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                                                                    Exhibit 10.7
                             FIRST AMENDMENT TO THE
                             1998 STOCK OPTION PLAN


     Grubb & Ellis Company (the "Company"), a corporation organized under the
laws of the State of Delaware, by resolution of its Board of Directors, has
adopted this First Amendment to the 1998 Stock Option Plan for key employees and
consultants of the Company (the "Plan") pursuant to Section 7.2 of the Plan,
effective as of  February 10, 2000.

     1.  Section 4.3 of the Plan is hereby amended to read in its entirety as
follows:

     "4.3  Option Vesting

          (a) Options shall become exercisable at such times and in such
     installments (which may be cumulative) as the Administrator shall provide
     in the terms of each individual Stock Option Grant; provided, however, that
     unless the Administrator otherwise provides, in the Stock Option Grant or
     otherwise, no Option shall be exercisable by any Optionee until the
     Optionee has remained in employment for one year after the date the Option
     is granted.  At any time after the grant of an Option, the Administrator
     may, on such terms and conditions as it may determine to be appropriate,
     accelerate the time at which such Option or any portion thereof may be
     exercised.

          (b) No portion of an Option which is unexercisable at Termination of
     Employment or Termination of Service shall thereafter become exercisable.

          (c) Notwithstanding the foregoing, Options granted pursuant to this
     Plan shall vest immediately upon the occurrence of any of the following
     events: (i) with respect to any specifically designated Options, at the
     election of, and to the extent determined by the Administrator with respect
     to Options specifically designated; (ii) with respect to Options which have
     been at least 50% vested, which condition may be modified by the
     Admininstrator with respect to Options specifically designated, prior to
     any of the following events: (x) upon the merger or combination of the
     Company with another corporation, when as a result thereof the stockholders
     of the Company immediately thereafter own less that 50% of the outstanding
     shares of the surviving corporation which at the time shall have, by the
     terms thereof, the ordinary voting power to elect the directors of such
     corporation; (y) upon a tender offer or single transaction (other that a
     merger or combination of the Company with another corporation) which in
     either case results in a change in ownership of 33-1/3% or more of the
     outstanding shares of Common Stock of the Company; (z) upon a sale to an
     unrelated party of substantially all of the assets of the Company; or (iii)
     with respect to all outstanding Options, upon a substantial partial or
     complete liquidation of the Company."

     I hereby certify that the foregoing First Amendment to the Plan was duly
adopted by the Board of Directors of Grubb & Ellis Company as of February 10,
2000.

     Executed on this ___ day of _______________, 2000.


                                        /s/ Reuben L. Leibowitz, Chairman
                                        ----------------------------------
                                            Reuben S. Leibowitz, Chairman
                                            Compensation Committee of the Board
                                             of Directors