SANTA ANA, Calif., Dec. 1 /PRNewswire-FirstCall/ -- Grubb & Ellis Company
(NYSE: GBE), a leading real estate services and investment firm, today issued
the following open letter to stockholders in connection with the company's
December 3, 2008 Annual Meeting of Stockholders:
December 1, 2008
Dear Grubb & Ellis Stockholder:
Grubb & Ellis' December 3, 2008 Annual Meeting of Stockholders is just
days away, and your vote is extremely important. Protect the value of your
investment and the future of Grubb & Ellis. Vote your proxy today by Internet
or Telephone FOR your Board's independent and experienced directors - Harold
H. Greene, Devin I. Murphy and D. Fleet Wallace.
We urge you to reject Anthony Thompson and his self-serving proxy campaign
and to discard any proxy materials and NOT to sign any green proxy cards you
may receive from him.
ALL FOUR MAJOR PROXY ADVISORY FIRMS NOW RECOMMEND STOCKHOLDERS VOTE FOR ALL
THREE GRUBB & ELLIS DIRECTORS ON THE WHITE PROXY CARD
PROXY Governance, Inc. has joined RiskMetrics Group (formerly
Institutional Shareholder Services or ISS), Glass Lewis & Co. and Egan-Jones
Proxy Services in recommending that Grubb & Ellis stockholders vote FOR the
re-election of all three of the Board's incumbent directors and reject Mr.
Thompson and his opposition slate. The analyses and recommendations of all
four proxy advisory firms are relied upon by hundreds of major institutional
investment firms, mutual funds and fiduciaries throughout the United States.
The support of all four leading independent proxy voting and corporate
governance advisory firms reinforces our strong belief that our nominees are
the right choice for Grubb & Ellis stockholders.
To follow the recommendations of PROXY Governance, 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
Internet or Telephone following the instructions on the WHITE proxy card and
disregard any green cards received from Anthony Thompson.
YOUR BOARD IS EXPERIENCED, INDEPENDENT AND COMMITTED TO SERVING THE BEST
INTERESTS OF ALL STOCKHOLDERS
JOIN ALL FOUR PROXY ADVISORY FIRMS WHO RECOMMEND
THE RE-ELECTION OF YOUR DIRECTORS
VOTE YOUR WHITE PROXY CARD TODAY!
Your vote is extremely important -- no matter how many or how few shares
you own. Please take a few moments and follow the simple instructions to vote
your proxy by Internet or Telephone.
To ensure that your vote is represented at the meeting, we urge you to
vote TODAY. If you have voted a green proxy card sent to you by Mr. Thompson,
you can still vote the WHITE proxy card and support your Board and Company.
Only your latest-dated proxy card that is received in time counts. If you
have any questions or need any assistance voting your shares, please contact
MacKenzie Partners, Inc., Toll-Free at (800) 322-2885.
We appreciate your continued support.
Sincerely,
Your Board of Directors
Glenn L. Carpenter
Chairman of the Board
Harold H. Greene
Gary H. Hunt
Interim Chief Executive Officer
C. Michael Kojaian
Robert J. McLaughlin
Devin I. Murphy
D. Fleet Wallace
Rodger D. Young
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
http://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.
