. The Fourth Amendment
further extended for Matrix the Inspection Period from January 16, 2009 to January 20, 2009, and
correspondingly, the time for Matrix to decide whether it wishes to proceed with the transaction
and make the Additional Deposit.
On January 20, 2009, the Company, through GERA Danbury LLC, entered into a fifth amendment
(the Fifth Amendment) to the Danbury Purchase Agreement with Matrix. The Fifth Amendment further
extended for Matrix the Inspection Period from January 20, 2009 to January 21, 2009, and
correspondingly, the time for Matrix to decide whether it wishes to proceed with the transaction
and make the Additional Deposit.
On January 21, 2009, the Company, through GERA Danbury LLC, entered into a sixth amendment
(the Sixth Amendment) to the Danbury Purchase Agreement with Matrix. The Sixth Amendment further
extends for Matrix the Inspection Period from January 21, 2009 to January 23, 2009, and
correspondingly, the time for Matrix to decide whether it wishes to proceed with the transaction
and make the Additional Deposit. The Company may terminate the Danbury Purchase Agreement if
Matrix fails to timely make the Additional Deposit.
The foregoing is only intended to be a summary of the terms of the Sixth Amendment, and is not
intended to be a complete discussion of such document. Accordingly, the foregoing is qualified in
its entirety by reference to the full text of the Sixth Amendment, which is annexed as Exhibit 99.2
to this Current Report on Form 8-K. Similarly, the foregoing is not intended to be a complete
discussion of: (i) the Third Amendment, the Fourth Amendment and the Fifth Amendment, and it is
qualified in its entirety by reference to the full text of the Third Amendment, the Fourth
Amendment and the Fifth Amendment, each of which is annexed as an Exhibit to the Current Report on
Form 8-K filed by the Company with the Securities and Exchange Commission on January 21, 2009, (ii)
the First Amendment and the Second Amendment, and it is qualified in its entirety by reference to
the full text of the First Amendment and the Second Amendment, each of which is annexed as an
Exhibit to the Current Report on Form 8-K filed by the Company with the Securities and Exchange
Commission on January 14, 2009, and (ii) the Danbury Purchase Agreement, and it is qualified in its
entirety by reference to the full text of the Danbury Purchase Agreement, which is annexed as an
Exhibit to the Current Report on Form 8-K filed by the Company with the Securities and Exchange
Commission on November 5, 2008.
Item 9.01 Financial Statements and Exhibits.
(d)
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The following are filed as Exhibits to this Current Report on Form 8-K:
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99.1
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Press release issued by Grubb & Ellis Company dated January 26, 2009.
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99.2
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Sixth Amendment to Agreement for Purchase and Sale of Real Property
and Escrow Instructions, dated as of January 21, 2009, by and between
GERA Danbury LLC and Matrix Connecticut, LLC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
authorized and caused the undersigned to sign this Report on the Registrants behalf.
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GRUBB & ELLIS COMPANY
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By:
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/s/ Richard W. Pehlke
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Richard W. Pehlke
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Chief Financial Officer and
Executive Vice President
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Dated: January 27, 2009
EXHIBIT INDEX
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99.1
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Press release issued by Grubb & Ellis Company dated January 26, 2009.
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99.2
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Sixth Amendment to Agreement for Purchase and Sale of Real Property
and Escrow Instructions, dated as of January 21, 2009, by and between
GERA Danbury LLC and Matrix Connecticut, LLC.
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