"We couldn't be more appreciative of Glenn's guidance and contributions
over the past 12 months. As chairman, his leadership and insight were
invaluable during a period in which both our company and the industry saw
considerable change," said
Hunt called Kojaian's appointment as chairman "extremely positive" for the company.
"Michael is one of the most astute real estate executives in our industry
today, and he has been one of the company's biggest supporters for more than a
decade," he said. "No one is more qualified than
Kojaian has been a member of the Grubb & Ellis board of directors since
1996. He served as chairman from
Carpenter joined the NNN Realty Advisors board in 2006, and became a
member of the Grubb & Ellis board of directors following the completion of the
merger. He was named chairman in
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment 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
Forward-Looking Statements
Certain statements included in this press release may constitute
forward-looking statements regarding, among other things, future revenue
growth, market trends, new business opportunities and investment programs,
synergies resulting from the merger of Grubb & Ellis Company and NNN Realty
Advisors, certain combined financial information regarding Grubb & Ellis
Company and NNN Realty Advisors, new hires, results of operations, changes in
expense levels and profitability and effects on the Company of changes in the
real estate markets. These statements involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual results
and performance in future periods to be materially different from any future
results or performance suggested by these statements. Such factors which could
adversely affect the Company's ability to obtain these results include, among
other things: (i) the slowdown in the volume and the decline in transaction
values of sales and leasing transactions; (ii) the general economic downturn
and recessionary pressures on businesses in general; (iii) a prolonged and
pronounced recession in real estate markets and values; (iv) the
unavailability of credit to finance real estate transactions in general and
the Company's tenant-in-common programs, in particular; (v) the reduction in
borrowing capacity under the Company's current credit facility, and the
additional limitations with respect thereto; (vi) the Company's continuing
ability to make interest and principal payments with respect to its credit
facility; (vii) an increase in expenses related to new initiatives,
investments in people, technology and service improvements; (viii) the success
of current and new investment programs; (ix) the success of new initiatives
and investments; (x) the inability to attain expected levels of revenue,
performance, brand equity and expense synergies resulting from the merger of
Grubb & Ellis Company and NNN Realty Advisors in general, and in the current
macroeconomic and credit environment, in particular and (xi) other factors
described in the Company's annual report on Form 10-K for the fiscal year
ending
SOURCE Grubb & Ellis Company