(Reuters) - Grubb & Ellis Co (Other OTC:GRBE.PK - News) filed for bankruptcy protection amid a slower-than-expected recovery in the commercial property market, and agreed to sell nearly all its assets to the financial services brokerage BGC Partners Inc (NasdaqGS:BGCP - News).
Howard Lutnick, chief executive of BGC and also of the boutique investment bank Cantor Fitzgerald LP, said in a statement the purchase reflects BGC's desire to "build a premier position" in real estate services.
BGC in October bought Newmark Knight Frank, a New York real estate services company that employs more than 7,000 people.
Founded in 1958, Grubb & Ellis said it manages in excess of 250 million square feet (23.2 million square meters) of property, and employs more than 3,000 people.
Its services include tenant representation, property leasing and sales, commercial property and
http://finance.yahoo.com/news/grubb-ellis-files-bankruptcy-sold-145447526.html?l=1

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