SANTA ANA, Calif., Oct. 19 /PRNewswire-FirstCall/ -- Grubb &
Ellis Company (NYSE: GBE), a leading real estate services and
investment firm, today announced that it has reached an agreement
with Healthcare Trust of America under which Grubb & Ellis
transferred to HTA all of its partnership rights in HTA's operating
partnership. The parties also resolved all outstanding issues
between them. In connection with the execution of the
agreement, HTA made a one-time payment to Grubb & Ellis of
$8 million.
Grubb & Ellis expects this payment to have an approximately
$3 million beneficial impact on the
Company's fourth quarter 2010 results.
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 6,000 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.
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) a continued or further
weakness in the company's Investment Management business, including
the velocity and volume of equity raised; (ii) the general economic
downturn and recessionary pressures on transaction values of sales
and leasing transactions and 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 success of current and new
investment programs; (vi) the success of new initiatives and
investments; (vii) the inability to attain expected levels of
revenue, performance, brand equity in general, and in the current
macroeconomic and credit environment, in particular; and (viii)
other factors described in the company's annual report on Form
10-K/A for the fiscal year ending December
31, 2009, Form 10-Q for the three-month periods ending
March 31, 2010 and June 30, 2010 and in other current reports on
Form 8-K filed with the Securities and Exchange Commission. The
company does not undertake any obligation to update forward-looking
statements.
SOURCE Grubb & Ellis Company
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