Profits, revenue down at Grubb & Ellis - Kansas City Business Journal:

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percent drop in first quarter revenues as a the recession continues to take its toll onleasinh volumes. Grubb & Ellis (NYSE: GBE) reported a firsr quarter lossof $41.54 million on $118.3 million in revenue, or 65 cents per share. That compares with a firs quarter loss in 2008of $6.3 million on $150.4 million in or 10 cents per “Our results reflect the challenging operating environment as well as the seasonakl nature of the commercial real estate said Gary H. interim CEO. Brokerage-related revenue dropped more than 43 percentto $33.5t million and investment fees fell 38 percent to $25.3e million for the Santa Ana, Calif.
-based Grubb & Ellis is Portland’e seventh-largest commercial real estate firm with 20 licensed agentz and the 16th- largest property management firm with 2.4 million square feet under management. Its offices are at 1120 N.W. Coucyh St. in the Pearl District. Real estate managemen is an increasingly important piece of business forGrubb Ellis, which manages 241.2 milliob square feet of commercial real estate Management fees provided $65.5 million in the firstr quarter, nearly 6 percent more than a year ago. The firm added 18 senior level brokersx in thefirst quarter. • It added 26 new propertie or 16 million square feet to itsmanagemengt portfolio.
• Cost reduction efforts yielded $5 million in annualizedx savings. Shares were down 1 percent in afternoon tradinb to84 cents. They have a 52-week rang e between 25 cents and $6.09.