Grubb & Ellis (GBE) Announces $90 Million Preferred Equity Transaction

Grubb & Ellis Company (NYSE: GBE)announced that the company has entered into definitive agreements with qualified institutional buyers and accredited investors to effect the sale of 900,000 shares of a new issuance of a 12 percent cumulative participating perpetual convertible preferred stock for $90 million in gross proceeds. The company has also granted the initial purchaser and placement agent a 45-day option to purchase up to an additional 100,000 shares of preferred stock.