US property advisory group Grubb & Ellis is planning to establish a European operation, and could take on up to 75 staff by the end of next year, principally in London. The move coincides with the recent purchase by Goldman Sachs of a 12% stake in the quoted company, which employs 3,500 brokers and consultants in the US.
The California-based agency is among the five largest in the US; last year it had a fee income of $200m. Rapid expansion by acquisition almost forced the company into receivership three years ago, but following injections of capital by Warburg Pincus, and most recently, Goldman Sachs’ Whitehall Street Real Estate Fund, the company is debt-free and looking to grow its international operation.
John van Oost, managing director of Grubb & Ellis Europe in London said the company planned to focus its European activities on corporate advisory work. “We are shifting more from a transaction oriented approach to working with corporate occupiers,” said van Oost.
In addition, Grubb & Ellis plans to act for US investors.
Its recruitment drive would reflect this strategy, said van Oost. “The people we are looking for come from different industries: banking, the big six [accountants] and investment banks.” In the US, Grubb & Ellis has traditionally worked closely with Ernst & Young, and intends to do so in Europe.
