Grubb & Ellis Realty Investors Secures 62,399-SF Lease Renewal at Darien Business Center in Chicago Suburb

DARIEN, IL– Grubb & Ellis Realty Investors LLC  has secured a 62,399-square-foot lease renewal with the University of Chicago Medical Center  (top left photo) at 7955 and 8205 S. Cass Ave. in Darien Business Center.

“The Chicago suburbs have experienced tremendous levels of negative absorption in the past two years,” said Bob Assoian, senior vice president, Asset Management.

 “Considering these headwinds, this lease renewal speaks volumes about the quality of Darien Business Center, the local property management team and our leasing brokers.”

Located just minutes from Interstates 55, 355, 294 and Route 83, Darien Business Center is a 175,969-square-foot office complex in metropolitan Chicago’s I-55 Corridor submarket.

The park currently has roughly 25,000 square feet available for lease, including some built-out suites that feature private restrooms, kitchens, a mix of offices and open area and excellent window lines.

The buildings offer ample parking and easy access to a number of amenities in the area, including retail, restaurants, hotels and business services.

Jason Streepy (middle left photo)  and Linda Garske,(bottom left photo)  senior vice presidents with Grubb & Ellis Company, negotiated the agreement on behalf of Grubb & Ellis Realty Investors. Andrew Davidson and Jay Beadle of MB Real Estate represented the University of Chicago Medical Center.

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

Grubb & Ellis Realty Investors Secures 90,000-SF Lease Renewal at Congress Center in Chicago

CHICAGO (Feb. 4, 2010) – Grubb & Ellis Realty Investors LLC today announced that it has secured a 90,138-square-foot lease renewal with AkzoNobel for space at Congress Center, (top centered photo)  a 16-story, Class A office building located in Chicago’s West Loop (bottom centered photo)

The lease renewal extends AkzoNobel’s lease by six years, through the end of 2019. Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.

“In the midst of an incredibly difficult commercial real estate environment, Grubb & Ellis Realty Investors is very pleased to have executed this lease,” said Robert Assoian, senior vice president of Asset Management, who oversees the asset on behalf of the owners.

“By renewing and extending AkzoNobel’s lease, we have further stabilized Congress Center and realized additional value on behalf of the investors we serve.”

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 the Congress Expressway. In addition to AkzoNobel, notable tenants include Amtrak, the United States General Services Agency and North American Insurance.

Mark Parrish and Sara Spicklemire of Grubb & Ellis Company negotiated the lease on behalf of Grubb & Ellis Realty Investors.

 Rob Schmidt, A.J. Magner and A.J. Whitehead of Jones Lang LaSalle represented AkzoNobel.

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

Grubb & Ellis Represents Pacific Resources Stevenson in Purchase of 49 Stevenson St. for $24.2M

Transaction marks first large office sale of 2010 in downtown San Francisco

SAN FRANCISCO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced it exclusively represented Taiwan-based Pacific Resources Stevenson in the purchase of 49 Stevenson St.,(top right photo)  a 126,110-square-foot Class A office building located in the heart of San Francisco’s financial district.

The purchase represents the first Class A office building sale to take place in 2010 in San Francisco.

Pacific Resources Stevenson purchased the property in an all-cash transaction from a U.S. institutional seller for $24.2 million, which is approximately 40 percent below its current assessed value.

Daniel Cressman, executive vice president, along with team members Michael Taquino, vice president, and Kyle Kovac, senior associate, represented the buyer in the purchase of the 15-story office building completed in 1989. The property is anchored by multiple office tenants, including M+W Zander and Hitachi Consulting, as well as retail tenant Yank Sing Restaurant.

“This transaction marks the beginning of offshore investors returning to the San Francisco office market after having sat on the sidelines for nearly 10 years,” said Cressman. 

(Golden Gate Bridge top left photo)

“In addition, the downtown market is attracting more than 20 purchasers for each major property that comes to the market, resulting from the recent decrease in values that are predicted to continue through the first half of 2010.”

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


Grubb & Ellis Company Selected to Market  524,518-SF Warehouse/Distribution Facility in North Brunswick, NJ

EDISON, NJ-– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that it has been selected to market a 524,518-square-foot warehouse/distribution facility available for sale or lease located at 1665 Jersey Avenue in North Brunswick.

Ben Shapiro, executive vice president, and George Molloy, senior vice president, both in the company’s Edison office, are the team responsible for marketing the asset.

Originally built for Goodyear Tire & Rubber Company and currently occupied by Church & Dwight, the building features 20,981 square feet of office space on two levels, ceiling heights of 25 to 28 feet clear, 38 dock doors, 22 rail doors, heavy power, high density sprinklers, ample car and trailer parking and a full concrete apron.

The building is strategically located just off the Jersey Avenue Exit of Route 1 and is divisible into 100,000-square-foot sections.

Contact: Erin MaysPhone: 312.698.6735Email: erin.mays@grubb-ellis.com


Michael D. Mason Joins Grubb & Ellis as Director, Retail Occupier Services in Chicago

CHICAGO, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, t announced that Michael D. Mason (top right photo) has joined the firm as director, Retail Occupier Services, effective immediately.

“Michael brings tremendous retail real estate and client service experience,” said Branson Edwards, executive vice president and managing director of Grubb & Ellis’ Retail Occupier Services. “Bringing him on board helps us enhance the level of service we provide to our retail occupier clients nationally.”

Mason, 32, comes to Grubb & Ellis from Mid-America Real Estate Corporation, where he was a broker associate involved in the development and leasing of more than 2 million square feet of retail space and was the firm’s primary disposition expert.

Prior to joining Mid-America in 2006, Mason spent seven years at Hewitt Associates, LLC, where he first served as an analyst and then an account manager responsible for managing benefits outsourcing services contracted to prominent Fortune 500 clients.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Grubb & Ellis Represents NCS Pearson Inc. in Lease Renewal at 1 N. Dearborn, Chicago

CHICAGO (Jan. 6, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today it represented NCS Pearson Inc. in its lease renewal and relocation at 1 N. Dearborn. (top left photo)  The publishing firm leased 15,938 square feet of space for 10 years.

Peter Block, senior vice president, and Alan Klingler, senior associate, both of the company’s Investment Group, facilitated the long-term lease.

“NCS Pearson was looking to downsize its space and relocate to another area of the building,” said Block. “We were able to reach an agreement with all parties to find a space that better meets the company’s needs.”

NCS Pearson Inc. is a leading publishing and education company headquartered in London. The company is scheduled to take occupancy on approximately April 1, 2010.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Branson Edwards Joins Grubb & Ellis in Chicago Office

SANTA ANA, CA (Nov. 11, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Branson Edwards (top right photo)  has joined the company as executive vice president, managing director of the company’s Retail Occupier Services Group, effective immediately.

 Edwards brings 19 years of experience that includes executive positions in the retail and retail real estate services industries.

“Branson brings tremendous retail real estate field execution and corporate management experience,” said Jack Van Berkel, (top left photo) chief operating officer and president, Real Estate Services. “He has participated in developing and managing thousands of stores as a retailer and as a service provider. Bringing him on board is a big step toward enhancing the level of service we can provide our retail occupier clients.”

Based in the Chicago office, Edwards will lead the newly created group, developed to deliver strategic consulting, tenant representation brokerage, asset management, project management, lease administration and facilities management services to retailers nationally.

 As part of his responsibility, Edwards will develop the company’s Retail Tenant Representation Practice Group, as well as recruit experienced retail corporate services and tenant representation brokerage professionals throughout the country.

Most recently, Edwards was managing director of Jones Lang LaSalle’s Retail Outsources Services. He founded retail real estate services company The Standard Group, which merged with Jones Lang LaSalle in early 2008.

The Standard Group outsourced real estate department and management functions for retailers, managing both high growth new store rollouts and existing store portfolios for clients such as T-Mobile USA Inc., Hollywood Video and Buffalo Wild Wings.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Grubb & Ellis Company Reports 2009 Third Quarter Results

SANTA ANA, CA  (Nov. 11, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported revenue of $136.1 million for the third quarter of 2009, compared with revenue of $153.2 million for the third quarter of 2008. The company reported revenue of $385.1 million for the first nine months of 2009, compared with revenue of $468.8 million for the comparable 2008 period.

The net loss attributable to the company for the third quarter of 2009 was $21.4 million, or $0.34 per share, compared with a net loss of $56.3 million, or $0.88 per share, for the same period a year ago.

For the first nine months of 2009, the company reported a net loss of $95.7 million, or $1.51 per share, compared with a net loss of $68.0 million, or $1.07 per share, for the first nine months of 2008.

For a complete copy of the company's new release and financials, please contact:
Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Grubb & Ellis Realty Investors Secures 28,080-SF Lease at Congress Center in Chicago

CHICAGO (Sept. 16, 2009) – Grubb & Ellis Realty Investors LLC today announced that it has secured a 28,080-square-foot lease expansion with the United States General Services Administration for space at Congress Center, (top right 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 expansion will increase the property’s occupancy from 79 percent to 84 percent. The GSA currently leases 113,458 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 in mid-2010, bringing the total space leased by the GSA to approximately 141,538 square feet.

“Grubb & Ellis Realty Investors is very pleased to have executed this lease, particularly in light of the formidable economic challenges confronting the national and Chicago real estate markets,” said Kent Peters, (middle left photo) executive vice president of Asset Management. “In the midst of a difficult leasing atmosphere, we have been able to further stabilize Congress Center and realize additional revenue on behalf of 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 the Congress Expressway. In addition to the GSA, notable tenants include Amtrak, Azko Nobel and North American Insurance.

Mark Parrish, senior vice president of Grubb & Ellis’ downtown Chicago office, negotiated the lease on behalf of Grubb & Ellis Realty Investors with assistance from the Washington, DC-based Grubb & Ellis Government Services Group. Studley’s Jason Volpe and Jason Lichty represented the GSA.

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

Grubb & Ellis Represents Shorewood Properties in Completion of Elgin, IL Industrial Development

ROSEMONT,IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Shorewood Properties in the successful completion of its four-building, 160,000-square-foot industrial development on Scottsdale Court, (site map top left) located off of Tollgate Road near the I-90/US-31 interchange in Elgin.


Bruce Granger, (top right photo) senior vice president, Industrial Group, secured interest from Northgate Technology Inc. in a 34,000-square-foot build-to-suit facility, which is expected to be completed this year.


Northgate, a growing medical technology manufacturing company, is currently located in 14,500 square feet of space at 600 Church Road in Elgin.

“We’re pleased to have completed the park considering the current market,” said Jim Origer, owner of Shorewood Properties. “Additionally, the fact that the tenant is staying in the vicinity makes it a great win for Elgin.”

Granger added, “With its superior transportation access, Elgin is a great user market. We’re proud to have been involved in the development’s leasing and disposition activities.”

Shorewood acquired the 17 acres of land off of Tollgate Road from Flender Corp., now part of Siemens Energy and Automation, Inc., in early 2000.

The investor then built Scottsdale Court to enhance access to the four-building park, which includes 50,000- and 38,000-square-foot multi-tenant buildings, a 38,000-square-foot single-tenant building and the 34,000-square-foot facility to be occupied by Northgate Technology.

Other users in the development include Owens Corning, Park Supply, ID Graphics, MPR Precision Molding Specialists and Argos Technologies, Inc.

Contact: Erin Mays, Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com