Grubb & Ellis continues to explore possible sale

Santa Ana, Calif. -- In follow-up to its prior announcement that it would explore strategic alternatives, including a potential sale or merger, real estate services and investment firm Grubb & Ellis Co. said Tuesday that is exclusivity period with Colony Capital LLC, which had expressed interest in exploring a strategic transaction with Grubb & Ellis, ended on May 29. Grubb & Ellis said that, while it will continue its discussions with Colony, it will engage in additional discussions with other parties.

Grubb & Ellis hired JMP Securities in first quarter 2011 to explore a potential sale or merger, and engaged FBR Securities to sell its subsidiary, Daymark Realty Advisors.

“We have already made significant progress with both initiatives and now that we have expanded the pool of potential strategic partners the board and management are intent on bringing the strategic process to conclusion in a manner that creates value for all of our stakeholders,” said Thomas P. D’Arcy, president and CEO of Grubb & Ellis.

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