BCG Partners recently announced that it was set to move forward with the purchase of commercial real estate services company Grubb & Ellis, after receiving approval from the U.S. Bankruptcy Court for the Southern District of New York.
The total purchase price was not listed, but the transaction is expected to be completed soon, the report noted. In total, with the Newmarket Knight Frank and Grubb & Ellis combination, the company will have approximately 100 American offices, as well as 250 million square feet in both properties and facility management holdings. The company will also have an appraisal business branch. Newmarket Knight Frank is a subsidiary of BGC.
"As we welcome the Grubb & Ellis team to the BGC family, we intend to apply our financial strength, powerful proprietary technology, and deep marketplace relationships to provide Grubb & Ellis and its professionals with the resources they need to thrive and grow," said Howard Lutnick, chairman and chief executive officer of BGC.
The report added that Cantor Fitzgerald worked as BGC's financial adviser for the transaction. BGC completes approximately $200 trillion in financial transactions each year.