Grubb & Ellis Realty Investors Secures 44,000-SF Lease at Congress Center in Chicago

CHICAGO, IL (July 6, 2010) – Grubb & Ellis Realty Investors LLC today announced that it has secured a 43,817-square-foot lease with the United States General Services Administration for space at Congress Center (top left photo), a 16-story, Class A office building located in Chicago’s West Loop.

Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.

The lease will increase the property’s occupancy to 93 percent from 84 percent. The GSA currently leases 141,538 square feet of space at the property on behalf of various federal agencies.

The new space leased by the GSA is expected to be occupied during the first quarter of 2011, bringing the total space leased by the GSA to approximately 185,355 square feet.

“Despite incredibly challenging market conditions, Grubb & Ellis Realty Investors has successfully stabilized Congress Center during the past two years,” said Robert Assoian, (middle right photo)  senior vice president of Asset Management.

 “While many owners of commercial real estate are struggling to retain their assets in this environment, we couldn’t be more pleased to provide this exceptional level of performance for our investors.”

Located at 525 W. Van Buren St., Congress Center offers approximately 520,000 square feet of rentable space. Built in 2001, the building’s amenities include a two-story lobby that features granite, glass, exotic wood and stainless steel trim, 24-hour monitored building security and a secure heated indoor executive parking garage.

Acquired by Grubb & Ellis Realty Investors on behalf of investors in January 2003, Congress Center is situated one block from Union Station, Chicago Transit Authority lines and in close proximity to Interstates 90/94 and 290. In addition to the GSA, notable tenants include Amtrak, Azko Nobel and North American Insurance.

Mark Parrish, (top left photo) senior vice president of Grubb & Ellis’ downtown Chicago office, negotiated the lease on behalf of Grubb & Ellis Realty Investors. The GSA was self-represented.

Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Grubb & Ellis Represents Skype in 90,698-SF North America Development Center Lease in Palo Alto, CA

SAN FRANCISCO, CA (July 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Simon Clark, MRICS, vice president, Office Group, represented Skype in its long-term lease at 3210 Porter Drive, a 90,698-square-foot office building in Palo Alto.

 Clark worked in conjunction with Jeff Black of CB Richard Ellis in the representation of the software company that allows the public to make free video and voice calls, send instant messages and share files with other Skype users.

The office building will serve as Skype’s North America Development Center and is located within the world-renowned Stanford Research Park, founded by Stanford University and home to more than 150 high-tech, research and development and service companies.

According to Clark, Skype will consolidate two offices located in Brisbane and San Jose when it takes occupancy in November.

Randy Gabrielson, Howie Dallmar and Chase Lyman of Cornish & Carey Commercial represented Stanford University in the transaction.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com