Grubb & Ellis Company Enters into Contract to Purchase Danbury Corporate Center for Future Sale to Grubb & Ellis Realty Advisors
22 Febrero 2007 - 4:22PM
PR Newswire (US)
Company files 8K detailing transaction and recent events CHICAGO,
Feb. 22 /PRNewswire-FirstCall/ -- Grubb & Ellis Company
(NYSE:GBE) today announced that the Company, through its wholly
owned subsidiary, GERA Property Acquisition LLC, has entered into
an agreement to purchase Danbury Corporate Center, a
1.1-million-square-foot office building located in Danbury, Conn.
The Company has filed a Current Report on Form 8-K with the
Securities and Exchange Commission concerning the agreement. The
Company also disclosed in the 8-K filing, among other things, that
it has amended its senior secured credit facility to provide the
Company with more flexibility with respect to certain acquisitions
of real property and certain covenants. The Company, at its
discretion and without penalty, at any time prior to March 16, may
elect to terminate the agreement for any reason and not proceed
with the purchase of Danbury Corporate Center. Should the Company
choose to move forward with the purchase, the closing, subject to
customary closing conditions, is presently expected to occur on
April 17. Grubb & Ellis' current intention is to acquire the
property and hold it for future sale to Grubb & Ellis Realty
Advisors, Inc. (AMEX:GAV), the Company's investment management
affiliate. The aggregate value of the Danbury Corporate Center
together with that of Abrams Centre in Dallas and 6400 Shafer Court
in Rosemont, Ill., is sufficient to constitute Realty Advisors'
business combination, if the purchase of such properties from the
Company is approved by Realty Advisors' board of directors and
stockholders. The Company completed its acquisition of Abrams
Centre on Feb. 20 and the acquisition of 6400 Shafer is expected to
close on Feb. 28. The Company and Realty Advisors, however, do not
have any current arrangement or agreement with respect to the
purchase of any properties by Realty Advisors and Realty Advisors
does not have any obligation to purchase any of the properties from
the Company. Grubb & Ellis Company Grubb & Ellis Company is
one of the world's leading full-service commercial real estate
organizations, providing a complete range of transaction,
management and consulting services. By leveraging local expertise
with our global reach, Grubb & Ellis offers innovative,
customized solutions and seamless service to owners, corporate
occupants and investors throughout the globe. For more information,
visit the Company's Web site at http://www.grubb-ellis.com/ .
Forward-looking Statement Statements included in this release may
constitute forward-looking statements. These statements involve
known and unknown risks, uncertainties and other factors that may
cause the Company's actual results and performance in future
periods to be materially different from any future results or
performance suggested by these statements. Such factors which could
adversely affect the Company's ability to obtain these results
include, among other things: (i) the volume of sales and leasing
techniques and prices for real estate in the real estate markets
generally; (ii) a general or regional economic downturn that could
create a recession in the real estate markets; (iii) the Company's
debt level and its ability to make interest and principal payments;
(iv) an increase in expenses related to new initiatives,
investments in people, technology and service improvements; (v) the
success of new initiatives and investments; and (vi) other factors
described in the Company's Annual Report on Form 10-K for the
fiscal year ended June 30, 2006, the Company's Quarterly Reports on
Form 10-Q for the fiscal quarters ended September 30, 2006 and
December 31, 2006 and in the Company's other filings with the
Securities and Exchange Commission (including the Registration
Statement on Form S-1, as amended, registration number 333-133659).
DATASOURCE: Grubb & Ellis Company CONTACT: Janice McDill of
Grubb & Ellis Company, +1-312-698-6707, or Web site:
http://www.grubb-ellis.com/ Company News On-Call:
http://www.prnewswire.com/comp/136726.html
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