After Exclusive Negotiation Period With Potential Investor Elapses, CRE Firm 'Continues to Be Engaged In Discussions With Interested Parties'
A two-week period of exclusive negotiations between Grubb & Ellis Co. and New York-based financial brokerage BGC Partners expired Tuesday without an agreement, according to a document filed with the U.S. Securities and Exchange Commission.
Under the previous agreement, Grubb & Ellis provided an exclusive right to negotiate for BGC Partners, headed by chief executive Howard Ludnick, to pursue a debt or equity financing agreement or acquisition
of Santa Ana, CA-based Grubb & Ellis between Jan. 16 and Jan. 31.
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While no agreement was reached during the exclusive period, "The company continues to be engaged in discussions with interested parties regarding the strategic process," Grubb & Ellis said in a filing dated Feb. 1.
BGC Partners is believed to be the third major player to enter into discussions with Grubb & Ellis, which has struggled financially since merging with NNN Realty Advisors in 2007 and was delisted by the New York Stock Exchange on Jan. 6.
BGC, which acquired Knight Newmark Frank in a deal that closed last fall, entered the picture after similar talks with C-III Capital Partners and Colony Capital LLC expired on Jan. 15.
On Jan. 25, C-III Capital Partners and CEO Andrew Farkas announced the closing of its acquisition of NAI Global, first announced last June.