News
BGC AQUIRES GRUBB ASSETS
February 21, 2012
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| Late yesterday, brokerage firm Grubb & Ellis entered bankruptcy and agreed to sell substantially its assets, including a loan from C-III Partners and Colony Capital, to Cantor Fitzgerald affiliate BGC Partners. BGC, which purchased Newmark Knight Frank last year, will infuse G&E with ?debtor-in-possession? financing to get through the sale process. The question now: What will the fate be for the NKF and G&E offices, including its Santa Ana, Calif., HQ (above)? Officials have been mum, but NKF CEO Barry Gosin, in a prepared statement, offered clues to the reasoning behind the acquisition. ?The synergies between Newmark Knight Frank's consultative approach to creating value for clients and G&E' transactional and management services are tremendous,? he says. |
