BGC negotiates possible investment in Grubb & Ellis
Howard Lutnick’s BGC Partners, which bought Newmark & Companylast year for $63 million in cash plus additional stock, is in talks to invest in the struggling commercial brokerage firm Grubb & Ellis.
In a filing today with the U.S. Securities and Exchange Commission, Grubb & Ellis said that yesterday the firm entered into an exclusivity agreement which gives BGC until Jan. 31 to pursue “debt or equity financing and/or a strategic transaction with [Grubb & Ellis].”
Yesterday, the exclusive agreement Grubb had with Andrew Farkas C-III Capital and Colony Capital, expired. — Adam Pincus