Grubb & Ellis Co., Santa Ana, Calif., is selling its 51% stake in Alesco Global Advisors, a real estate investment fund business, to Lazard Asset Management LLC. Terms of the agreement were not disclosed.
Alesco management holds the remaining 49% ownership in the company.
Back on March 21, Grubb & Ellis hired JMP Securities to explore sale or merger alternatives. Nine days later, Grubb entered into an $18 million financing agreement with Colony Capital LLC. It continues to seek other investors.
Subsequently, the company hired FBR Capital Markets to sell Alesco's parent, Daymark Realty Advisors. In a statement, Thomas P. D'Arcy, Grubb & Ellis' president and chief executive, said the sale agreement "is a positive step forward in the sale of Daymark, which is a key part of our plan."
The deal is expected to close in the third quarter.
