BGC closes on Grubb & Ellis acquisition

April 12, 2012 02:00PM

BGC Partners closed on the acquisition of bankrupt commercial brokerage Grubb & Ellis last night, the New York Observer reported. The Observer did not mention a price for the acquisition, but a previous analysis by The Real Deal estimated the base price at nearly $50 million plus potential additional costs in the millions of dollars.

BGC’s acquisition of Grubb was approved late last month by a Manhattan federal bankruptcy judge, The Real Deal reported. BGC was the sole bidder. Grubb filed for Chapter 11 protection in late February. [NYO]