SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has entered into a definitive agreement for the sale of substantially all of the assets of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management LLC. Terms of the transaction were not disclosed. Alesco Global Advisors is a registered investment advisor that focuses on real estate securities and manages three registered mutual funds. Grubb & Ellis acquired a 51 percent interest in Alesco Global Advisors through its Daymark subsidiary in 2007.
“We are executing on our plan to maximize value for our stakeholders and strengthen the company’s competitive position,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis. “Today’s agreement on Alesco is a positive step forward in the sale of Daymark Realty Advisors, which is a key part of our plan. At the same time, we believe Alesco and its talented fund manager, Jay Leupp (middle left photo), will benefit from having access to the scale and resources of Lazard Asset Management, one of the world’s preeminent asset management firms.”
“We look forward to having this experienced real estate investment team join our firm,” said Ashish Bhutani (bottom right photo), chief executive officer of Lazard Asset Management. “By adding listed real estate investment strategies to our platform, we will continue to provide diversified and superior investment solutions for our clients.”
The transaction is subject to related approvals by the mutual funds’ Board of Trustees and shareholders and is expected to close in the third quarter of 2011.
Contact: Janice McDill, Phone 312.698.6707,
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