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Chapter 11 for Grubb & Ellis

LOS ANGELES — Grubb & Ellis Co. says it has filed for bankruptcy protection in a bid to stave off creditors amid mounting debt. The Santa Ana, Calif.-based company also said Tuesday it has arranged to sell most of its assets to the parent of rival commercial real estate services company Newmark Knight Frank. The proposed sale to BGC Partners Inc. will require court approval as part of Grubb & Ellis’ Chapter 11 bankruptcy process. The company filed for bankruptcy protection Monday in the Southern District of New York. In the filing, Grubb & Ellis listed $150 million in assets …

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