Wednesday, March 17, 2010
The company’s announcement does not represent any changes or amendment to its 2009 financial statements or to its Form 10-K which was filed with the Securities and Exchange Commission on March 16, 2010.
As disclosed in the Form 10-K, the audit report raised substantial doubt about the company’s ability to continue as a going concern because approximately $55.7 million of the company’s mortgage debt is scheduled to mature in 2010.
This mortgage debt cannot be extended without the approval of the loan servicers. The largest facility, the Merrill Lynch Fixed Rate Pool 1 indebtedness with a current principal balance of $33.9 million, matures on July 1, 2010.
Debi Ethridge, Vice President, Finance & Investor Relations, (404) 365-2719, firstname.lastname@example.org
Jerry or Chris at DalyGray, email@example.com
SANTA ANA, CA (Mar. 17, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has launched “Building Knowledge,” a blog by Bob Bach, (top right photo) senior vice president and chief economist.
The blog features Bach’s commentary on the economy and its effect upon the commercial real estate market.
“This blog enables Grubb & Ellis to increase the value of the market research expertise we provide to clients and the business community at large,” said Jack Van Berkel, (bottom left photo) chief operating officer and president, Real Estate Services.
“I also couldn’t be more pleased that Bob has agreed to author it. ‘Building Knowledge’ gives Bob the platform to do more of what our clients rely on him for most – looking at economic news and trends of the day through the lens of the commercial real estate industry’s most respected market analyst.”
Bach brings 35 years of experience in real estate market research, consulting and city planning and has been the leader of Grubb & Ellis’ market research department since 1998.
He authors the company’s national market publications, is a frequent speaker at industry events and is quoted widely by the financial and trade media. He works with the company’s researchers in more than 100 markets to insure that Grubb & Ellis proprietary data is accurate and the analysis provided to clients is useful and insightful.
Contact: Erin Mays, Phone: 312.698.6735, Email: firstname.lastname@example.org
HVAC&R Industry Veteran Davis Watkins Appointed as Advanced Telemetry's VP of Commercial Sales for its ‘EcoView’ Energy Management System
“I look forward to positively impacting top-line revenue growth and bottom line profitability for Advanced Telemetry through strategic wholesale distribution partnerships that, until now, have not been aggressively pursued,” Watkins notes.
Contact: Merilee Kern, Kern Communications, 858-577-0206, email@example.com
ATLANTA, GA, Mar. 17, 2010-– Transwestern’s Atlanta office announced it has completed a 39,869 square foot lease at Northchase Office Park, located at 1090 Northchase Parkway (top left photo) in the Cumberland/Galleria area of Atlanta.
The tenant, NCDR, LLC, provides dental facilities, support staff, and other non-clinical dental services to dental group practices.
The company’s principal client is Kool Smiles, a national provider of children’s dental care focused primarily on children enrolled in Medicaid or state-sponsored health insurance programs. The company is relocating from Galleria 400.
“Relocating to Northchase Office Center is a positive move for NCDR,” said Rush Bradley, (bottom right photo) vice president with Transwestern. “They were looking to remain in the Galleria area and we were able to provide them with the best possible option for attractive space at a competitive rate.”
Northchase Office Park currently offers office suites ranging in size from 5,000 to 70,000 square feet. The park offers great visibility from Delk Road with immediate access to I-75.
Contact: Tony Wilbert, firstname.lastname@example.org
FLORHAM PARK, NJ – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired the investment sales team of Jose Cruz (top right photo) and Kevin O’Hearn. Cruz and O’Hearn have more than 32 years of commercial real estate experience and join HFF from Cushman & Wakefield’s (C&W) New Jersey investment sales group.
Jose Cruz, who was an executive director of C&W’s investment sales group, will join HFF as a senior managing director. Since 1997, Cruz has been involved in more than $13 billion of office, industrial, retail, multi-housing and land sales.
Notable sales transactions include: the $135 million, 1.3 million-square-foot Starwood retail portfolio, the $115 million Rockpoint Allegiance Office Portfolio and the $120 million sale of Mariner’s Waterfront in Edgewater.
Kevin O’Hearn will join HFF as a director. He has more than 19 years of experience and was the director of the Capital Markets Group and Client Solutions Group at C&W.
“Adding Jose and Kevin to HFF’s team solidifies our position as the premier commercial real estate intermediary in this market,” said Jon Mikula (middle left photo) senior managing director in HFF’s New Jersey office.
Jon Mikula, HFF Senior Managing Director, (973) 549-2000, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
HFF New York hires Gary Newman as director in its debt placement group
“We are pleased to have Newman aboard the HFF team. He brings with him a wealth of experience and deep relationships from both the borrower and lender side of the industry,” said Michael Tepedino (bottom left photo), senior managing director in the New York office of HFF.
Michael J. Tepedino, HFF Senior Managing Director, (212) 245-2425, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
WINTER PARK, FL— Palmer Electric Company has completed contracts totaling $2.9 million for the renovation of the Lake Buena Vista Holiday Inn (top left photo) located on Hotel Plaza Boulevard in Lake Buena Vista, Fla.
The two-year project was rebuilt in phases under two consecutive contracts with the owner, CIGLBV LLC of Miami, Fla., and Atlanta, GA.
Palmer Electric provided site and building electrical as well as systems for fire alarm, dimming, sound and card access.
Composed of a 14-story tower with a six-story low rise wing, the hotel complex includes 332 rooms, restaurant and lobby bar, business center, fitness center, meeting rooms, grand ballroom, convention center and pool amenities.
Orlando, Fla.-based VOA Associates, Inc. was the project’s architect. Matern Professional Engineering, Inc. of Maitland, Fla., provided electrical engineering for the renovation.
Palmer Electric Company is a provider of electrical contracting and service to commercial, institutional and residential customers since its founding in 1951. The Company employs a staff of 160. Headquartered in Winter Park, Fla., the Company has residential division offices in Lakeland, St. Cloud and Jacksonville, Fla.
For additional information, visit http://www.palmer-electric.com/.
Contact: Elaine Ingra, 407 384-1344, email@example.com