Grubb & Ellis’ revenue dives
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 that third-quarter revenue plunged to $159 million, compared with $469 million in the third quarter of last year.
Grubb & Ellis had a net loss of $44 million, or 69 cents a share, compared with a profit of $4 million, or 10 cents a share, a year earlier.
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 in December and is laboring to make the combined operation more efficient, he said.