Colony invests $18M in Grubb & Ellis

Miami /
Mar.March 31, 2011 12:04 PM

Grubb & Ellis, the commercial real estate brokerage that announced in a regulatory filing earlier this month that it was considering a sale or merger, has just received an $18 million shot in the arm from Colony Capital, the private equity firm owned by billionaire Thomas Barrack. According to Bloomberg News, the financing is part of an agreement under which Colony will explore the possibility of a larger investment during an exclusive, 60-day negotiating period. As it said in the regulatory filing March 21, Grubb & Ellis has hired JMP Securities to help it weigh “strategic alternatives.” At the time, the company was valued at $68 million, but in the days since the announcement, its value has dropped to $52 million. This wouldn’t be the first major real estate investment for Colony in recent months: the firm also recently paid $30 million for a minority stake in Sam Nazarian’s boutique hotel firm. [Bloomberg]


Related Articles

arrow_forward_ios
Tom Barrack’s messiah complex: Colony chief has a history of high-stakes rescues

Tom Barrack’s messiah complex: Colony chief has a history of high-stakes rescues

Tom Barrack’s messiah complex: Colony chief has a history of high-stakes rescues
Tom Barrack’s Colony Capital in talks to acquire Weinstein Co.

Tom Barrack’s Colony Capital in talks to acquire Weinstein Co.

Tom Barrack’s Colony Capital in talks to acquire Weinstein Co.
Real estate company mergers are exploding this year

Real estate company mergers are exploding this year

Real estate company mergers are exploding this year
Canadian builder pays $8.7M for 37 acres in Naples

Canadian builder pays $8.7M for 37 acres in Naples

Canadian builder pays $8.7M for 37 acres in Naples
Wall Street investors form South Florida trade group

Wall Street investors form South Florida trade group

Wall Street investors form South Florida trade group
Placeholder image

Colony American delays IPO amid stock jitters

Colony American delays IPO amid stock jitters
Placeholder image

Liquidation plan for Grubb & Ellis approved

Liquidation plan for Grubb & Ellis approved
Placeholder image

Colony Capital, Sovereign to buy 1,000 SF homes

Colony Capital, Sovereign to buy 1,000 SF homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...