Daily Archives: April 18, 2012
30-Year Fixed Mortgage Rate Up Slightly | Bedford Corners NY Homes
Horrors! Scenes from a Home Inspector’s No-No Book | Chappaqua NY Real Estate
4 People Who Are Doing it: Living Greener, Off-the-Grid | Armonk NY Real Estate
DUMBO rent • The Brooklyn Paper | Armonk NY Real Estate news
Selling Luxury: Inside Reality Show Real Estate | Mount Kisco Real Estate
Group Hunts Non-Artists Wrongly Living in SoHo and NoHo Lofts | North Salem NY Real Estate
10 Ways to Instantly Amplify the Social Proof of Your Marketing | Cross River Real Estate
When SMS Text Messaging Actually Makes Sense for Marketers | South Salem NY Homes
BGC Acquires Grubb & Ellis | Bedford Corners NY Homes
BGC Partners Inc. announced it has acquired Grubb & Ellis Co., one of the nation’s largest commercial real estate brokerages. The firm will be integrated with BGC’s Newmark Knight Frank, which BGC acquired in October 2011, and the merged companies will operate as “Newmark Grubb Knight Frank.”
The new commercial company will have more than 100 offices in North America.
Grubb & Ellis was once one of the nation’s largest commercial real estate brokerages. It filed for Chapter 11 bankruptcy in late February, citing the financial crisis and sluggish commercial market as culprits.
BGC was granted approval to acquire Grubb & Ellis for $30 million from a bankruptcy court at the end of March. The sale closed on April 13.
Michael Lehrman, BGC’s global head of real estate, says that the new company is “a game-changing moment in the real estate industry. Newmark Knight Frank and Grubb & Ellis each have consistently ranked among the leading companies in the real estate industry, and now these two great brands have come together as an even more impressive competitive presence in the real estate marketplace.”
Source: “BGC Closes on Grubb & Ellis Buy, Forms Newmark Grubb Knight Frank,” San Jose Business Journal (April 16, 2012)