Grubb & Ellis files bankruptcy, sells assets to BGC Partners

Commercial real estate advisory firm Grubb & Ellis Co. on Monday filed for Chapter 11 bankruptcy protection. Grubb & Ellis has agreed to sell almost all of its assets to BGC Partners Inc. (Nasdaq: BGCP), according to a news release from the company. Grubb & Ellis listed $150 million in assets and $167 million in debt in the filing. The company said it completed about 12,000 sale and lease transactions last year and manages more than 250 million square feet of property. Grubb & Ellis has a significant presence in Phoenix. According to the 2012 Phoenix Business Journal Book of Lists, Grubb & Ellis is the ninth largest commercial real estate brokerage firm in the area with 32 agents.

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