Feature News

SANTA ANA, Calif., Nov. 13 /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC today announced that two Las Vegas area properties owned and managed on behalf of tenant-in-common investors, Sienna Office Park I and City Centre Place, have received The Office Building of the Year (TOBY) award from the local chapter of the Building Owners and Managers Association International (BOMA).

"Grubb & Ellis Realty Investors strives to acquire buildings of the highest caliber and to manage the operations of these assets at a similarly high level on behalf of our program investors," said Kent Peters, executive vice president of asset management, Grubb & Ellis Realty Investors. "Grubb & Ellis Management Services has done an excellent job as the property managers, and our partnership speaks volumes about the strength of the newly integrated Grubb & Ellis Company."

Acquired by Grubb & Ellis Realty Investors in June 2007, Sienna Office Park I consists of two newly developed Class A office buildings totaling more than 101,000 square feet in Henderson, Nevada. Located at 2850 West Horizon Ridge Parkway, the asset received the TOBY in the category for buildings with less than 100,000 square feet of rentable area.

City Centre Place, acquired by the company in November 2004, is a 103,199-square-foot, Class A six-story, multi-tenant office building with ground retail space in Las Vegas. The asset was awarded the local TOBY in the 100,000 to 249,999-square-foot office building category; City Centre Place was similarly recognized in 2006.

Elizabeth Grossman, vice president of asset management, Grubb & Ellis Realty Investors, serves as the asset manager for each property. Andrea King and Mary Frankert, property managers with Grubb & Ellis Management Services' Las Vegas office, make up the property management team responsible for the day-to-day operation of the properties. Jeff Goodwin is the building engineer for City Centre Place and Jarod Waisanen serves as the maintenance technician for Sienna Office Park I.

Grubb & Ellis Realty Investors is the real estate investment and asset management subsidiary of Grubb & Ellis Company, a leading real estate services and investment firm. Grubb & Ellis Management Services is the property management subsidiary of the company.

The TOBY awards are the most prestigious and comprehensive programs of their kind in the commercial real estate industry, recognizing quality in office buildings and rewarding excellence in office building management. During the competitions, all facets of a building's operations are thoroughly evaluated. Buildings are judged on everything from community involvement and site management to environmental and "green" policies and procedures.

Sienna Office Park I and City Centre Place will now have the opportunity to compete for the Pacific Southwest regional level TOBY, to be awarded in spring 2009.

About Grubb & Ellis Realty Investors

Grubb & Ellis Realty Investors, LLC is the real estate investment and asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm. Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $6.7 billion located throughout 30 states. One of the nation's most active buyers and sellers of commercial real estate, Grubb & Ellis Realty Investors has completed acquisition and disposition volume totaling more than $11.5 billion on behalf of program investors since its founding in 1998; in excess of $8.5 billion of this volume has been transacted since Jan.1, 2005.

Grubb & Ellis Realty Investors and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investment programs, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, non-traded public real estate investment trusts (REITs), multi-member limited liability companies (LLCs) and institutional investments. Through the Grubb & Ellis Wealth Management program, Grubb & Ellis Realty Investors also offers high net worth investors a comprehensive program to build or expand their commercial real estate portfolio, whether their investment objectives are 1031 exchange driven or not.