Santa Ana, Calif.-based real estate services firm Grubb & Ellis Co., which has significant operations in Massachusetts, has reported a net loss of $41.5 million for the first quarter of 2009, compared to a net loss of $6.3 million for the same period a year ago.

The firm also reported revenue of $118.3 million for the first quarter of 2009, compared to first quarter 2008 revenue of $150.4 million.

In response to tough times, the firm said it has placed new cost reduction initiatives in place, resulting in $5 million annualized savings.

On May 26, the company announced that it had renegotiated its senior secured credit facility. The credit agreement amendment, which was effective May 18, modifies the amount, terms and length of the facility. Under the new structure, the $67.3 million maximum aggregate credit facility includes a $29.3 million revolving line of credit and a$38 million term loan.

"Our results reflect the challenging operating environment as well as the seasonal nature of the commercial real estate industry," said Gary H. Hunt, interim chief executive officer. "We believe that by providing our clients with timely, innovative solutions to the real estate issues they are facing in today’s environment we will be able to deliver long-term value to our stockholders so we remain squarely focused on recruiting top talent and providing unmatched client service."

The firm said it has been awarded 26 new property and facilities management assignments during first quarter totaling 16 million square feet of property.

Grubb & Ellis ranks as the top public, non-traded sponsor REIT based on equity investment sales for the months of February, March and April, with Grubb & Ellis Healthcare REIT surpassing the $1 billion mark in equity raised in April, the company said.