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Grubb & Ellis

New York, NY

Grubb & Ellis was a commercial real estate brokerage and advisory firm dating from 1958, with a New York City presence since 1985. It was acquired in April 2012 by BGC Partners, a wing of Cantor Fitzgerald, and was folded into a one-time rival.
At the time of the acquisition, Grubb & Ellis had a New York regional staff of 1,000, including debt and equity experts; financial analysts; and appraisers. They worked out of five offices, including the regional headquarters at 125 Park Avenue; and the firm managed more than 36 million square feet of commercial space in the New York City area. The has been integrated with the old Newmark Knight Frank, the commercial brokerage and advisory firm acquired by Cantor Fitzgerald in 2011.

Much of Grubb & Ellis regional work had come from outside the city, including in Westchester County and Connecticut; and the firm for a long while struggled to gain a significant workload in prime Manhattan, even filing for bankruptcy protection in February 2012. Cantor Fitzgerald was able to acquire its assets through the bankruptcy filing for the relative bargain price of $51 million.

The new firm is called Newmark Grubb Knight Frank. Cantor Fitzgerald C.E.O. Howard Lutnick has said the firm will roll out by the end of 2012 property derivatives pegged to rents in individual buildings so landlords and tenants can hedge against unexpected market volatility.

-TA