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CB Richard Ellis eyes Grubb & Ellis

Northbrook, Ill.-based Grubb & Ellis Co. could be acquired by CB Richard Ellis as early as this week, according to published reports.

Grubb & Ellis, which reportedly has a market value of about $46 million, recently reported a net loss of $6.6 million for the quarter ending March 31.

According to The Wall Street Journal, Grubb & Ellis has been considered a takeover target since its chief executive resigned in May 2000, although it revived somewhat under the leadership of current CEO Barry Barovick, appointed in April 2001.

Los Angeles-based CB Richard Ellis was taken private last July by a buyout group. It reported revenue of $1.17 billion for 2001, a decline of 11.3% over the previous year. The firm employees about 9,700 people globally, while Grubb & Ellis employs about 8,000.

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