BGC Partners Inc., a New York-based global brokerage company, has announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of New York to acquire substantially all of the assets of Grubb & Ellis Co., which declared Chapter 11 bankruptcy in February. BGC expects to close the transaction shortly.
‘The expansion of BGC's commercial real estate platform creates exciting new opportunities for our entire organization – including the talented Grubb & Ellis real estate professionals who are coming on board, as well as new opportunities for them to provide outstanding value to their clients,’ says Michael Lehrman, global head of real estate at BGC.
BGC will combine Grubb & Ellis with Newmark Knight Frank, a commercial real estate company that it acquired last fall. The combined entity will have more than 100 offices in North America, a national appraisal business and 250 million square feet in property and facilities management.