It’s been a tough week for national real estate brokerage Grubb & Ellis, as the firm filed for bankruptcy protection Tuesday. Responsible for the acquisition is New York financial services firm, BGC Partners Inc., who agreed to buy essentially all the assets of Grubb & Ellis for an undisclosed price
The company is facing $30 million in debt set to mature March 1, and the firm does not have the cash reserves needed to push through the first quarter of the year.
There has been no confirmation as to whether the Grubb & Ellis name would survive the acquisition. The company's signature yellow-and-black signs are a common sight on commercial buildings available for sale or lease.
The news made national headlines, read more about it here.