##### 



Exhibit
    99.1
  Additional
    Risk Factors
  A
    downturn in the general economy or the real estate market would
    harm Grubb & Ellis business.
    
    a decline in acquisition, disposition and leasing activity;
    a decline in the supply of capital invested in commercial real
    estate;
    a decline in the value of real estate and in rental rates, which
    would cause Grubb & Ellis to realize lower revenue
    from:  
    property management fees, which in certain cases are calculated
    as a percentage of the revenue of the property under
    management; and
    commissions or fees derived from property valuation, sales and
    leasing, which are typically based on the value, sale price or
    lease revenue commitment, respectively.    Grubb &
    Ellis is in a highly competitive business with numerous
    competitors, some of which may have greater financial and
    operational resources than it does.
    As a
    service-oriented company, Grubb & Ellis depends on key
    personnel, and the loss of its current personnel or its failure
    to hire and retain additional personnel could harm its
    business.
   1




---



##### 



If
    Grubb & Ellis Realty Advisors, Inc., or G&E
    Realty Advisors, an affiliate of Grubb & Ellis, is
    forced to liquidate and dissolve, then Grubb &
    Ellis reputation may be damaged, and it would lose its
    investment and potential revenue.
  and/or
    
    It could damage Grubb & Ellis reputation, because
    of its close association with that entity.The
    liquidation or dissolution of G&E Realty Advisors could
    damage Grubb & Ellis reputation and, as a
    result, may hinder its ability to retain or attract new
    customers and clients.
    Grubb & Ellis would lose its entire investment in
    that entity.  Although G&E Realty
    Advisors public stockholders will be entitled to receive
    any remaining amounts held in escrow as part of its initial
    public offering after third party claims, Grubb &
    Ellis would lose its initial $2.5 million equity investment
    in G&E Realty Advisors, represented by
    5,667,719 shares of common stock of G&E Realty
    Advisors, because of Grubb & Ellis agreement to
    forfeit its entire equity investment if G&E Realty Advisors
    liquidates or dissolves. In addition, in connection with
    G&E Realty Advisors initial public offering,
    Grubb & Ellis entered into an agreement with Deutsche
    Bank Securities Inc. obligating Grubb & Ellis to
    purchase, during the period commencing May 3, 2006 and
    continuing through June 28, 2006 (which was subsequently
    extended to August 27, 2006) and to the extent
    available, up to $3,500,000 of G&E Realty Advisors
    warrants in the public marketplace if the warrants are trading
    at $0.70 or less per warrant. Pursuant to its agreement with
    Deutsche Bank, Grubb & Ellis acquired an aggregate of
    4,645,521 warrants for an aggregate purchase price of
    approximately $2,178,000, excluding aggregate commissions of
    approximately $186,000. Any warrants purchased by
    Grubb & Ellis would lose their entire value if
    G&E Realty Advisors liquidates or dissolves.
    Grubb & Ellis will continue to own the three
    commercial properties.  If G&E Realty
    Advisors is liquidated, Grubb & Ellis will continue to own
    the three commercial real estate properties it intended to
    transfer to G&E Realty Advisors. These properties are
    subject to mortgage loans provided by Wachovia Bank, N.A. for an
    aggregate principal amount of $120.5 million. There can be
    no assurance that these properties can be sold for an amount to
    cover the cost of obtaining the properties, if at all. 2




---



##### 




    Grubb & Ellis would lose the opportunity to earn
    revenues and fees in accordance with the terms and conditions of
    its agreements with G&E Realty
    Advisors.Grubb & Ellis entered into
    various agreements with G&E Realty Advisors, pursuant to
    which Grubb & Ellis will serve as its exclusive
    provider of commercial real estate brokerage and consulting
    services related to real property acquisitions, dispositions,
    project management and agency leasing, and will also serve as
    the sole exclusive managing agent for all real property acquired
    by G&E Realty Advisors. The liquidation or dissolution of
    G&E Realty Advisors would prevent Grubb & Ellis
    from earning any fees under these agreements.  Grubb &
    Ellis has entered into certain master agreements with G&E
    Realty Advisors, including agreements for brokerage services,
    property management and project management. Grubb &
    Ellis brokerage customers may perceive that it has a
    conflict of interest in delivering services due to its
    relationship with G&E Realty Advisors and as a result its
    business may be harmed.
    Grubb &
    Ellis quarterly operating results are likely to fluctuate
    due to the seasonal nature of its business and may fail to meet
    expectations, which may cause the price of its securities to
    decline.
    If
    Grubb & Ellis fails to meet its payment or other
    obligations under its senior secured credit facility, then the
    lenders under the secured credit facility could foreclose on,
    and acquire control of, substantially all of its
    assets.
    If the
    properties that Grubb & Ellis manages fail to perform,
    then its business and results of operations could be
    harmed.
   3




---



##### 




    Grubb & Ellis ability to attract and retain
    creditworthy tenants;
    the magnitude of defaults by tenants under their respective
    leases;
    Grubb & Ellis ability to control operating
    expenses;
    governmental regulations, local rent control or stabilization
    ordinances which are in, or may be put into, effect;
    various uninsurable risks;
    financial conditions prevailing generally and in the areas in
    which these properties are located;
    the nature and extent of competitive properties; and
    the general real estate market.    If
    Grubb & Ellis fails to comply with laws and
    regulations applicable to real estate brokerage and mortgage
    transactions and other business lines, then it may incur
    significant financial penalties.
    Grubb &
    Ellis may have liabilities in connection with real estate
    brokerage and property and facilities management
    activities.
      Environmental
    regulations may adversely impact Grubb & Ellis
    business and/or cause Grubb & Ellis to incur costs for
    cleanup of hazardous substances or wastes or other environmental
    liabilities.
  and/or
 4




---



##### 



and/or
  The
    New York Stock Exchange may delist Grubb & Ellis
    common stock from quotation on its exchange which could limit
    stockholders ability to make transactions in its common
    stock and subject it to additional trading
    restrictions.
    
    a limited availability of market quotations for
    Grubb & Ellis common stock;
    a more limited amount of news and analyst coverage for
    Grubb & Ellis;
    a decreased ability to issue additional common stock, other
    securities or obtain additional financing in the future; and
    a decreased ability of Grubb & Ellis
    stockholders to sell their common stock in certain states. 5