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Grubb & Ellis Company Receives Listing Standards Notice From NYSE

The company intends to notify the NYSE that it will submit a plan within 45 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance within 18 months.  Upon receipt of the company's plan, the NYSE has 45 calendar days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period, or whether it will require the company to do so within a lesser time period.  The NYSE will either accept the plan, at which time it will specify the applicable time period within which the company has to come into compliance.  Thereafter, the company will be subject to ongoing monitoring for compliance with this plan.  Alternatively, should the NYSE reject the plan, the company will be subject to suspension and delisting proceedings.

The company's business operations, SEC reporting requirements and debt instruments are unaffected by the notification.  During any cure period, the company's shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a ".BC" indicator will be affixed to the GBE ticker symbol.

The company previously announced in April that it had been notified by the NYSE that it was not in compliance with the NYSE's continued listing standard as the minimum average closing price of the company's common stock fell below per share for over 30 consecutive trading days.  The company is in the process of developing a plan to comply with this continued listing standard as well.

In March, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.

About Grubb & Ellis Company

Grubb & Ellis Company (NYSE: GBE ) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 5,200 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment management business, the company is a leading sponsor of real estate investment programs. For more information, visit www.grubb-ellis.com .

NNN Lease Market: Office Owners Seek to Cash In as Prices Boom

The sharp rise in values has come over the past year, a relatively short time frame in the real-estate market. Recent deals include the sale of 750 Seventh Ave. in New York's Times Square by Hines Interests for a surprisingly high $485 million and Beacon Capital Partners' sale of Market Square in Washington for a record $905 a square foot. Beacon also is considering bringing to market 1211 Ave. of the Americas in coming weeks, for which the company would look to retrieve well above the $1.5 billion that it paid in 2006, according to people familiar with the matter. Building owners in some office markets contrast sharply with the residential market, where home prices have declined for months. Last week, the S&P/Case-Shiller Home Price Index reported home prices were down 4.2% in the first quarter of 2011.While new buyers are betting on a strong future in the market, the high prices—back so rapidly from the market's trough—have given some investors pause. Building owners in some office markets contrast sharply with the residential market, where home prices have declined for months. Large New York City developers, including Douglas Durst , have said prices have risen too high to justify acquisitions. NNN Lease market News gives you straight news on issues that affect the NNN lease commercial real estate market. A NNN lease is a type of commercial leasing agreement. In a NNN lease, the lessee pays taxes, insurance, and maintenance in addition to the rent. We encourage feedback from our readers, either positive or negative, and hope to create a dialogue that will foster interesting conversation in order to better understand the topics that are most prevalent in today's NNN Lease commercial real estate markets.

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