{"id":1004052304,"date":"2012-04-06T11:47:35","date_gmt":"2012-04-06T19:47:35","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=42717"},"modified":"2022-12-08T17:26:02","modified_gmt":"2022-12-09T01:26:02","slug":"bankkruptcy-court-approves-grubb-elliss-sale-to-bgc-partners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bankkruptcy-court-approves-grubb-elliss-sale-to-bgc-partners\/","title":{"rendered":"Bankkruptcy Court Approves Grubb &amp; Ellis\u2019s Sale to BGC Partners"},"content":{"rendered":"<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/04\/MM38935LOGO1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-42763\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/04\/MM38935LOGO1.jpg\" alt=\"\" width=\"144\" height=\"79\" \/><\/a>by Adriana Pop, Associate Editor<\/p>\n<p>BGC Partners Inc., a New York financial services firm, has received the bankruptcy court&#8217;s approval to acquire substantially all the assets of Grubb &amp; Ellis Co., the fifth-largest commercial property manager in the Pittsburgh region according to the 2012 <em>Pittsburgh Business Times<\/em> Book of Lists.<\/p>\n<p>On Feb. 20, Grubb &amp; Ellis listed $150 million in assets and $167 million in debt in a Chapter 11 filing in U.S. Bankruptcy Court for the Southern District of New York. According to court documents, the company simultaneously filed a motion to sell its assets to BGC Partners Inc. for an estimated $30 million credit bid, plus $4.8 million in bankruptcy financing.<\/p>\n<p>The <em>Washington Business Journal<\/em> reported that a group of unsecured creditors sought to block or postpone the company\u2019s proposed bankruptcy sale, claiming prospective bidders would not have enough time to submit competing bids. On March 27, Grubb &amp; Ellis Co. received the court&#8217;s approval to move forward with the BGC transaction after an additional $15 million was added to the lead bid, an amendment meant to address the creditors\u2019 objections.<\/p>\n<p>BGC Partners will now own both Newmark Knight Frank and Grubb &amp; Ellis and\u00a0more than 100 offices in North America, 250 million square feet of space under property and facilities management contracts, and a national appraisal business.<\/p>\n<p>&#8220;As we welcome the Grubb &amp; Ellis team to the BGC family, we intend to apply our financial strength, powerful proprietary technology, and deep marketplace relationships to provide Grubb &amp; Ellis and its professionals with the resources they need to thrive and grow,&#8221; said Howard W. Lutnick, chairman and\u00a0CEO of BGC.<\/p>\n<p>The transaction was implemented as an asset sale under Section 363 of the U.S. Bankruptcy Code. Cantor Fitzgerald &amp; Co., an affiliate of Cantor Fitzgerald L.P., acted as a financial adviser to BGC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Adriana Pop, Associate Editor<br \/>\nBGC Partners Inc., a New York financial services firm, has received the bankruptcy court&#8217;s approval to acquire substantially all the assets of Grubb &#038; Ellis Co., the fifth-largest commercial property manager in the Pittsburgh region according to the 2012 Pittsburgh Business Times Book of Lists.<br \/>\nOn Feb. 20, Grubb &#038; Ellis listed [&#8230;]<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1602],"tags":[],"class_list":["post-1004052304","post","type-post","status-publish","format-standard","hentry","category-latest","category-pittsburgh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bankkruptcy Court Approves Grubb &amp; Ellis\u2019s Sale to BGC Partners - 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\/bankkruptcy-court-approves-grubb-elliss-sale-to-bgc-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankkruptcy Court Approves Grubb &amp; Ellis\u2019s Sale to BGC Partners\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor BGC Partners Inc., a New York financial services firm, has received the bankruptcy court&#8217;s approval to acquire substantially all the assets of Grubb &#038; Ellis Co., the fifth-largest commercial property manager in the Pittsburgh region according to the 2012 Pittsburgh Business Times Book of Lists. 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