Grubb & Ellis Reaches Definitive Agreement for Sale of Assets, Terms Undisclosed
Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has entered into a definitive agreement for the sale of substantially all of the assets of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management LLC. Terms of the transaction were not disclosed.
Alesco Global Advisors is a registered investment advisor that focuses on real estate securities and manages three registered mutual funds. Grubb & Ellis acquired a 51 percent interest in Alesco Global Advisors through its Daymark subsidiary in 2007.
"We are executing on our plan to maximize value for our stakeholders and strengthen the company's competitive position," said Thomas P. D'Arcy, president and chief executive officer of Grubb & Ellis. "Today's agreement on Alesco is a positive step forward in the sale of Daymark Realty Advisors, which is a key part of our plan. At the same time, we believe Alesco and its talented fund manager, Jay Leupp, will benefit from having access to the scale and resources of Lazard Asset Management, one of the world's preeminent asset management firms."
