BGC gets approval for Grubb & Ellis takeover
Brokerage firm BGC Partners Inc. today announced it has received approval from the U.S. Bankruptcy Court for the Southern District of New York to acquire all assets of Grubb & Ellis Co., which has offices in Marlton, Edison and Fairfield.
The transaction follows BGC's acquisition of Newmark Knight Frank in October 2011; the company expects to close on the Grubb & Ellis acquisition shortly.
Cantor Fitzgerald & Co., an affiliate of Cantor Fitzgerald L.P., was BGC's financial adviser for the transaction.
"Alongside Newmark Knight Frank, the acquisition of Grubb & Ellis creates a game-changing platform that further positions BGC as one of the most innovative and dynamic players in commercial real estate," said Howard W. Lutnick, BGC chairman and CEO, in prepared remarks.
In a statement, Newmark Knight Frank President James D. Kuhn said the BGC platform has allowed the company to "deepen its capabilities," and the addition of Grubb & Ellis' hotel, multifamily and industrial practices will "dramatically increase our footprint and expand our business lines."