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GRUBB & ELLIS TO CLOSE LOS ANGELES MORTGAGE OPERATIONS

 GRUBB & ELLIS TO CLOSE LOS ANGELES MORTGAGE OPERATIONS
 LOS ANGELES, June 16 /PRNewswire/ -- As part of an ongoing effort to streamline its operations, Grubb & Ellis Co. has announced plans to close its Los Angeles mortgage brokerage operation, George Smith/Grubb & Ellis Financial Services, according to Phillip D. Royster, president of the company's Pacific Southwest Region.
 The office, which has a staff of 16, is scheduled to close June 30, 1992. George Smith will be leaving Grubb & Ellis and starting his own company with many of the individuals from his existing staff. Grubb & Ellis' mortgage operations in San Francisco will not be affected by the closure.
 "It's been a very good association for us," said Royster. "However, a stand-alone mortgage brokerage operation is no longer a part of the long-term strategic plan for the company."
 Royster added, "We will continue to offer mortgage services through our GEMS operation, which distributes mortgage services through our existing commercial brokerage offices."
 Grubb & Ellis is the largest full-service real estate firm in the country with offices nationwide.
 -0- 6/16/92
 /CONTACT: Sharon Abar of Grubb & Ellis, 714-937-0881/ CO: Grubb & Ellis Co. ST: California IN: SU:


CH -- LA025 -- 0893 06/16/92 18:28 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:200
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