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Grubb & Ellis PO raises $44m.

Grubb & Ellis Company announced the closing of a public offering of an aggregate of 10 million shares of the Company's common stock at a public offering price of $9.50 per share.

Pursuant to the offering, five million shares were sold by each of the company and its largest stockholder, generating aggregate gross proceeds to the company, after underwriting discounts, of $44,412,500.

The company has agreed to sell up to an additional 1.5 million shares of common stock at the same public offering price per share if the underwriters exercise their over-allotment option to purchase additional shares of common stock from the company by July 29, 2006.

Deutsche Bank Securities Inc. served as the sole book-running manager of the offering.

JPMorgan was co-lead manager of the offering and William Blair & Company was co-manager of the offering.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jul 12, 2006
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