BGC Partners Inc., a global real estate company, has received approval from the U.S. Bankruptcy Court for the Southern District of New York to acquire substantially all the assets of Grubb & Ellis Company. BGC expects to close the transaction shortly.
The combination of the two companies will give Newmark Knight Frank and Grubb & Ellis more than 100 offices in North America, 250 million sq. ft. in property and, and a national appraisal business.
The transaction was implemented as an asset sale under Section 363 of the U.S. Bankruptcy Code.
Cantor Fitzgerald & Co., an affiliate of Cantor Fitzgerald LP, acted as aadviser to BGC in connection with this transaction.
"Alongside Newmark Knight Frank, the acquisition of Grubb & Ellis creates a game-changing platform that further positions BGC as one of the most innovative and dynamic players in commercial real estate,” Grubb & Ellis and its professionals with the resources they need to thrive and grow," Howard W. Lutnick, BCG’s chairman and CEO, said in a statement. “As BGC continues to attract the best talent, invest in our world-class technology, and apply capital to build and expand into new markets, we are committed to providing Grubb & Ellis with the right tools and support to increase its strength and scale."
Barry M. Gosin, CEO of Newmark Knight Frank, also announced in a statement, "With Newmark Knight Frank's strategic consultative approach to creating value for clients and leading position in the New York market, along with Grubb & Ellis' strength in transactional, management, and valuation services, our two organizations are highly complementary. We share a client-focused culture, and together, Grubb & Ellis and Newmark Knight Frank create a powerhouse in real estate with a significant competitive advantage, built upon the foundation of BGC's proven and powerful model."