SANTA ANA, CA (Oct. 6, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has completed the sale 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 in 2007.
The sale is consistent with the company’s strategy to maximize value for its stakeholders and strengthen the company’s competitive position by exiting unprofitable, non-core businesses.
“The sale of Alesco combined with last month’s divestiture of Daymark Realty Advisors has significantly strengthened the company’s balance sheet and better positioned Grubb & Ellis as we continue to search for long-term strategic alternatives,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis.
The transaction, which was announced in June, required approval of the mutual funds’ Board of Trustees and shareholders.
Contact: Janice McDill, Phone: 312.698.6707
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