Thomas P. D'Arcy Named President and Chief Executive Officer of Grubb & Ellis Company
10 November 2009 - 12:48AM
PR Newswire (US)
SANTA ANA, Calif., Nov. 9 /PRNewswire-FirstCall/ -- Grubb &
Ellis Company (NYSE:GBE), a leading real estate services and
investment firm, today announced that Thomas P. D'Arcy will join
the company as president, chief executive officer and a member of
the board of directors, effective Nov. 16. "Tom is an experienced
and respected executive in the commercial real estate industry and
we are extremely pleased to have him joining our company. With the
recent completion of the company's recapitalization, we are
confident that Tom will accelerate the execution of Grubb &
Ellis' growth strategy and build long-term value for stockholders,"
said C. Michael Kojaian, chairman of the board of Grubb & Ellis
Company. "I also want to take this opportunity to thank Gary Hunt
for the time and effort he devoted to the company as interim CEO."
D'Arcy, 49, brings 25 years of successful leadership experience at
various public and private real estate companies, and is currently
the non-executive chairman of Inland Real Estate Corporation
(NYSE:IRC), a $1.5-billion REIT where he has served as an
independent director since 2005. D'Arcy also previously served as
chairman and chief executive officer of Bradley Real Estate, Inc.,
a NYSE-listed real estate investment trust, from 1989 to 2000. "I
am excited for the opportunity to lead Grubb & Ellis Company,
and to work with its team of highly dedicated professionals," said
D'Arcy. "Although the past year has brought significant challenges,
the company has accomplished a great deal, including the recently
completed recapitalization. This places Grubb & Ellis in a
strong position to expand its leadership position in the commercial
real estate industry, especially now while the market is in
significant transition. I believe Grubb & Ellis has an enormous
opportunity to leverage its talent, reach, proprietary research and
local market expertise to create value for our shareowners, our
clients and our employees." Prior to joining the company, besides
serving on the Inland board, D'Arcy was a principal in Bayside
Realty Partners, a private real estate company focused on
acquiring, renovating and developing land and income-producing real
estate. From 2001-2004, he was president and chief executive
officer of Equity Investment Group, a private REIT. During his
tenure at Bradley, D'Arcy significantly grew the company through
restructuring, mergers and acquisitions, which led to its sale to
Heritage Property Investment Trust in 2000, creating substantial
value for its shareowners. D'Arcy holds a bachelor's degree from
Bates College. Anthony J. LoPinto of Equinox Partners conducted the
company's search and recruitment of D'Arcy. About Grubb & Ellis
Named to The Global Outsourcing 100(TM) in 2009 by the
International Association of Outsourcing Professionals(TM), Grubb
& Ellis Company (NYSE: GBE) is one of the largest and most
respected commercial real estate services and investment companies
in the world. Our 6,000 professionals in more than 130
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), tenant-in-common (TIC) investments
suitable for tax-deferred 1031 exchanges, mutual funds and other
real estate investment funds. For more information, visit
http://www.grubb-ellis.com/. Forward-Looking Statements Certain
statements included in this press release may constitute
forward-looking statements regarding, among other things, the
ability of future revenue growth, market trends, new business
opportunities and investment programs, results of operations,
changes in expense levels and profitability and effects on the
company of changes in the real estate markets. These statements
involve known and unknown risks, uncertainties and other factors
that may cause the company's actual results and performance in
future periods to be materially different from any future results
or performance suggested by these statements. Such factors which
could adversely affect the company's ability to obtain these
results include, among other things: (i) a continued or further
slowdown in the volume and the decline in transaction values of
sales and leasing transactions; (ii) the general economic downturn
and recessionary pressures on businesses in general; (iii) a
prolonged and pronounced recession in real estate markets and
values; (iv) the unavailability of credit to finance real estate
transactions in general and the company's tenant-in-common
programs, in particular; (v) the reduction in borrowing capacity
under the company's current credit facility, and the additional
limitations with respect thereto; (vi) the ability to obtain the
requisite stockholder approval to increase the company's authorized
capital; (vii) the ability of the company to return to compliance
with the NYSE's continued listing standards; (viii) the success of
current and new investment programs; (ix) the success of new
initiatives and investments; (x) the inability to attain expected
levels of revenue, performance, brand equity and expense synergies
resulting from the merger of Grubb & Ellis Company and NNN
Realty Advisors in general, and in the current macroeconomic and
credit environment, in particular and (xi) other factors described
in the company's annual report on Form 10-K/A for the fiscal year
ending December 31, 2008, Form 10-Q for the three-month periods
ending March 31, 2009 and June 30, 2009 and in other current
reports on Form 8-K filed with the Securities and Exchange
Commission (the "SEC"). The company does not undertake any
obligation to update forward-looking statements. DATASOURCE: Grubb
& Ellis Company CONTACT: Janice McDill of Grubb & Ellis
Company, +1-312-698-6707, Web Site: http://www.grubb-ellis.com/
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