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AMERICAN SAVINGS BANK FORMS REAL ESTATE ALLIANCE WITH GRUBB & ELLIS

AMERICAN SAVINGS BANK FORMS REAL ESTATE ALLIANCE WITH GRUBB & ELLIS
 IRVINE, Calif., Oct. 6 /PRNewswire/ -- American Savings Bank, one of the nation's 10-largest thrifts, has selected Grubb & Ellis (NYSE: GBE) to handle all of its non-lending related real estate needs, according to Craig Morris, managing director of the Western United States for Grubb & Ellis' Corporate Services Group and Chris Sausser, regional director.
 The agreement calls for Grubb & Ellis' Corporate Services Group to handle all corporate real estate acquisition, disposition and leasing for the Irvine-based thrift. Grubb & Ellis will also assist American Savings in integrating real estate issues into its overall corporate strategic planning.
 "Our real estate portfolio is our single-largest asset, as well as our second-largest cost after salaries," said Rich Liddell, vice president and manager of corporate real estate for American Savings Bank. "My goal is to manage our real estate portfolio as a profit center. Grubb & Ellis demonstrated to me that its Corporate Services Group has the tools to help me achieve that goal."
 Rosey Miller, senior marketing consultant and office properties specialist with Grubb & Ellis' West Los Angeles office, will serve as the account executive for the American Savings Bank account.
 "The Corporate Services Group gives us the advantage of access to all of Grubb & Ellis' salespeople and resources through a single point of contact," said Liddell. "This approach offers continuity and efficiency, both of which were lacking when we were working with individual brokers from various companies throughout California," said Liddell.
 "In addition, Grubb & Ellis, through Craig Morris' company, Laser Application Corp., offers one of the best software programs available in the industry to track and manage corporate real estate portfolios," Liddell added.
 American Savings Bank owns or leases 2.8 million square feet of real estate in California, including 169 bank branches, two administrative facilities and several commercial buildings, which are used for administrative support and storage. Liddell estimates that the firm's corporate real estate is 40 percent owned and 60 percent leased.
 Grubb & Ellis' Corporate Services Group was created to assist corporations in the overall management and administration of their real estate portfolios. Instead of focusing on single transactions, the Corporate Services Group works in partnership with the company's in-house real estate department.
 "Our agreement with American Savings Bank is representative of one of the most significant trends in real estate in the past 20 years," Morris said. "Corporations are recognizing that their real estate assets and commitments have a significant impact on their bottom line. As a result, they're seeking strategic alliances with national real estate firms like Grubb & Ellis to better manage those assets."
 San Francisco-based Grubb & Ellis is the largest full-service real estate company in the country with offices nationwide.
 -0- 10/6/92
 /CONTACT: Sharon Abar, public relations director of Grubb & Ellis, 714-937-0881/
 (GBE) CO: Grubb & Ellis; American Savings Bank ST: California IN: FIN SU: JVN


ML-EH -- LA012 -- 7053 10/06/92 12:03 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
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