Grubb & Ellis Announces Management Change
January 29 2008 - 5:19PM
PR Newswire (US)
SANTA ANA, Calif., Jan. 29 /PRNewswire-FirstCall/ -- Grubb &
Ellis Company (NYSE:GBE), a leading real estate services and
investment management firm, announced today that Anthony W.
Thompson, Chairman of the Board, has resigned as Chairman and as a
director effective February 8, 2008. Thompson became Chairman of
Grubb & Ellis on December 7, 2007 upon completion of the
combination transaction with NNN Realty Advisors, Inc. Prior to
that Thompson had been executive Chairman of the Board of NNN
Realty Advisors, a leading provider of real estate investment
products and services. Thompson formed Triple Net Properties LLC in
1998. Triple Net quickly became a leader in the 1031 exchange and
tenant-in-common real estate investment market. Among his
achievements are the creation of a substantial broker-dealer
network through NNN Capital Corp., the launching of several public
offerings for non-traded REITs, the 2006 reorganization of Triple
Net and NNN Capital Corp. to form NNN Realty Advisors, Inc. in
connection with a successful $160 million Rule 144A offering of
common stock by NNN Realty Advisors, and the just-completed
combination with Grubb & Ellis. Since 1998, under Thompson's
leadership, NNN Realty Advisors and its predecessors have placed
nearly $3.0 billion in investor funds in a variety of real estate
investments. Thompson said: "This is the right time for me to pass
on the baton of leadership to Grubb & Ellis management. I have
enjoyed the relationships I have formed over the last 10 years,
including with the management team of the 'new' Grubb & Ellis,
in whom I have the greatest confidence. I remain the second largest
stockholder in the company and will continue to be Grubb's biggest
fan." Scott Peters, Chief Executive Officer of Grubb & Ellis,
said: "We are indebted to Tony for his many years of extraordinary
service to NNN Realty Advisors and its predecessors. Tony is an
acknowledged visionary in our sector of the real estate investment
universe having led us to transaction volumes of over $8.5 billion.
He has been hugely helpful in the effort to merge the Grubb &
Ellis and NNN Realty Advisors platforms, and we will miss his
wisdom and energy. We wish him only the best in his future
endeavors." The company also announced that independent director
Glenn L. Carpenter was appointed non-executive Chairman of the
Board. Carpenter, 64, has served on Grubb & Ellis' board since
the combination transaction was completed on December 7, 2007 and
has served on NNN Realty Advisors' board of directors since its
formation in November 2006. Since August 2001, Carpenter has served
as the Chief Executive Officer, President and Chairman of
FountainGlen Properties, LP, a privately held company in Newport
Beach, Calif., that develops, owns and operates apartment
communities for active seniors. Prior to serving with FountainGlen,
from 1994 to 2001, Carpenter was the Chief Executive Officer,
Chairman of the Board and founder of Pacific Gulf Properties Inc.,
a publicly traded REIT that developed and operated industrial
business parks and various types of apartment communities. From
1970 to 1994, Carpenter served as Chief Executive Officer and
President, and other officer positions of Santa Anita Realty
Enterprises Inc., a publicly traded REIT that owned and managed
industrial office buildings, apartments and shopping centers. He
has received numerous honors in the real estate field including the
Real Estate Review's 2000 Real Estate Man of the Year Award and was
voted Ernst & Young LLP's 1999 Orange County Entrepreneur of
the Year for Real Estate. About Grubb & Ellis Grubb & Ellis
Company (NYSE:GBE) is one of the largest and most respected
commercial real estate services companies. With more than 130 owned
and affiliate offices worldwide, Grubb & Ellis offers property
owners, corporate occupants and investors comprehensive integrated
real estate solutions, including transaction, management,
consulting and investment advisory services supported by
proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real
estate investment programs that provide individuals and
institutions the opportunity to invest in a broad range of real
estate investment vehicles, including tax-deferred 1031
tenant-in-common (TIC) exchanges; public non-traded real estate
investment trusts (REITs) and real estate investment funds. As of
September 30, 2007, nearly $3 billion in investor equity has been
raised for these investment programs. The company and its
subsidiaries currently manage a growing portfolio of more than 214
million square feet of real estate. In 2007, Grubb & Ellis was
selected from among 15,000 vendors as Microsoft Corporation's
Vendor of the Year. For more information regarding Grubb &
Ellis Company, please visit http://www.grubb-ellis.com/.
DATASOURCE: Grubb & Ellis Company CONTACT: Janice McDill of
Grubb & Ellis Company, +1-312-698-6707, Web site:
http://www.grubb-ellis.com/ Company News On-Call:
http://www.prnewswire.com/comp/136726.html
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