Struggling commercial real estate giant Grubb & Ellis Co. filed for bankruptcy protection last night, but the move is not expected to affect day-to-day operations at the company’s locally-owned affiliate.
Chris Fraser, president of Mount Pleasant-based Grubb & Ellis|WRS, said the regional brokerage is independently owned and is on stable financial footing.
“This has nothing to do with us,” Fraser said today. “Our clients are not at all exposed to any of this.”
The local firm has been reviewing whether to keep its relationship with Grubb & Ellis, he said. The affiliation deal is up for renewal this year.
“This might give us more options,” said Fraser, who also is chairman of the Charleston County School District.
Santa Ana, Calif.-based Grubb & Ellis had $150 million of assets and $167 million of liabilities as of Dec. 31, according to its bankruptcy filing. Sixteen of its affiliates also sought protection from creditors.
As part of its restructuring, Grubb & Ellis is selling substantially all of its assets to BGC Partners Inc. BGC last year bought Newmark Knight Frank, one of the largest commercial real estate firms in the country.
“To the extent they will have affiliates and want affiliates, that’s an option we’ll consider,” Fraser said of the new ownership group.
For more details see Wednesday’s editions of The Post and Courier.