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Exhibit 99.1
 (Grub Ellis Logo)
    
    Media Release
 FOR IMMEDIATE RELEASE
    
    Contact:
    
    Janice McDill, 312.698.6707
janice.mcdill@grubb-ellis.com
 Grubb & Ellis Company Reports First Quarter 2008 Results
     




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2  2  2
05/06/08
Grubb & Ellis Company Reports First Quarter 2008 Results
 Business Highlights
 
    
    Raised an aggregate of approximately $264 million in the Companys investment programs.
    
    Identified and took action to generate $16.5 million in annualized cost saving synergies
as a direct consequence of the merger, of which approximately $12.5 million will be
realized in 2008.
    
    Introduced a deferred compensation program as part of the Companys strategy to align
the interests of its brokerage and senior managers with the long-term success of Grubb &
Ellis.
    
    Increased assets under management to more than $6.1 billion as of March 31, 2008, up
from $5.8 billion at December 31, 2007.
    
    Completed 20 property acquisitions totaling approximately $350.0 million for the
Companys investment programs.
    
    In April, the Company established a new broker-dealer relationship that will increase
the distribution network of the Grubb & Ellis Healthcare REIT by approximately 28 percent
to more than 30,000 registered representatives.
   COMBINED COMPANIES SUPPLEMENTAL DISCLOSURE




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3  3  3
05/06/08
Grubb & Ellis Company Reports First Quarter 2008 Results
  First Quarter OperationsFor the first quarter of 2008, the Company generated revenue of $160.6 million, compared
with combined revenue of $147.2 million in the first quarter of 2007. The Company posted
a first quarter 2008 net loss of $5.9 million, compared with net income of $552,000 for
the companies on a combined basis in the same period of 2007. EBITDA was $548,000 in the
2008 period, compared with combined EBITDA of $4.3 million in the first quarter of 2007.
The 2008 EBITDA includes certain charges described below, rental related operations and
other non-cash items of $7.2 million, consisting of the previously announced $5.8 million
charge related to the Companys write-off, net of operating income, of its sponsorship of
Grubb & Ellis Realty Advisors, $2.9 million in merger-related expenses, $2.5 million of
non-cash stock based compensation and $513,000, primarily for amortization of certain
intangible assets, which was partially offset by $4.6 million of operating income
primarily related to properties being held for sale. Excluding these items, adjusted
EBITDA for the 2008 first quarter was $7.7 million, compared with combined companies
adjusted EBITDA of $6.7 million on the same basis in 2007. (See Tables)




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4  4  4
05/06/08
Grubb & Ellis Company Reports First Quarter 2008 Results
 OPERATING SEGMENTSTransaction ServicesFirst quarter 2008 Transaction Services revenue, including brokerage commission,
valuation and consulting revenue, was $59.1 million, compared with $63.2 million for
same period a year ago. The Companys Transaction Services business was impacted by
current economic conditions, which have slowed the velocity of commercial real estate
transactions, especially investment sales. The decrease in brokerage activity was
partially offset by higher fees generated by the Companys Corporate Services Group,
which generates recurring revenue from real estate services provided to large
corporate clients.Investment ManagementFirst quarter 2008 Investment Management revenue totaled $26.1 million, which
included transaction fees of $13.1 million, captive management fees of $10.3 million
and dealer-manager fees of $2.7 million. Disposition fees decreased by $3.2 million
year-over-year primarily due to lower fees resulting from the liquidation of G REIT,
a sponsored non-traded REIT, and the sale of its properties during the first quarter
of 2007. During the current period, the Company completed 20 property acquisitions
valued at approximately $350 million for the Companys investment programs. In
total, approximately $264 million in equity was raised for the Companys investment
programs in the first quarter of 2008, compared with $144.4 million in the first
quarter of 2007. The increase was driven by the Companys new Wealth Management
platform, for which Grubb & Ellis received commitments of $180 million and placed
$137.4 million in high quality real estate investments on behalf of investors, as
well as an increase in equity raised by the Companys non-traded public REITs.
During the first quarter of 2008, the Companys non-traded public REIT programs
raised $74.2 million, nearly double the equity raised in the first quarter of 2007.
The Companys tenant-in-common 1031 exchange programs raised $52.1 million in equity
during the first quarter of 2008, compared with $103.8 million in the same period of
2007. The first quarter 2008 equity raised reflects not only current market
conditions, but also the Companys disciplined and conservative approach during the
current environment. At March 31, 2008, the value of the Companys assets under
management was $6.1 billion, up from $5.8 billion at December 31, 2007.




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5  5  5
05/06/08
Grubb & Ellis Company Reports First Quarter 2008 Results
 First quarter 2007 revenue was $29.5 million, which was comprised of
transaction-related fees of $15.1 million, captive management fees of $10.4 million,
dealer-manager fees of $3.0 million and $1.0 million in other revenue. During the
first quarter of 2007, the Company completed 17 acquisitions and six dispositions on
behalf of the programs that it sponsors valued at $397.5 million and $254.2 million,
respectively.Management ServicesManagement Services revenue includes asset and property management fees as well as
reimbursed salaries, wages and benefits from the Companys captive management and
third party property management and facilities outsourcing services, along with
business services fees. Combined revenue was $61.8 million for the 2008 first
quarter, compared with $51.8 million for the same period a year ago. The increase
is primarily a result of the Companys strategy to transfer the management of a
significant portion of Grubb & Ellis Realty Investors captive property portfolio to
Grubb & Ellis Management Services, Inc. Since the close of the merger in December
2007, Grubb & Ellis Management Services has assumed management of approximately 26
million square feet of NNN Realty Advisors 42.9 million-square-feet of captive
investment management portfolio. At March 31, 2008, Grubb & Ellis managed 218
million square feet of property, compared with 216 million square feet at December
31, 2007.Rental Related OperationsRental related revenue and rental related expense includes revenue and the related
expense from the warehousing of properties held for sale primarily to the Companys
Investment Management programs and for Grubb & Ellis Realty Advisors, Inc. The
combined benefit from the operations for the properties held for sale is included in
the Reconciliation of Net Income to EBITDA disclosure which follows the release and
is identified as real estate operations. These line items also include pass-through
revenue and related expense for master lease accommodations related to the Companys
tenant-in-common programs.




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6  6  6
05/06/08
Grubb & Ellis Company Reports First Quarter 2008 Results
 Conference Call & Webcast
 About Grubb & Ellis
  Forward-looking Statement
 Non-GAAP Financial Information
 TABLES FOLLOW




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Grubb & Ellis Company
Statements of Operations
(in thousands)
(Unaudited)
 Three Months EndedMarch 31,
    
    
    March 31,2008
    
    
    2007 (1)REVENUETransaction services
    
    $
    59,148
    
    
    $
    Investment management (2)
    
    
    26,092
    
    
    
    29,465Management services
    
    
    61,756
    
    
    
    Rental related
    
    
    13,628
    
    
    
    2,283TOTAL REVENUE
    
    
    160,624
    
    
    
    31,748OPERATING EXPENSECompensation costs
    
    
    35,068
    
    
    
    11,137Transaction commissions and related costs
    
    
    40,261
    
    
    
    Reimbursable salaries, wages, and benefits
    
    
    45,005
    
    
    
    2,454General and administrative
    
    
    21,625
    
    
    
    9,264Depreciation and amortization
    
    
    5,057
    
    
    
    514Rental related
    
    
    9,139
    
    
    
    2,398Interest
    
    
    5,742
    
    
    
    536Merger related costs
    
    
    2,869
    
    
    
    Total operating expense
    
    
    164,766
    
    
    
    26,303OPERATING (LOSS) INCOME
    
    
    (4,142
    )
    
    
    5,445OTHER (EXPENSE) INCOMEEquity in (losses) earnings of unconsolidated entities
    
    
    (6,014
    )
    
    
    169Interest income
    
    
    237
    
    
    
    541Other (expense) income
    
    
    (44
    )
    
    
    131Total other (expense) income
    
    
    (5,821
    )
    
    
    841(Loss) income from continuing operations before
income tax provision
    
    
    (9,963
    )
    
    
    6,286Income tax benefit (provision)
    
    
    4,146
    
    
    
    (2,489
    )(Loss) income from continuing operations
    
    
    (5,817
    )
    
    
    3,797Loss from discontinued operations
    
    
    (51
    )
    
    
    (160
    )NET (LOSS) INCOME
    
    $
    (5,868
    )
    
    $
    3,637Basic earnings per share:(Loss) income from continuing operations
    
    $
    (0.09
    )
    
    $
    0.10Loss from discontinued operations
    
    
    
    
    
    
    Net (loss) earnings per share
    
    $
    (0.09
    )
    
    $
    0.10Diluted earnings per share:(Loss) income from continuing operations
    
    $
    (0.09
    )
    
    $
    0.10Loss from discontinued operations
    
    $
    
    
    
    $
    Net (loss) earnings per share
    
    $
    (0.09
    )
    
    $
    0.10Shares used in computing basic net earnings per share
    
    
    63,521
    
    
    
    36,910Shares used in computing diluted net earnings per share
    
    
    63,521
    
    
    
    36,949




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Grubb & Ellis Company
Condensed Balance Sheet Data
(in thousands)
(Unaudited)
 March 31,
    
    
    December 31,2008
    
    
    2007Cash and cash equivalents
    
    $
    24,847
    
    
    $
    49,072Real estate and other assets held for sale, net
    
    
    360,511
    
    
    
    431,334Goodwill and identified intangible assets, net
    
    
    275,183
    
    
    
    274,906Total assets
    
    
    851,820
    
    
    
    969,412Mortgage loans and other liabilities of properties held for sale
    
    
    284,551
    
    
    
    367,231Total liabilities
    
    
    446,630
    
    
    
    542,042Stockholders equity
    
    
    399,011
    
    
    
    408,645




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Grubb & Ellis Company
Combined Statements of Operations
(in thousands)
 Three Months Ended
    
    
    Three Months EndedMarch 31, 2008
    
    
    March 31, 2007(Unaudited)
    
    
    (Unaudited)Grubb & Ellis
    
    
    NNN Realty
    
    
    Grubb & Ellis
    
    
    CombinedCompany
    
    
    Advisors
    
    
    Company
    
    
    Companies (1)REVENUETransaction services
    
    $
    59,148
    
    
    $
    
    
    
    $
    63,181
    
    
    $
    63,181Investment management (2)
    
    
    26,092
    
    
    
    29,465
    
    
    
    
    
    
    
    29,465Management services
    
    
    61,756
    
    
    
    
    
    
    
    51,767
    
    
    
    51,767Rental related
    
    
    13,628
    
    
    
    2,283
    
    
    
    478
    
    
    
    2,761TOTAL REVENUE
    
    
    160,624
    
    
    
    31,748
    
    
    
    115,426
    
    
    
    147,174OPERATING EXPENSESCompensation costs
    
    
    35,068
    
    
    
    11,137
    
    
    
    23,100
    
    
    
    34,237Transaction commissions and related costs
    
    
    40,261
    
    
    
    
    
    
    
    42,020
    
    
    
    42,020Reimbursable salaries, wages, and benefits
    
    
    45,005
    
    
    
    2,454
    
    
    
    38,500
    
    
    
    40,954General and administrative
    
    
    21,625
    
    
    
    9,264
    
    
    
    13,933
    
    
    
    23,197Depreciation and amortization
    
    
    5,057
    
    
    
    514
    
    
    
    2,423
    
    
    
    2,937Rental related
    
    
    9,139
    
    
    
    2,398
    
    
    
    329
    
    
    
    2,727Interest
    
    
    5,742
    
    
    
    536
    
    
    
    495
    
    
    
    1,031Merger related costs
    
    
    2,869
    
    
    
    
    
    
    
    
    
    
    
    Total operating expense
    
    
    164,766
    
    
    
    26,303
    
    
    
    120,800
    
    
    
    147,103OPERATING (LOSS) INCOME
    
    
    (4,142
    )
    
    
    5,445
    
    
    
    (5,374
    )
    
    
    71OTHER (EXPENSE) INCOMEEquity in (losses) earnings of unconsolidated entities
    
    
    (6,014
    )
    
    
    169
    
    
    
    135
    
    
    
    304Interest income
    
    
    237
    
    
    
    541
    
    
    
    264
    
    
    
    805Other (expense) income
    
    
    (44
    )
    
    
    131
    
    
    
    
    
    
    
    131Total other (expense) income
    
    
    (5,821
    )
    
    
    841
    
    
    
    399
    
    
    
    1,240(Loss) income from continuing operations before
income tax provision
    
    
    (9,963
    )
    
    
    6,286
    
    
    
    (4,975
    )
    
    
    1,311Income tax benefit (provision)
    
    
    4,146
    
    
    
    (2,489
    )
    
    
    1,890
    
    
    
    (599
    )(Loss) income from continuing operations
    
    
    (5,817
    )
    
    
    3,797
    
    
    
    (3,085
    )
    
    
    712Loss from discontinued operations
    
    
    (51
    )
    
    
    (160
    )
    
    
    
    
    
    
    (160
    )NET (LOSS) INCOME
    
    $
    (5,868
    )
    
    $
    3,637
    
    
    $
    (3,085
    )
    
    $
    552




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Grubb & Ellis Company
Reconciliation of Combined Net Income to Adjusted EBITDA
(in thousands)
 Three Months Ended
    
    
    Three Months EndedMarch 31, 2008
    
    
    March 31, 2007(Unaudited)
    
    
    (Unaudited)Grubb & Ellis
    
    
    NNN Realty
    
    
    Grubb & Ellis
    
    
    CombinedCompany
    
    
    Advisors
    
    
    Company
    
    
    Companies (1)Net (loss) income
    
    $
    (5,868
    )
    
    $
    3,637
    
    
    $
    (3,085
    )
    
    $
    552Interest expense
    
    
    5,742
    
    
    
    536
    
    
    
    495
    
    
    
    1,031Interest income
    
    
    (237
    )
    
    
    (541
    )
    
    
    (264
    )
    
    
    (805
    )Depreciation and amortization
    
    
    5,057
    
    
    
    514
    
    
    
    2,423
    
    
    
    2,937Taxes
    
    
    (4,146
    )
    
    
    2,489
    
    
    
    (1,890
    )
    
    
    599EBITDA (2)
    
    
    548
    
    
    
    6,635
    
    
    
    (2,321
    )
    
    
    4,314Write off of investment in Grubb & Ellis Realty Advisors, net
    
    
    5,828
    
    
    
    
    
    
    
    
    
    
    
    Stock based compensation
    
    
    2,531
    
    
    
    1,443
    
    
    
    167
    
    
    
    1,610Merger related costs
    
    
    2,869
    
    
    
    
    
    
    
    
    
    
    
    Amortization of contract rights
    
    
    423
    
    
    
    807
    
    
    
    
    
    
    
    807Real estate operations
    
    
    (4,569
    )
    
    
    
    
    
    
    (149
    )
    
    
    (149
    )Other
    
    
    90
    
    
    
    238
    
    
    
    (135
    )
    
    
    103Adjusted EBITDA (2)
    
    $
    7,720
    
    
    $
    9,123
    
    
    $
    (2,438
    )
    
    $
    6,685