SANTA ANA, Calif., Nov. 25 /PRNewswire-FirstCall/ -- Grubb & Ellis Company
(NYSE: GBE), a leading real estate services and investment firm, today
announced that RiskMetrics Group (formerly Institutional Shareholder Services
or ISS) recommends that Grubb & Ellis stockholders vote "FOR" the re-election
of all three of the Board's incumbent directors -- Harold H. Greene, Devin I.
Murphy and D. Fleet Wallace -- at the company's Annual Meeting of Stockholders
on Wednesday, December 3, 2008.
RiskMetrics is the third independent proxy voting and corporate governance
advisory firm to recommend in favor of Grubb & Ellis' directors and reject
Anthony Thompson and his opposition slate. As previously announced earlier
today, Glass Lewis & Co. and Egan-Jones Proxy Services also recommended that
Grubb & Ellis stockholders vote "FOR" all the Board's director nominees. The
analyses and recommendations of RiskMetrics, Glass Lewis and Egan-Jones are
relied upon by hundreds of major institutional investment firms, mutual funds
and fiduciaries throughout the United States.
"We are pleased that RiskMetrics is the third U.S. independent proxy
advisory firm to support the re-election of all three of Grubb & Ellis'
incumbent directors and reject Mr. Thompson's nominees and his proxy
campaign," said Gary Hunt, interim Chief Executive Officer. "All three of
these recommendations reaffirm our strong belief that Grubb & Ellis'
independent and experienced Board is the right Board to continue to execute on
the company's strategic plan. We urge all stockholders to follow the
recommendations of RiskMetrics, Glass Lewis and Egan-Jones by voting for all
three of Grubb & Ellis' highly qualified directors on the WHITE proxy card
today."
To follow the recommendations of RiskMetrics, Glass Lewis, and Egan-Jones,
Grubb & Ellis stockholders should vote FOR the Board's directors -- Harold H.
Greene, Devin I. Murphy and D. Fleet Wallace -- by telephone or Internet
following the instructions on the WHITE proxy card or by signing, dating and
returning the WHITE proxy card TODAY and disregard any green cards received
from Anthony Thompson. Stockholders with questions or who need assistance
voting their shares may call the company's proxy solicitor, MacKenzie
Partners, Inc. at 1-(800) 322-2885.
If you have any questions, require assistance with voting your WHITE proxy
card, or need additional copies of the proxy materials, please contact:
MacKenzie Partners, Inc.
105 Madison Avenue
New York, NY 10016
proxy@mackenziepartners.com
(212) 929-5500 (Call Collect)
Or
TOLL-FREE (800) 322-2885
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.
Forward-Looking Statements
Certain statements included in this press release may constitute forward-
looking statements regarding, among other things, future revenue growth,
market trends, new business opportunities and investment programs, synergies
resulting from the merger of Grubb & Ellis Company and NNN Realty Advisors,
certain combined financial information regarding Grubb & Ellis Company and NNN
Realty Advisors, new hires, results of operations, changes in expense levels
and profitability and effects on the Company of changes in the real estate
markets. These statements involve known and unknown risks, uncertainties and
other factors that may cause the Company's actual results and performance in
future periods to be materially different from any future results or
performance suggested by these statements. Such factors which could adversely
affect the Company's ability to obtain these results include, among other
things: (i) the slowdown in the volume and the decline in transaction values
of sales and leasing transactions; (ii) the general economic downturn and
recessionary pressures on businesses in general; (iii) a prolonged and
pronounced recession in real estate markets and values; (iv) the
unavailability of credit to finance real estate transactions in general and
the Company's tenant-in-common programs, in particular; (v) the reduction in
borrowing capacity under the Company's current credit facility, and the
additional limitations with respect thereto; (vi) the Company's continuing
ability to make interest and principal payments with respect to its credit
facility; (vii) an increase in expenses related to new initiatives,
investments in people, technology and service improvements; (viii) the success
of current and new investment programs; (ix) the success of new initiatives
and investments; (x) the inability to attain expected levels of revenue,
performance, brand equity and expense synergies resulting from the merger of
Grubb & Ellis Company and NNN Realty Advisors in general, and in the current
macroeconomic and credit environment, in particular and (xi) other factors
described in the Company's annual report on Form 10-K for the fiscal year
ending December 31, 2007 and in the Company's quarterly reports on Form 10-Q
for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008
filed with the Securities and Exchange Commission (the "SEC"). The Company
does not undertake any obligation to update forward-looking statements.
Important Information
On November 10, 2008, Grubb & Ellis Company filed a definitive proxy
statement with the SEC in connection with the Company's 2008 Annual Meeting.
Grubb & Ellis Company's stockholders are strongly advised to read the
definitive proxy statement carefully before making any voting decision because
the definitive proxy statement contains important information. The Company's
definitive proxy statement and any other materials filed by the Company with
the SEC can be obtained free of charge at the SEC's web site at
http://www.sec.gov or from Grubb & Ellis Company at www.grubb-ellis.com. The
Company's definitive proxy statement and other materials will also be
available without charge by written request addressed to Investor Relations,
Grubb & Ellis Company, 1551 N. Tustin Avenue, Suite 300, Santa Ana, CA 92705.
Grubb & Ellis Company, its directors and director nominees may be deemed to be
participants in the solicitation of the Company's security holders in
connection with its 2008 Annual Meeting. Security holders may obtain
information regarding the names, applications and interests of such
individuals in the Company's definitive proxy statement, its November 18, 2008
letter to stockholders, its November 20, 2008 investor presentation, and its
November 24, 2008 letter to stockholders filed with the SEC as definitive
additional soliciting materials.
