The Real Deal Miami

Grubb & Ellis weighing possible merger, sale

March 22, 2011 12:44PM

Commercial real estate brokerage Grubb & Ellis may soon put itself up for sale. According to Bloomberg News, the company said in a regulatory filing yesterday that it has tapped investment bank JMP Securities as an adviser on its options for the future, including a possible merger or sale. Grubb & Ellis stock closed at 98 cents per share yesterday, down 23 percent over the last year. The California-based company is now valued at $68 million. Chairman C. Michael Kojaian said Grubb & Ellis has received unsolicited inquiries from prospective buyers and subsequently decided that “a formal process is in the best interest of all of our constituents.” [Bloomberg]