Exhibit 10.3





Exhibit
10.3














	

Grubb & Ellis Company


Investor Presentation









 









	

This presentation contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements include
assumptions regarding expectations or estimates of future financial and operating
results or events, industry and market trends and other market opportunities for
Grubb & Ellis. The information in this presentation discusses the state of Grubb &
Ellis' business as of the date of presentation. Grubb & Ellis does not assume any
obligation to update or correct any information covered herein. There are a
number of risks and uncertainties that could cause our actual results to differ
materially from those described in the forward-looking statements. For additional
information concerning risks that could cause such differences, please refer to our
annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with
the Securities and Exchange Commission. We may make certain statements
during the course of this presentation which include references to "non-GAAP
financial measures," as defined by SEC regulations. As required by these
regulations, we have provided reconciliations of these measures to what we
believe are the most directly comparable GAAP measures, which are attached
hereto within the appendix.

Forward Looking Statements








 









	

Leading Provider of Real Estate Services & Investment Management

Highly Recognized Brand

At a Glance

as of December 31, 2009
   Founded
1958   Stock
NYSE: GBE   Footprint*
126 offices
6,000+ employees
1,800 brokers   Assets under Management
$5.8 billion;
29 states   SF under Management
241 million

Transaction Services

Management Services

Corporate Services

Investment Services

Consulting Services

Real Estate Investment Trusts

Institutional Funds

Mutual Funds


Recovering US commercial real
estate market

Large, highly fragmented industry

Substantial ongoing consolidation

Corporate outsourcing trend

Unique market position

Scalable infrastructure

51-year history

One of the most recognized
commercial real estate brands

126 offices across United
States* and select international
sites

Proprietary research with 100+
local research professionals
nationwide


Integrated Platform

Attractive Market Opportunity

2

*Includes Grubb & Ellis affiliates








 









	

Owned offices in major and large
secondary markets; affiliate strategy in
smaller markets

Fully integrated platform provides a
broad array of services to commercial
real estate occupiers and investors
nationwide

Major clients in 2009 and Q1 2010
included IBM, Microsoft, Citigroup, RBS
and Kraft


National Presence, Strong Operating Platform and Top-Tier Clients


On-the-ground expertise and insight that deliver the solutions in all the markets
where our clients have business and investment needs

3








 









	

Fully Integrated Platform Well Positioned for Growth

2009 revenue: $57.3 million

Non-traded REITs

Institutional funds

Mutual funds

Separate accounts

Investment Management

2009 revenue: $173.4 million

Agency leasing

Asset acquisition & disposition

Capital markets

Consulting

Real estate finance

Tenant representation

Valuation

2009 revenue: $274.7 million

Asset management

Facilities management

Property management

Lease administration

Portfolio management

Project management

Real Estate Services

Transaction Services

Management Services

Healthcare

Apartments

Energy & Infrastructure

Office

Focused around practice groups

4








 









	
   Transaction Services Revenue
   ($ in millions)
   Increased Broker Production


Transaction Services Overview

5

12th largest investment sales and leasing firm nationally(1)

1,800 brokerage professionals with coverage in all key US markets

Intense focus on broker productivity

Note: For the 18 month period ended December 31, 2009.  Broker production figures represent trailing three year average annual production.

(1) Source: National Real Estate Investor, April 2009.

25% increase

99 brokers at
$675k gained

176 brokers at
$200k eliminated








 









	

Management Services Overview

Facilities management for medium and large
corporations outsourcing their real estate functions

14% growth in business in 2009 reflects trend toward
corporate outsourcing of real estate functions

Focused on middle market corporations

Occupier

Investor

Property management and leasing for investor owned
real estate

Annuitized revenue stream through multi-year contracts with the ability to grow
with the account through the use of our platform

6

Renewal/Expansion

Expansion

IBM Print

Business
Services

Renewal

Seventh largest property management company nationwide(1)

241 million square feet under management

(1) Source: National Real Estate Investor, July 2009.








 









	
   Non-traded REITs / Funds   Grubb & Ellis Securities   Emerging Institutional Manager   Grubb & Ellis
Mutual Funds
   Grubb & Ellis Healthcare REIT II - $3 billion
Grubb & Ellis Apartment REIT - $1 billion
Raised $537 million in 2009
$6 to $7 billion market(1)   FINRA registered broker dealer

125+ selling agreements with access to more than 27,000 registered representatives   Strong platform drives opportunities
Placing investor equity through sole-ownership vehicles and funds across numerous asset classes
GBE branded funds   3 top ten mutual funds as rated by Morningstar during 2009

Family of real estate open end mutual funds


Investment Management Overview



IM strength as of

December 31, 2009


Approximately $12.3 billion in acquisitions and dispositions completed since 1998
$5.8 billion in assets under management drives recurring revenue
   Substantial Fee Income   Substantial Fee Income   Substantial Fee Income
   Acquisition fees
Disposition fees   Finance fees
Asset Management Fees   Property Management Fees
Broker-Dealer Fees

7

(1) Source: Stanger Report, Winter 2010.








 









	

Investment Management - Focused Actions for 2010

Expand tier 1 broker-dealer selling relationships through GBE Securities

Generate revenue from Energy & Infrastructure Advisors JV formed in 2009

Launch GBE branded institutional fund - $250 - $500 million

Launch closed end mutual fund through Alesco Global Advisors

Continue to manage tenant-in-common portfolio through challenging market
environment

8

Grow assets under management to $10 billion by 2013








 









	

9

Foundation Laid for Growth During 2009

Raised $97 million in preferred stock with high-quality fundamental investors

Repaid credit facility and significantly strengthened capital structure

New corporate leadership

Significant client wins and expansion of existing relationships, noted below








 









	

$25 million of expected annualized expense reductions

Headcount reduction to 126, including 1/3 of corporate
back office and administrative staff

Significant G&A expense reductions, consolidation of
offices

Minimal impact on client facing professionals

Designed to deploy resources to the drivers of revenue

Realigned Cost Structure During Q1 2010

Lower fixed expense base expected to lead to improved margins as revenue
grows in line with a recovering commercial real estate market

Significant
Ongoing Cost
Reduction

Revenue
Producers Not
Affected

Rationalized
Operating
Expenses

10








 









	

Real Estate Services Competitive Landscape
   Competitors   Selling Point   Grubb & Ellis Advantage

Global Firms
Size / Coverage   One of the largest sales and management teams,
yet nimble enough to provide personal attention
and customized solutions for each client

Boutique Firms
Niche market focus   Strong emphasis on industry and service
specialization, with ability to draw from national
platform that offers full range of real estate
capabilities

Local Firms
Local market knowledge   Tenured brokerage professionals and in-house
research capabilities in more than 100 markets,
plus technology tools and marketing support to
turn data into valuable insight for clients

Real Estate Networks
Coverage   Large national footprint combined with sound
operational platform that ensures control and
consistency across markets

GBE is uniquely positioned to match the strengths of its competitors

?

?

?

?

11








 









	
        New Jobs
    '07    180
        36
        184
        35
        156
        54
        -65
        -28
        100
        165
        215
        120
    '08    -10
        -50
        -33
        -149
        -231
        -193
        -210
        -334
        -458
        -554
        -728
        -673
    '09    -779
        -726
        -753
        -528
        -387
        -515
        -346
        -212
        -225
        -224
        64
        -109
    10    14

        Total    Core
    '00    269.085    181.503
        272.89    183.485
        275.809    186.303
        271.861    185.533
        271.906    185.98
        273.556    186.227
        273.376    186.827
        273.365    187.579
        278.076    189.735
        277.583    189.822
        276.17    189.651
        276.349    190.654
    1    279.352    191.578
        279.275    191.397
        277.108    190.605
        281.05    192.307
        282.33    192.687
        281.036    192.373
        280.394    193.504
        281.946    194.536
        276.76    191.17
        295.097    194.475
        287.275    195.492
        284.413    196.964
    '02    284.383    197.323
        286.091    198.496
        284.983    198.3
        289.263    199.836
        285.428    199.261
        287.796    199.657
        291.115    199.523
        293.252    199.718
        288.844    199.626
        290.024    201.007
        292.026    202.13
        293.966    201.869
    3    295.975    202.906
        291.924    201.325
        296.727    204.033
        295.828    203.644
        296.488    205.017
        299.837    207.837
        303.112    209.97
        307.721    212.017
        305.948    212.023
        304.777    212.792
        308.676    213.887
        307.271    213.785
    '04    309.51    215.41
        311.726    215.612
        317.466    219.92
        313.722    218.6
        319.018    219.483
        315.086    219.529
        318.489    220.835
        318.629    221.351
        324.197    223.202
        326.252    224.378
        327.876    225.493
        331.123    227.526
    5    329.969    228.598
        332.956    230.542
        332.62    230.08
        337.766    233.715
        334.529    232.481
        342.087    234.789
        346.446    234.031
        341.673    236
        342.185    237.184
        343.96    240.783
        347.215    241.389
        346.817    241.124
    '06    357.885    246.908
        354.63    247.134
        356.074    248.024
        357.914    247.725
        355.82    246.805
        355.588    246.329
        358.401    246.321
        359.012    248.011
        357.033    249.364
        357.95    250.816
        359.012    250.73
        364.449    253.948
    7    363.236    254.572
        364.526    254.852
        368.181    257.571
        365.657    254.852
        370.03    256.632
        366.129    256.029
        367.715    257.718
        368.282    257.225
        372.006    258.517
        373.893    259.157
        379.767    262.198
        376.42    261.144
    '08    376.262    261.14
        373.14    260.036
        374.845    261.435

Billions

+162,000

(Mar.)

Thou.

Key Demand Drivers for Commercial Real Estate Are Firming

12

Source: Census, BLS, Grubb & Ellis








 









	
        Sublease
    '00    37.14
        39.01
        37.03
        45.67
    '01    62.37
        84.98
        108.5
        122.5
    '02    146.49
        142.04
        144.14
        140.4
    '03    135.78
        135.35
        126.88
        122.89
    '04    114.95
        111.42
        109.18
        104.92
    '05    95.96
        90.75
        85.88
        82.84
    '06    78.45
        78
        76.45
        76.17
    '07    75.09
        73.28
        77.09
        80
    '08    82.88
        86.29
        91.5
        100.57
    '09    111.81
        113.17
        123.58
        120.66
    10    113.07

        Apt    Ind    Off    Ret
    '00                100
                    100
                    100
        100    100    100    100
    '01    99.11821    103.3325    103.5921    103.8838
        105.4308    112.9478    101.5434    104.5484
        108.9797    116.4205    97.27241    103.3627
        106.0326    111.6295    96.23474    103.4904
    '02    110.0953    111.0812    95.4129    109.1839
        104.1041    111.3528    101.4335    107.9223
        113.6541    112.2974    104.7864    111.8013
        120.8872    112.1346    104.1694    115.7864
    '03    124.8472    110.9697    104.0332    119.0462
        123.0082    113.0315    107.1017    123.1923
        124.2467    115.1402    108.3374    123.9361
        127.1932    127.4062    110.5801    127.9716
    '04    129.3149    126.3283    119.1029    138.4834
        138.3113    129.1983    120.5346    138.9181
        147.3766    139.9545    121.6107    143.5795
        154.288    148.8487    124.013    149.8473
    '05    162.3302    154.5358    131.9074    159.3215
        169.1704    153.2086    139.5563    166.644
        181.5133    160.1418    140.4254    169.6046
        178.3407    158.1753    144.6637    174.2107
    '06    178.9635    168.4831    157.0732    179.7243
        172.6192    174.6892    159.449    180.5442
        174.2797    170.4096    156.6522    184.1595
        188.4402    174.7629    162.1926    180.5258
    '07    194.5316    182.6723    170.9794    186.298
        194.3721    185.163    177.5762    190.1957
        192.3336    190.6824    176.7272    195.1919
        182.9639    192.5059    176.0671    188.3119
    '08    187.8761    188.1427    174.016    184.1511
        174.5148    170.7173    163.6777    175.5893
        178.573    171.373    162.0764    175.8447
        158.1176    165.6612    152.2207    172.31
    '09    157.5598    165.0532    123.9174    150.0866


Million SF

Commercial Real Estate Pricing Stabilizes; Sublease Reverses

13

Source: MIT Center for Real Estate, Grubb & Ellis








 









	


Expand property and facilities
management portfolio

Increase scale and productivity of
brokerage operations

Expand complimentary commercial real
estate services

2010 Growth Initiatives


Expand position in public non-traded REIT
market


Enhance platform through strategic
initiatives and investments

Implement growth initiatives into a recovering US commercial real estate market

14








 









	



Financial Performance








 









	

Financial Performance Summary
   Estimated Revenue & Adjusted EBITDA
   ($ in millions)
         Estimated Revenue      Estimated Adj. EBITDA      Estimated Cash
   FY 2010      $550 to $575      $10 to $15      $31 to $33

Note: 2007 revenue and adjusted EBITDA figures represent combined operations of Grubb & Ellis and NNN Realty Advisors.

   Cash figures exclude net proceeds from contemplated convertible notes offering.

(1) All estimates represented as the midpoint of management guidance.

(2) Excludes rental revenue related to assets held for investment and amortization of intangible contract rights.

$78 million in 2007 adjusted EBITDA demonstrates earnings capability

Reduced performance in 2008 / 2009 result of real estate market headwinds

16








 









	

Q1 2010 Financial Performance Summary

17

Note: Cash figures exclude net proceeds from contemplated convertible notes offering.

(1) Preliminary results, subject to change.  Excludes rental revenue related to assets held for investment.








 









	

Fixed Charge Summary

Company expects to cover fixed charges for the remaining three quarters of 2010
and thereafter

18

(1) Fixed charge associated with the proposed convertible notes represents interest expense for the second half of 2010 at the midpoint of the coupon range.

(2) Excludes debt service on assets held for investment and amortization of initial purchaser discount and offering expenses.








 









	

Selected Balance Sheet Data

Expected to end 2010 with $31-$33 million of cash and no near-term debt maturities

Note: Cash figures exclude net proceeds from contemplated convertible notes offering.

(1) Assumes exercise of two one-year extension options to extend maturity date of senior notes at Company's discretion.

(2) Excludes approximately $1.7 million of capital lease obligations ($0.9 million & $0.8 million in short-term and long-term, respectively) from current
liabilities and long-term debt and included as other long-term liabilities

19








 









	

Expected Use of Proceeds

Focused on growth initiatives in the following areas:

Expand complimentary commercial real estate services

Aggressive growth plan for management services

Enhance brokerage talent in key markets

Institutional management business

Selectively expand owned office presence

Drive incremental annual EBITDA of $5 million and ROIC of 20+% over 5 year term

20








 









	

Grubb & Ellis Advantage


Top-tier commercial real estate services and investment management firm

Poised to capitalize on recovery in commercial real estate market

Sponsor of public non-traded REITs

Highly recognized and well-regarded brand and broad market presence

Strong business model with diversified revenue streams and growth opportunities

Opportunity to capitalize on highly fragmented industry dynamics

Strong client retention and growing client base

Revitalized balance sheet and experienced leadership team

21








 









	



Appendix








 









	

Executive Management Team

Thomas P. D'Arcy

President, Chief Executive Officer and Director



As president and chief executive officer, D'Arcy is responsible for the day-to-day management of Grubb & Ellis Company; he also
serves as a member of the board of directors. He brings to this position 25 years of successful leadership experience at various
public and private real estate companies. Before joining Grubb & Ellis in November 2009, he was a principal in Bayside Realty
Partners, a private real estate company focused on acquiring, renovating and developing land and income-producing real estate.
Previously, he served as president and chief executive officer of Equity Investment Group, a private real estate investment trust,
as well as chairman and chief executive officer of Bradley Real Estate, Inc., a NYSE-listed REIT. D'Arcy has been the non-
executive chairman of Inland Real Estate Corporation since 2008 and a member of the board since 2005.



Michael Rispoli

Chief Financial Officer, Grubb & Ellis Equity Advisors

SVP Strategic Planning and IR Grubb & Ellis Company



Michael J. Rispoli has served as senior vice president, strategic planning and investor relations since he joined Grubb & Ellis
Company in May 2007 and as chief financial officer of Grubb & Ellis Equity Advisors since October 2008. From 2004 to 2007, Mr.
Rispoli was executive director and corporate controller of Conexant Systems, Inc., a publicly traded semiconductor company with
$1 billion in annual revenue. Prior to such time, Mr. Rispoli spent three years as corporate controller of GlobespanVirata, Inc.,
which merged with Conexant Systems, Inc. in February 2004. Mr. Rispoli began his career as manager of audit and business
assurance services at PricewaterhouseCoopers LLP in 1993. A certified public accountant, Mr. Rispoli received a B.S. degree in
Accounting from Seton Hall University.

23








 









	

Executive Management Team

Matthew Engel

SVP, Accounting and Finance

Chief Accounting Officer



Matthew Engel has served as senior vice president, accounting and finance and chief accounting officer of Grubb & Ellis
Company since joining the firm in November 2008. From 2001 to 2008, Mr. Engel held various finance and accounting positions at
H&R Block, Inc. most recently as senior vice president, chief financial officer of the mortgage services segment.  While at H&R
Block, he also held the title of vice president, controller for the mortgage services segment and chief accounting officer for the
parent company.  Engel spent eight years at DST Systems, Inc. in various finance and accounting positions. He began his career
in 1990 in the audit practice of Price Waterhouse.  Engel is a Certified Public Accountant and holds a bachelor's degree from
University of Northern Iowa.

24








 









	

Reconciliation of Non-GAAP to GAAP Financial Measures

25

NOTE: No estimates of GAAP net income have been made for the year 2010.  2007 figures represent combine operations of Grubb & Ellis Company and NNN Realty Advisors.

(1) EBITDA represents earnings before net interest expense, interest income, realized gains or losses on sales of marketable securities, income taxes, depreciation, amortization, discontinued operations and impairments related
to goodwill and intangible assets. Management believes EBITDA is useful in evaluating our performance compared to that of other companies in our industry because the calculation of EBITDA generally eliminates the
effects of financing and income taxes and the accounting effects of capital spending and acquisition, which items may vary for different companies for reasons unrelated to overall operating performance. As a result,
management uses EBITDA as an operating measure to evaluate the operating performance of the Company's various business lines and for other discretionary purposes, including as a significant component when
measuring performance under employee incentive programs.   However, EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP, and when analyzing the Company's
operating performance, readers should use EBITDA in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of
EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain
cash requirements such as tax and debt service payments. The amounts shown for EBITDA also differ from the amounts calculated under similarly titled definitions in the Company's debt instruments, which are further
adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and the Company's ability to engage in certain activities, such as incurring additional debt and
making certain restricted payments.

(2) As a result of the merger between GBE and NNNRA in December of 2007, full year figures for 2007 are shown as combined companies .