OC Property Management Firm Grubb & Ellis Files for Bankruptcy

Grubb & Ellis, a commerical real estate managment firm based in Santa Ana has filed for Chapter 11 Bankruptcy. The bankruptcy filing in the Souther District of New York listed the companies assets as $150 million and its debts as $167 million. The downturn in commercial real estate is reported to have hurt business for Grubb & Ellis.

As part of the bankruptcy debt restructuring, Grubb & Ellis will sell most of its assets to Newmark Knight Frank/BGC Partners. BGC will provide financing to Grubb & Ellis to remain operating.

Categories: Chapter 11