The Real Deal Miami

BGC passes on Grubb acquisition as exclusive negotiating window closes

February 01, 2012 03:00PM

Howard Lutnick

Manhattan-based financial brokerage BGC Partners, which bought Newmark Knight Frank’s American real estate brokerage division last year, chose not to acquire or provide financing to the ailing firm Grubb & Ellis last month, a document filed Grubb & Ellis with the U.S. Securities and Exchange Commission today said.

Grubb & Ellis, based in Santa Ana, Calif., said the two-week exclusive period it entered into on Jan. 16 with BGC Partners expired Jan. 31 without executing a deal.

Stock in BGC Partners, led by CEO Howard Lutnick, rose by approximately $0.10 per share to about $6.45 per share in the two hours after the news was released earlier this afternoon.

Grubb & Ellis said it was still talking with firms about its future.

“[Grubb & Ellis] continues to be engaged in discussions with interested parties regarding the strategic process,” the statement said. — Adam Pincus