SANTA ANA, Calif., Nov. 9 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, today announced that Thomas P. D'Arcy will join the company as president, chief executive officer and a member of the board of directors, effective Nov. 16. "Tom is an experienced and respected executive in the commercial real estate industry and we are extremely pleased to have him joining our company. With the recent completion of the company's recapitalization, we are confident that Tom will accelerate the execution of Grubb & Ellis' growth strategy and build long-term value for stockholders," said C. Michael Kojaian, chairman of the board of Grubb & Ellis Company. "I also want to take this opportunity to thank Gary Hunt for the time and effort he devoted to the company as interim CEO." D'Arcy, 49, brings 25 years of successful leadership experience at various public and private real estate companies, and is currently the non-executive chairman of Inland Real Estate Corporation (NYSE:IRC), a $1.5-billion REIT where he has served as an independent director since 2005. D'Arcy also previously served as chairman and chief executive officer of Bradley Real Estate, Inc., a NYSE-listed real estate investment trust, from 1989 to 2000. "I am excited for the opportunity to lead Grubb & Ellis Company, and to work with its team of highly dedicated professionals," said D'Arcy. "Although the past year has brought significant challenges, the company has accomplished a great deal, including the recently completed recapitalization. This places Grubb & Ellis in a strong position to expand its leadership position in the commercial real estate industry, especially now while the market is in significant transition. I believe Grubb & Ellis has an enormous opportunity to leverage its talent, reach, proprietary research and local market expertise to create value for our shareowners, our clients and our employees." Prior to joining the company, besides serving on the Inland board, D'Arcy was a principal in Bayside Realty Partners, a private real estate company focused on acquiring, renovating and developing land and income-producing real estate. From 2001-2004, he was president and chief executive officer of Equity Investment Group, a private REIT. During his tenure at Bradley, D'Arcy significantly grew the company through restructuring, mergers and acquisitions, which led to its sale to Heritage Property Investment Trust in 2000, creating substantial value for its shareowners. D'Arcy holds a bachelor's degree from Bates College. Anthony J. LoPinto of Equinox Partners conducted the company's search and recruitment of D'Arcy. About Grubb & Ellis Named to The Global Outsourcing 100(TM) in 2009 by the International Association of Outsourcing Professionals(TM), Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,000 professionals in more than 130 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment subsidiaries, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), tenant-in-common (TIC) investments suitable for tax-deferred 1031 exchanges, mutual funds and other real estate investment funds. For more information, 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, the ability of future revenue growth, market trends, new business opportunities and investment programs, 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) a continued or further 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 ability to obtain the requisite stockholder approval to increase the company's authorized capital; (vii) the ability of the company to return to compliance with the NYSE's continued listing standards; (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/A for the fiscal year ending December 31, 2008, Form 10-Q for the three-month periods ending March 31, 2009 and June 30, 2009 and in other current reports on Form 8-K filed with the Securities and Exchange Commission (the "SEC"). The company does not undertake any obligation to update forward-looking statements. DATASOURCE: Grubb & Ellis Company CONTACT: Janice McDill of Grubb & Ellis Company, +1-312-698-6707, Web Site: http://www.grubb-ellis.com/

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