Paul Lundstedt and John Gavin, Two of the Midwest's Premier Investment Sales Brokers, Join Grubb & Ellis Company

Company's Institutional Capital Markets Platform Will Allow Team to Better Serve Clients 


CHICAGO, Feb. 9  /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Paul Lundstedt and John Gavin, two of the premier investment sales professionals in the Midwest, have joined the firm as senior vice presidents, directors, effective immediately.  Lundstedt and Gavin are members of Grubb & Ellis' newly formed Institutional Capital Markets Group, which was created to upgrade the service delivery to institutional tier clients by drawing from the company's entire service platform.

Lundstedt and Gavin join Grubb & Ellis from Cushman & Wakefield, where they consistently ranked as top producers nationally within the firm's Capital Markets Group.  They become the 41st and 42nd senior level brokers to join Grubb & Ellis over the past six months, and the sixth high-profile team to join the company's Chicago office since the end of 2006.

"Paul and John are exceptionally talented and successful brokers and they are an excellent fit for us culturally," said Glen Esnard, president of Grubb & Ellis Capital Market Group.  "They share our commitment to exemplary client service and their expertise further strengthens our Institutional Capital Markets platform, which we have structured to best address the issues our clients are facing today."

Shawn Mobley, executive vice president and managing director of Grubb & Ellis' Chicago offices, said, "I'm thrilled that Paul and John have decided to join Grubb & Ellis.  They are two of the most respected and successful investment sales professionals, not only in Chicago, but in our industry as a whole.  Paul and John bring a new set of institutional investment clients that we haven't served in the past."

Lundstedt, 48, joined Cushman & Wakefield in 1991.  Most recently, he was executive director of the Capital Markets Group.  During his 17-year tenure in the firm's downtown Chicago office, he served as chairman of Cushman & Wakefield's National Advisory Board and participated in investment real estate sales in excess of $15 billion.  Prior to joining Cushman & Wakefield, Lundstedt spent nine years at CB Richard Ellis in the investment sales division in the firm's Portland, Ore., and Chicago offices.

"Grubb & Ellis is an established name with a strong national presence.  At the same time, it is a new company - with a senior management team that has a specific game plan to grow the company," said Lundstedt.  "Every other major service provider is retreating and downsizing in the current environment.  Grubb & Ellis has shown the ability to recruit and retain top professionals.  We saw this as extremely positive."

Over the past 20 years, Lundstedt has represented the industry's most prominent institutional participants.  He holds a bachelor's degree in marketing from the University of Illinois.

Gavin, 40, brings 14 years of industry experience.  He joined Cushman & Wakefield in 1995, and most recently he was executive director, Capital Markets Group.  He has participated in more than 100 major disposition and recapitalization projects with a total value in excess of $10 billion.

On joining Grubb & Ellis, Gavin said, "We're encouraged by Grubb & Ellis' commitment to building a world-class investment sales platform nationwide.  Paul and I have built our business on a high level of service and execution that will benefit from aligning with Grubb & Ellis."

Gavin earned a bachelor's degree from the University of Utah.  He is a member of the Urban Land Institute, the Chicago Neighborhood Development Committee and the Chicago Architecture Foundation.  He also serves on the board of directors for Catholic Charities.

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 September 30, 2008, more than $3.8 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 225 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation's Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit http://www.grubb-ellis.com/. 

DATASOURCE: Grubb & Ellis Company



CONTACT:  Erin Mays, [phone], , or

Janice McDill, [phone], , both of Grubb &

Ellis Company



Web Site:  http://www.grubb-ellis.com/ 

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