Grubb & Ellis files for bankruptcy, will be sold

California-based commercial real estate brokerage Grubb & Ellis Co., which has offices in Las Vegas and Reno, filed for Chapter 11 bankruptcy reorganization and agreed to sell itself to BGC Partners Inc., a publicly traded company.

BCG, described as a ''leading global intermediary to the wholesale financial markets," also owns Newmark Knight Frank, a big commercial real estate service firm that currently operates in several U.S. markets but has no Las Vegas office.

"The partnership with BGC, a financially strong and respected organization with a deep commitment to the commercial real estate markets, will position Grubb & Ellis to become part of a well-capitalized global platform,'' Grubb & Ellis said in a statement Monday.

"We agreed to acquire Grubb & Ellis because we believe Newmark Knight Frank's and Grubb & Ellis' broad knowledge and extensive brokerage expertise, combined with BGC's powerful proprietary technology and our strong financial backing, will enable Grubb & Ellis to thrive and grow as part of the BGC family of companies," said BCG CEO Howard Lutnick.

The Grubb & Ellis bankruptcy filing included several subsidiaries, including Las Vegas Commercial Brokerage LLC and Grubb & Ellis of Nevada Inc.

In a court filing, the company said that for the past several years it has experienced operating losses related to the "2007-2009 meltdown of the financial markets" and the slower-than-projected recovery of the real estate markets.

The Las Vegas Grubb & Ellis website lists 43 local employees, agents and brokers, including well-known local professionals Xavier Wasiak, a senior vice president in the industrial group; and Michael Kammerling, a senior vice president in the retail area.

An inquiry to the local office about the planned sale was referred to a public relations firm, where officials could not immediately be reached for comment Tuesday.

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