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Exhibit 21

Subsidiaries of Grubb & Ellis Company

|             |  |                                                            |                        |                                                                                                          |  |              
|------------ |  | ---------------------------------------------------------- | ---------------------- | -------------------------------------------------------------------------------------------------------- |  | -------------
|Subsidiaries |  |                                                            | State of Incorporation
|             |  |                                                            |                       
|1.           |  | Aequus Property Management Company                         |                        | Texas                                                                                                   
|2.           |  | Grubb & Ellis Affiliates, Inc.                             |                        | Delaware                                                                                                
|3.           |  | Grubb & Ellis of Arizona, Inc.                             |                        | Washington                                                                                              
|4.           |  | Grubb & Ellis Asset Services Company                       |                        | Delaware                                                                                                
|5.           |  | Grubb & Ellis Europe, Inc.                                 |                        | California                                                                                              
|6.           |  | Grubb & Ellis Institutional Properties, Inc.               |                        | California                                                                                              
|7.           |  | Grubb & Ellis Management Services, Inc.                    |                        | Delaware                                                                                                
|             |  | Subsidiaries of Grubb & Ellis Management Services, Inc.:   |                        |                                                                                                         
|             |  | a.                                                         |                        | Grubb & Ellis Management Services of Michigan,
Inc. (GEMS of Michigan)                                 |  | Michigan     
|             |  | b.                                                         |                        | Grubb & Ellis Management Services of Canada, Inc.                                                        |  | Canada       
|             |  | c.                                                         |                        | GEMS Mexicana, S. DE R.L. DE C.V. (98% owned
by GEMS, 2% owned by GEMS of Michigan, Inc.)                |  | Mexico       
|             |  | d.                                                         |                        | Grubb & Ellis Management Services of Brazil LTDA
(98% owned by GEMS, 2% owned by GEMS of
Michigan, Inc.) |  | Brazil       
|             |  | e.                                                         |                        | Crane Realty & Management Co.                                                                            |  | California   
|             |  |                                                            |                        | Subsidiaries of Crane Realty & Management Co.:                                                           |  |              
|             |  |                                                            |                        | 1.      Crane Realty Services, Inc.                                                                      |  | California   
|8.           |  | Grubb & Ellis Mortgage Group, Inc.                         |                        | California                                                                                              
|9.           |  | Grubb & Ellis Mortgage Services, Inc.                      |                        | California                                                                                              
|10.          |  | Grubb & Ellis New York, Inc.                               |                        | New York                                                                                                
|11.          |  | Grubb & Ellis of Michigan, Inc.                            |                        | Michigan                                                                                                
|12.          |  | Grubb & Ellis of Nevada, Inc.                              |                        | Nevada                                                                                                  
|13.          |  | Grubb & Ellis Realty Advisers, Inc.                        |                        | California                                                                                              
|14.          |  | Grubb & Ellis Consulting Services Company                  |                        | Florida                                                                                                 
|             |  | Subsidiaries of Grubb & Ellis Consulting Services Company: |                        |                                                                                                         
|             |  | a.                                                         |                        | Landauer Hospitality International, Inc.                                                                 |  | Delaware     
|             |  | b.                                                         |                        | Landauer Securities, Inc.                                                                                |  | Massachusetts
|15.          |  | Grubb & Ellis Southeast Partners, Inc.                     |                        | California                                                                                              
|16.          |  | HSM Inc.:                                                  |                        | Texas                                                                                                   
|             |  | Subsidiaries of HSM Inc.:                                  |                        |                                                                                                         
|             |  | a.                                                         |                        | Henry S. Miller Financial Corporation                                                                    |  | Texas        
|             |  | b.                                                         |                        | HSM Condominium Corporation                                                                              |  | Texas        
|             |  | c.                                                         |                        | HSM Real Estate Services Corporation                                                                     |  | Texas        
|             |  | d.                                                         |                        | Miller Capital Corporation                                                                               |  | Texas        
|             |  | e.                                                         |                        | Miller Real Estate Services Corporation                                                                  |  | Texas        
|17.          |  | Leggat McCall/Grubb & Ellis, Inc.                          |                        | Massachusetts                                                                                           
|18.          |  | Montclair Insurance Company, Ltd.                          |                        | Bermuda                                                                                                 
|19.          |  | The Schuck Commercial Brokerage Company                    |                        | Colorado                                                                                                
|20.          |  | White Commercial Real Estate                               |                        | California                                                                                              
|21.          |  | Wm. A. White/Grubb & Ellis, Inc.                           |                        | New York                                                                                                
|22.          |  | Wm. A White/Tishman East Inc.                              |                        | New York