Real estate services and investment firm Grubb & Ellis Co., which has significant operations in the Bay State, has reported a second-quarter net loss of $32.8 million, compared with a net loss of $5.4 million in the same period a year ago.

For the first six months of 2009, the company reported a net loss of $74.3 million, compared with a net loss of $11.7 million, or $0.18 per share, in the first six months of 2008.

The firm also reported revenue of $124.6 million for the second quarter, compared with second quarter 2008 revenue of $158.4 million.

The firm said it completed the disposition of Danbury Corporate Center for $72.4 million this quarter. Net proceeds from the sale were applied against the company’s revolving credit facility.

Grubb & Ellis also recruited 13 senior-level brokerage sales professionals during the quarter, bringing to 68 the number of top brokerage sales professionals who have joined in the past 12 months.

Grubb & Ellis Posts $32.8M Q2 Loss

by Banker & Tradesman time to read: 1 min
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