Grubb & Ellis reports rough third quarter
The third quarter was a tough one for Grubb & Ellis Co., a global commercial real estate brokerage based in Santa Ana. With turmoil in the credit markets bringing real estate sales to a near halt, the company reported today that third-quarter revenue plunged to $159 million, compared with $469 million in the third quarter last year. Grubb & Ellis had a net loss of $44 million, or 69 cents a share, compared to a profit of $4 million, or 10 cents a share, in the same quarter last year. The company is working to increase revenue by performing services such as managing real estate for other corporations, Chief Executive Gary Hunt said. Grubb & Ellis merged with another real estate firm last December and is still laboring to make the combined operation more efficient and eliminate redundancies, he said.