Grubb & Ellis for sale
After 50 years in operation, it is being reported that commercial real estate firm Grubb & Ellis (NYSE:GBE) is up for sale or a merger after losing $66.8 million in 2010, revenue in 2010 of nearly $576 million and has deferred paying their CEO a bonus.
The company says unsolicited offers have been brought to them making it necessary to explore.
Threats from the Stock Exchange
After the news of their losses and potential merger, Grubb & Ellis today received notice from the New York Stock Exchange (NYSE) that they are in danger of being delisted.
The NYSE requires a minimum $1 per share average closing price for 30 straight days and any time a stock does not meet that requirement, it is given six months to fix the issue.
Going forward
This San Francisco born company has 5,200 employees and claims over 200 million sf in their property and facility management portfolio. It is highly doubtful that the company will be delisted, but recent losses, being up for sale and this NYSE threat is certainly a sign of the economic times.
