'Pumped up' David Arena gives Grubb & Ellis back its mojo.

Grubb & Ellis is getting its mojo back!

After just three months as president of the firm's New York Region, that's the summation of former Jones Lang LaSalle over-achiever, David Arena.

"What excited me about coming to this job 120 days ago was a group of people who had been through a very difficult period but had learned to do business on 8th, 9th, 10th Avenues. They had made themselves experts in markets that are now the hottest on the block. Like any group that has not been led or managed, they lost their mojo, but we are getting it back," said an upbeat Arena, who has wasted no time in using his not unsubstantial influence to attract a slew of talent to help him steer this ship on a new course.

He's unabashedly tapped several of the main players he collaborated with on his own climb to the top of the real estate heap that is concentrated in New York City, bringing in such bold faced names as John McGinley, with whom he worked at JLL, George Drake, former worldwide head of corporate services at Morgan Stanely, Joe Tranchina, ex-Goldman Sachs global head of operations, and Peter Auerback, former senior specialist at Merrill Lynch Investment Managers.

"What we are doing is creating a vision of the future for people who are smart, are among the best players in the real estate business, and creating an environment where they want to work and where they can live your dreams."

Lofty ideas indeed, but Arena is putting his money where his mouth is having already implemented a series of strategic moves aimed at helping Grubb & Ellis regain its status as a major force in the Manhattan market.

He's already put a full court press on its corporate real estate business, using the brand's status as the fourth most recognizable real estate firm in the country to power up a machine he believes has the potential to capture a greater share of the market.

"We now have a full compliment of best-in-class professionals equipped to negotiate sophisticated corporate financial analysis, strategic occupancy advice and planning and who totally understand the clients' business objectives," he said.

The firm is currently acting as facility consultant for the Royal Bank of Scotland's new one million square feet complex under construction in Stamford, CT. Once complete, the $400 million headquarters will house the world's largest trading floor and 1,800 staff with the capacity to increase to 3,000.

Arena said the bank has just expanded Grubb & Ellis' role to include general portfolio, consulting, appraisal and acquisition assignments for the whole of North America, a major vote of confidence in the firm's abilities.

Arena plans to build on Grubb & Ellis' stellar reputation as a property manager in a city where it already handles roughlyl0 million square feet of space, including such standout properties as 550 Madison Ave., 730 Third Ave., and Riverside Church.

And, with 15 investment sales specialists now on his own New York floor, Arena also predicts investors will "vote with their feet" as Grubb & Ellis jumps back into a community from which is has been shunned for too long.

It's a sentiment that is reflected in the success of the company's new Special Purposes Acquisition Company (SPAC) which has been able to attract $140 million in investment dollars--a testament to the perception among investors that the firm has a strong pipeline of deals and a great management team.

Called Grubb & Ellis Realty Advisors, Inc., it is the first SPAC focused solely on real estate acquisitions. Called a blank check company because they have no holdings when they raise investment money, SPACs depend especially on a strong management team to attract investors.

Arena said the company is now actively looking at different projects and development sites in which to invest and expects the SPAC to make its first acquisition within the next few weeks.

With 70% of the company's business in New York concentrated on "middle market' brokerage, Arena is also poised add "a little more sophistication" to that sector. He said, "It's not just about brokerage. With our focus on corporate real estate, we are offering clients great brokerage services as well as construction management, and management advisory services, and financially sophisticated solutions; we are offering all of this in an integrated way."

As a former corporate end-user himself, Arena should be in the perfect focus."

On top of that insider's knowledge, Arena has also proven himself in the brokerage field having been part of a senior management team led by JLL's president Peter Riguardi that came to become one of downtown's dominant brokerage teams. At JLL, he advised a blue-chip roster of clients that included MetLife, Goldman Sachs, Hines, the Port Authority and Morgan Stanley who, along with Riguardi, he represented in its 700,000 s/f lease at One New York Plaza, one of the biggest deals ever done downtown

He said it was a tough decision to leave that team, but admitted, "I wanted a chance to pilot my own ship."

Arena is also a big fan of CEO Mark Rose--another former JLL alumni--who has been hailed for re-energizing the beleaguered company after it successfully emerged from the brink of solvency several years ago. Grubb & Ellis' financial strength has grown exponentially since Rose's own appointment last spring. It won back its listing on the New York Stock exchange in July and the company has just closed the books on its fourth straight profitable year.

"I have a great deal of faith in Mark Rose," said Arena. "He's a visionary leader who has a real plan for Grubb & Ellis."

When Rose invited him to get on board, Arena said, "I saw the number four best recognized brand in the country in a market like New York being a laggard and thought, 'This is a no brainer.'

"We have a nucleus of 750 people [in the metropolitan area] and great client relationships with firms such as IBM, Sony, the Port Authority and the Metropolitan Transit Authority. If you could get the organization in the right frame of mind, hire a few more impact players and create an organization that will appeal to clients, you should be able to capture the imagination of the buying public and attract the best players in New York to be part of our team--and that's what I have been doing.

"It's a great city and great time to be in this business. I am excited about the new people we are bringing on board with a large amount of energy, experience and wisdom. I couldn't be more optimistic about our future and the future of New York City. In fact, I am pumped up."