{"id":1004039892,"date":"2012-03-27T12:30:23","date_gmt":"2012-03-27T20:30:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037838"},"modified":"2022-12-08T22:47:43","modified_gmt":"2022-12-09T06:47:43","slug":"bgc-completes-grubb-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/","title":{"rendered":"BGC Completes Grubb Acquisition"},"content":{"rendered":"

By Nicholas Ziegler, News Editor<\/strong><\/p>\n

In a saga that began nearly a month ago, BGC Partners is about to complete its purchase of Grubb & Ellis Co. after receiving approval from the U.S. Bankruptcy Court. The combination of the two companies will give Newmark Knight Frank — also a recent BGC acquisition — and Grubb & Ellis more than 100 offices in North America as well as 250 million square feet\u00a0in property and facilities management.<\/p>\n

Howard Lutnick, chairman & CEO of BGC, said his firm will use its \u201cdeep marketplace relationships\u201d to help the new acquisition \u201cwith the resouces they need to thrive and grow.\u201d He went on to add that, \u201calongside Newmark Knight Frank, the acquisition of Grubb & Ellis creates a game-changing platform that further positions BGC as one of the most innovative and dynamic players in commercial real estate.\u201d<\/p>\n

As Commercial Property Executive<\/em> reported on Feb. 23, 2012<\/a>, an individual who\u2019s familiar with Grubb & Ellis, and who spoke with\u00a0CPE<\/em> on condition of anonymity, characterized the bankruptcy as \u201ca really rushed filing\u201d and said that during a Tuesday afternoon hearing the judge at the U.S. Bankruptcy Court for the Southern District of New York was openly unhappy with the structure that was proposed.<\/p>\n

Much hinged on the course of Grubb\u2019s Chapter 11, the source suggested. If it mostly goes smoothly, BGC will have nailed down a great deal for its $25 million. But if pulling the bankruptcy together were to drag on well beyond the 30 to 45 days being mentioned as a time frame, the source wouldn\u2019t be shocked to see BGC walk, rather than keep shelling out debtor-in-possession funding.<\/p>\n

Grubb & Ellis has been facing a hard few months. In December, Grubb furloughed at least 24 workers just before Thanksgiving,\u00a0with another round of cuts looming<\/a> \u2014 and the real estate services firm was actively seeking a buyer and was undergoing a review process with Capital Partners and Colony Capital. The exclusivity on that process, which allowed C-III to make an offer for Grubb, expired in mid-January of this year. On Jan. 9,\u00a0CPE\u00a0reported that the\u00a0NYSE de-listed Grubb<\/a> for falling below $15 million in average global market cap over a 30-day period. At that point, the firm began trading on the OTCQB marketplace operated by OTC Markets Group.<\/p>\n

Cantor Fitzgerald & Co., an affiliate of Cantor Fitzgerald L.P., acted as a financial adviser to BGC in connection with this transaction.<\/p>\n

It still remains to be seen how commissions earned by Grubb brokers that were still unpaid as of the Chapter 11 filing will be compensated.<\/p>\n

Check back with CPE <\/em>for more as this story develops.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a saga that began nearly a month ago, BGC Partners is about to complete its purchase of Grubb & Ellis Co. after receiving approval from the U.S. Bankruptcy Court. <\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21742],"tags":[],"class_list":["post-1004039892","post","type-post","status-publish","format-standard","hentry","category-corporate-real-estate","category-latest"],"acf":[],"yoast_head":"\nBGC Completes Grubb Acquisition - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BGC Completes Grubb Acquisition\" \/>\n<meta property=\"og:description\" content=\"In a saga that began nearly a month ago, BGC Partners is about to complete its purchase of Grubb & Ellis Co. after receiving approval from the U.S. Bankruptcy Court.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-27T20:30:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:47:43+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"BGC Completes Grubb Acquisition\",\"datePublished\":\"2012-03-27T20:30:23+00:00\",\"dateModified\":\"2022-12-09T06:47:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/\"},\"wordCount\":441,\"commentCount\":0,\"articleSection\":[\"Corporate Real Estate\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/\",\"name\":\"BGC Completes Grubb Acquisition - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2012-03-27T20:30:23+00:00\",\"dateModified\":\"2022-12-09T06:47:43+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgc-completes-grubb-acquisition\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BGC Completes Grubb Acquisition\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\",\"name\":\"Nicholas Ziegler\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"caption\":\"Nicholas Ziegler\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/nicholasziegler\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"BGC Completes Grubb Acquisition - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/","og_locale":"en_US","og_type":"article","og_title":"BGC Completes Grubb Acquisition","og_description":"In a saga that began nearly a month ago, BGC Partners is about to complete its purchase of Grubb & Ellis Co. after receiving approval from the U.S. Bankruptcy Court.","og_url":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-03-27T20:30:23+00:00","article_modified_time":"2022-12-09T06:47:43+00:00","author":"Nicholas Ziegler","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/"},"author":{"name":"Nicholas Ziegler","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"headline":"BGC Completes Grubb Acquisition","datePublished":"2012-03-27T20:30:23+00:00","dateModified":"2022-12-09T06:47:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/"},"wordCount":441,"commentCount":0,"articleSection":["Corporate Real Estate","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/","url":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/","name":"BGC Completes Grubb Acquisition - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2012-03-27T20:30:23+00:00","dateModified":"2022-12-09T06:47:43+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/bgc-completes-grubb-acquisition\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"BGC Completes Grubb Acquisition"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c","name":"Nicholas Ziegler","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","caption":"Nicholas Ziegler"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/nicholasziegler\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004039892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1201"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004039892"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004039892\/revisions"}],"predecessor-version":[{"id":1004626477,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004039892\/revisions\/1004626477"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004039892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004039892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004039892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}