Grubb & Ellis Selected to Market 1650 Harbor Bay Parkway in Alameda, CA

SAN FRANCISCO, CA (May 4, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it has been selected to market for sale 1650 Harbor Bay Parkway, (top right photo) a two-story, roughly 64,000-square-foot office/R&D building in Alameda.

“1650 Harbor Bay Parkway represents an institutional-quality, credit leased investment opportunity at a substantial discount to replacement cost,” said Edward Suharski, (top left photo) executive vice president, Grubb & Ellis.

“The property provides some of the highest quality lab space in the East Bay, and benefits from a unique location combining waterfront exposure in a business park setting.”

Completed in 2001, 1650 Harbor Bay Parkway is situated on approximately 3.7 acres of land. The property is accessible via the newly constructed Ron Cowan Parkway on Interstate 880, linking it with Oakland, San Francisco and the Silicon Valley.

It is located within five miles of the Oakland airport, and within close proximity to the ferry link to San Francisco. It is 89 percent occupied.

“Alameda has remained a desireable hub for life science, biotech, and medical device companies in their early to mid life cycles, providing tenants affordable space with high quality improvements,” said Steven Golubchik, associate vice president, Grubb & Ellis.

In addition to Suharski and Golubchik, the San Francisco-based sales team also includes Seth McKinnon, associate vice president.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com