Document:

EXHIBIT 10.6

                              EMPLOYMENT AGREEMENT

       THIS AGREEMENT (the "Agreement"), is made and entered into as of June 18,
2001, between GRUBB & ELLIS COMPANY, a Delaware corporation (the "Company"), and
IAN Y. BRESS (the "Executive").

       1.     POSITION AND DUTIES. The Executive shall have the title and
position of Chief Financial Officer of the Company. Subject to control of the
Board of Directors of the Company (the "Board"), the Executive shall have such
duties and responsibilities commensurate with his title and position, and shall
report to the Chief Executive Officer of the Company.

       2.     LOCATION OF EMPLOYMENT. Executive's principal place of employment
shall be New York, New York.

       3.     PERIOD OF CONTRACT EMPLOYMENT. The term "Period of Contract
Employment," as used in this Agreement, means the period beginning on June ___,
2001 and ending on the earlier of June 30, 2004 or, subject to the terms hereof,
upon termination of the Executive's employment with the Company.

       4.     ANNUAL BASE SALARY. During the Period of Contract Employment, the
Company agrees to pay the Executive a base salary (the "Base Salary") in the
annual amount of $275,000 for the first year of the Period of Contract
Employment, $302,500 for the second year of the Period of Contract Employment,
and $332,750 for the third year of the Period of Contract Employment. The Base
Salary shall be payable as current salary, in installments (not less frequently
than monthly) subject to all applicable withholding and deductions, in
accordance with the Company's customary payroll practices.

       5.     BONUS COMPENSATION. During the Period of Contract Employment, the
Executive shall receive annual bonus compensation ("Bonus Compensation") as
follows:

              PERIOD                                  BONUS  COMPENSATION
              Sign On Bonus                           $27,500

              June ___, 2001 through June 30, 2002    $110,000 guaranteed

              Annually thereafter through the end     Targeted  bonus  of 40% of
              of the Period of Contract Employment    Base Salary; maximum bonus
                                                      of 80% of Base Salary

              Except during the first year of the Period of Contract Employment,
Bonus Compensation shall be based upon the performance of both the Executive and
the Company of goals to be established by the Chief Executive Officer of the
Company, in consultation with the Executive, within three (3) months of the
Executive's commencement of employment. All Bonus Compensation shall be payable
after June 30th of the year to which the Bonus Compensation is applicable in one
lump sum, subject to all applicable withholding and deductions, in accordance
with the Company's customary payroll and bonus payment practices.

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       6.     STOCK OPTIONS. Pursuant to the Company's 2000 Stock Option Plan
(referred to throughout this Agreement as the "Plan"), subject to the approval
of the Compensation Committee of the Board, on the date of commencement of the
Executive's employment, the Board shall grant the Executive a stock option (the
"Option") to purchase an aggregate of one hundred thousand (100,000) shares of
the Company's common stock, $.01 par value per share (the "Common Stock"), at an
exercise price, pursuant to the terms of the Plan, equal to the closing price of
the Common Stock on The New York Stock Exchange on the trading day next
preceding the date of grant. Additional Options may be granted to the Executive
by the Compensation Committee of the Board in its absolute discretion. The terms
of the Options shall be set forth in an agreement between the Company and the
Executive, which shall reflect the terms hereof and the terms and conditions set
forth in the Company's standard form of option agreement (the "Option
Agreement"). The Options shall become exercisable twenty percent (20%) one year
from the date of grant, an additional twenty percent (20%) two years from the
date of grant, and the remaining sixty percent (60%) three years from the date
of grant and shall expire ten (10) years after the date of grant; provided,
however, that in the event that the Executive's employment with the Company is
terminated by the Company without cause or the Executive resigns for Good
Reason, the Executive shall have the right to exercise vested Options (i.e.,
Options which are exercisable as of the termination date) for a period of six
(6) months after such termination date. Notwithstanding the foregoing, (i) in
the event of a "Change of Control" as defined in the Plan, or (ii) if the
Executive terminates his employment for "Good Reason" as defined herein, or
(iii) if the Executive is terminated by the Company other than for "Cause" as
defined herein, then, in any of such events, all unvested Options shall
immediately vest and become exercisable and remain so for a period of six (6)
months unless otherwise cancelled or assumed following a Change of Control as
provided by the terms of the Plan.

       7.     BENEFITS. During the Period of Contract Employment, and in the
event of a termination under Section 10(a) or 10(d) of this Agreement during the
Severance Period (as defined below), as applicable, the Executive shall be
entitled to participate in or receive benefits equivalent to any employee
benefit plan or other arrangement, including but not limited to any medical,
dental, retirement, disability, life insurance, sick leave and vacation plans or
arrangements, generally made available by the Company to its employees having a
title and position equivalent to Executive's, subject to or on a basis
consistent with the terms, conditions and overall administration of such plans
or arrangements; PROVIDED, that such plans and arrangements are made available
at the discretion of the Company and nothing in this Agreement establishes any
right of the Executive to the availability or continuance of any such plan or
arrangement. Provided that the Executive is insurable at commercially reasonable
rates, the Company shall purchase during the Period of Contract Employment, a
$1,000,000 term life insurance policy for the Executive, naming his estate or
designated beneficiary as the beneficiary thereof. The Company shall reimburse
the Executive for up to five thousand dollars ($5,000) in attorneys' fees
expended in the negotiation of this Agreement.

       8.     TERMINATION. The following termination provisions and benefits are
in lieu of the benefits available under the Company's Executive Change of
Control Plan. Executive agrees that his termination provisions and benefits
shall not be governed by such Plan.

              (a)    TERMINATION BY THE COMPANY WITHOUT CAUSE. The Company may
       terminate the Executive's employment under this Agreement without Cause
       at any time

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       by giving written notice to the Executive. Such termination will become
       effective upon the date specified in such notice (the "Effective Date"),
       provided that such date is at least 30 days after the date of such
       notice. Upon any such termination, the Company will pay the Executive,
       within five days of the Effective Date of termination and subject to the
       Executive's execution and delivery of such documents of release as the
       Company may reasonably request: (i) all earned but unpaid Base Salary and
       vacation pay through the Effective Date, payable in a lump sum within
       five (5) days after the Effective Date; and (ii) all Base Salary payable
       in accordance with the Company's customary payroll practices, and
       benefits for a period (the "Severance Period") of either twelve (12)
       months following the Effective Date or through the end of the Contract
       Period of Employment, whichever period is shorter (the "Severance
       Benefit").

              (b)    TERMINATION BY THE COMPANY FOR CAUSE. The Company may
       immediately terminate the Executive's employment at any time for Cause by
       giving written notice to the Executive. Upon any such termination for
       Cause, the Executive shall have no right to compensation under Section
       8(a)(ii), including, without limitation, and except as required by law,
       to participate in any employee benefit programs under Section 7 for any
       period subsequent to the date of termination. For purposes of this
       Section 8(b), "Cause" shall mean: (i) the Executive is convicted of or
       pleads guilty or nolo contendere to a felony; (ii) the Executive, in
       carryout out his duties hereunder, commits acts involving dishonesty or
       fraud or is guilty of gross negligence or willful misconduct; or (iii)
       the Executive refuses to comply with any lawful directive of the Board
       that is commensurate with the Executive's titles within 15 days after
       written notice has been given to the Executive by the Company.

              (c)    DEATH OR DISABILITY. This Agreement and the obligations of
       the Company hereunder will, upon the Company's election in writing to the
       Executive within 30 (thirty) days thereafter, terminate upon the death or
       disability of the Executive. For purposes of this Section 8(c),
       "disability" shall mean that for a period of more than three (3) months
       the Executive is unable to perform the essential functions of his duties
       because of physical, mental or emotional incapacity resulting from
       injury, sickness or disease.

              (d)    TERMINATION BY THE EXECUTIVE FOR GOOD REASON. The Executive
       may terminate his employment under this Agreement at any time for Good
       Reason by giving written notice to the Company. For purposes of this
       Section 8(d), "Good Reason" shall mean: (i) there is a Change of Control;
       (ii) the Executive's principal place of employment is moved to a location
       other than in New York City; (iii) the Executive suffers a reduction in
       title or is required to report to other than the Chief Executive Officer
       of the Company; or (iv) a material breach of the Agreement by the Company
       that is not cured fifteen (15) days after written notice of the breach
       has been given to the Company by the Executive. In the event of such a
       termination, the Executive shall be entitled to the Severance Benefit set
       forth in Section 8(a) and benefits set forth in Section 7 during the
       Severance Period.

              (e)    TERMINATION BY THE EXECUTIVE WITHOUT GOOD REASON. The
       Executive may terminate his employment under this Agreement at any time
       by giving written notice to

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       the Company. Such termination will become effective upon the date
       specified in such notice, provided that such date is at least 30 days
       after the date of delivery of the notice. Upon any such termination, the
       Company shall be relieved of all of its obligations under this Agreement,
       except for payment of salary and the provision of benefits through the
       effective date of termination.

       9.     NO SOLICTATION. The Executive hereby covenants and agrees that
during the Period of Contract Employment and for one (1) year following the
expiration or termination of employment with the Company, he will not, for
himself or any third party, directly or indirectly: (i) divert or attempt to
divert from the Company any business of any kind in which the Company is
engaged; or (ii) solicit for employment or otherwise solicit as a consultant or
independent contractor any individual employed by the Company, engaged by the
Company as an independent contractor or otherwise associated with the Company
during the period of such individual's employment, engagement or association.

       10.    CONFIDENTIALITY. The Executive hereby covenants and agrees, for a
period of five (5) years from the date hereof (the "Restricted Period"), he will
not, directly or indirectly, make use of or divulge to any other person, firm or
corporation any trade or business secret, process, method or means or any other
confidential information concerning the business or policies of the Company or
any subsidiary thereof. The Executive's obligations shall not apply to any
information which (i) is known publicly; (ii) is in the public domain or
hereafter enters the public domain without the fault of the Executive; (iii) is
known to the Executive prior to his receipt of such information from the Company
or any of its subsidiaries, as evidenced by the Executive's written records; or
(iv) is disclosed to the Executive by a third party not under an obligation of
confidence to the Company.

       11.    SEVERABILITY, ENFORCEABILITY. In the event that the provisions of
the Section captioned "No Solicitation" or "Confidentiality", or any portion
thereof, should ever be adjudicated by a court of competent jurisdiction in
proceedings to which the Company is a proper party to exceed the time or
geographic or other limitations permitted by applicable law, then such
provisions will be deemed reformed to the maximum time or other limitations
permitted by applicable law, as determined by such court in such action, the
parties hereby acknowledging their desire that in such event such action be
taken. Without limiting the foregoing, the covenants contained herein will be
construed as separate covenants covering their respective subject matters,
including, without limitation, with respect to (a) each business now conducted
by the Company or its successors, and (b) the Company and its successors
separately. In addition to the above, all provisions of this Agreements are
severable, and the invalidity or unenforceability of any provision or provisions
of this Agreement or portions or aspects thereof will not affect the validity or
enforceability of any other provision, or portion of this Agreement, which will
remain in full force and effect as if executed with the unenforceable or invalid
provision or portion or aspect thereof modified, as set forth above.

       12.    GOVERNING LAW. This Agreement is being made and executed in and is
intended to be performed in the State of New York and shall be governed,
construed, interpreted and enforced in accordance with the substantive laws of
the State of New York, without regard to the conflict of laws principles
thereof.

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       13.    ENTIRE AGREEMENT. This Agreement and the Option Agreement comprise
the entire agreement between the parties hereto relating to the subject matter
hereof and, as of the date hereof, supersede, cancel and annul all previous
employment agreements between the Company (and/or its predecessors) and the
Executive, as the same may have been amended or modified, and any right of the
Executive thereunder other than for compensation accrued thereunder as of the
date hereof, and supersede, cancel and annul all other prior written and oral
agreements between the Executive and the Company or any predecessor to the
Company. The terms of this Agreement and the Option Agreement are intended by
the parties to be the final expression of their agreement with respect to the
employment of the Executive by the Company and may not be contradicted by
evidence of any prior or contemporaneous agreement. The parties acknowledge that
the award of Options is a material inducement to Executive in entering into this
Agreement with the Company.

       14.    DISPUTES. Any dispute or controversy arising under, out of, in
connection with or in relation to this Agreement shall be finally determined and
settled by arbitration. Arbitration shall be initiated by one party making
written demand upon the other party and simultaneously filing the demand
together with required fees in the office of the American Arbitration
Association in New York, New York. The arbitration proceeding shall be conducted
in New York, New York by a single arbitrator in accordance with the Expedited
Procedures of the Employment Dispute Resolution Rules required by the
arbitrator, the parties shall have no obligation to comply with discovery
requests made in the arbitration proceeding. The arbitration award shall be a
final and binding determination of the dispute and shall be fully enforceable as
an arbitration award in any court having jurisdiction and venue over such
parties.

       15.    NOTICES. Any notice, request, claim, demand, document and other
communication hereunder to any party will be effective upon receipt (or refusal
of receipt) and will be in writing and delivered personally or sent by telecopy
or certified or registered mail, postage prepaid, as follows: if to the Company,
addressed to the attention of its General Counsel at 2215 Sanders Road, Suite
400, Northbrook, IL 60062; and if to the Executive, at:

              Ian Y. Bress
              28 Merit Lane
              Jericho, NY  11753

       Either party may change the notice address by notifying the other party
in writing.

       16.    AMENDMENTS; WAIVERS. This Agreement may not be modified, amended,
or terminated except by an instrument in writing, approved by the Board and
signed by the Executive and the Company. By an instrument in writing similarly
executed, the Executive or the Company may waive compliance by the other party
with any provision of this Agreement that such other party was or is obligated
to comply with or perform; provided, that such waiver shall not operate as a
waiver of, or estoppel with respect to, any other or subsequent failure. No
failure to exercise and no delay in exercising any right, remedy or power
hereunder shall preclude any other or further exercise of any other right,
remedy or power provided herein or by law or in equity.

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       IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date and year first above written.

GRUBB & ELLIS COMPANY

By: /s/ BARRY M. BAROVICK                       /s/ IAN Y. BRESS
    -------------------------------------       ------------------------------
    Barry M. Barovick                           Ian Y. Bress
    Chief Executive Officer and President

                                       6EXHIBIT 10.9

June 28, 2001

Mr. Brian D. Parker
6513 Lyons Street
Morton Grove, IL 60053

Re:  SEPARATION AGREEMENT

Dear Brian:

This  letter,  upon  your  signature,   will  constitute  the  entire  agreement
("Agreement")  between  you and Grubb & Ellis  Company  ("G&E"),  and all of its
respective   subsidiaries,   divisions,   affiliates,   and   related   entities
(collectively,  the "Company") regarding the termination of your employment with
the Company.

1.     You hereby  resign as an officer of G&E and as an officer and director of
       all  subsidiaries  of G&E effective June 8, 2001, and you agree to resign
       as an employee of the Company, effective June 30, 2001 (your "Termination
       Date"),  and the Company  hereby accepts such  resignations.  Between the
       date of this Agreement and your  Termination  Date, you will  essentially
       assist the Company in transitioning your duties and  responsibilities  to
       other persons at G&E.

2.     (a)    Because   you  and  the   Company   have  an  at-will   employment
              relationship,   you  acknowledge   that  your  employment  can  be
              terminated  at any time,  with or  without  notice  and  without a
              reason. The Company has adopted the Executive  Incentive Bonus and
              Severance  Plan  effective  June 1, 2000 (the "Bonus and Severance
              Plan").  Pursuant  to the  Bonus  and  Severance  Plan,  after the
              Effective  Date  (see  Section  14  below)  you will  receive  the
              following:

              (i)    On July 15, 2001,  a lump sum in cash equal to  Seventy-Two
                     Thousand  One  Hundred   Eighty-Eight   Dollars   ($72,188)
                     representing fifty-five percent (55%) of your calendar year
                     2001  target  bonus  pursuant  to the  Executive  Incentive
                     Compensation  Program for  Calendar  Year 2001 (the "Target
                     Bonus"), pro-rated to June 30, 2001; and

              (ii)   Cash   payments  of  Twenty-One   Thousand   Eight  Hundred
                     Seventy-Five  Dollars  ($21,875.00)  per month,  for twelve
                     months, payable semi-monthly,  or an aggregate total of Two
                     Hundred Sixty-Two Thousand Five Hundred Dollars ($262,500),
                     representing one year's base salary; and

              (iii)  Twenty-Five   Thousand   Twenty-Five   and  No/100  Dollars
                     ($25,025.00),  representing  the annual  equivalent of your
                     Company  benefits  for  healthcare,  dental,  vision,  life
                     insurance,  disability  coverages,  and perquisites for the
                     twelve month period after the Termination  Date,  which has
                     been grossed up to cover your income taxes,  payable over a
                     period of twelve (12) months, semi-monthly;

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                     all of the above to be  reduced  by  withholding  taxes and
                     customary payroll deductions.

       (b)    In addition,  pursuant to the Bonus and Severance Plan,  effective
              as of the date of Board  approval,  the Company  shall  cancel all
              options to purchase stock in the Company that you have (whether or
              not then  vested)  as of June 30,  2001.  The  number  of  options
              cancelled  total one hundred six thousand  two hundred  ninety-one
              (106,291).   The  Company   shall   purchase   such   options  for
              Twenty-Three  Thousand Four Hundred Sixty-Eight and 25/100 Dollars
              (23,468.25)  (the "Option  Payment").  The Option Payment shall be
              made to you on or about  July 15,  2001 and  after  the  Effective
              Date.

       (c)    In  addition,  you will be paid your  accrued but unused  vacation
              time pay, less withholding taxes and customary payroll deductions,
              through and on your Termination Date.

3.     Upon  execution  of this  Agreement,  you will no longer be an  Executive
       Officer of the  Company  and will  thereafter  no longer be covered by or
       eligible  to  receive  any  compensation  or  benefits  pursuant  to  the
       Executive  Change  of  Control  Plan,  adopted  by the  Company  Board of
       Directors on May 10, 1999, as amended (the "CIC Plan").  In consideration
       of an  extension  of your  Termination  Date to June  30,  2001  and your
       acceptance of this Agreement,  and provided you have fulfilled your other
       obligations  set forth in this  Agreement,  after the Effective  Date the
       Company shall provide you with the following benefits:

       a)     up to Ten Thousand Dollars ($10,000) of outplacement benefits from
              the company of your  choice,  upon receipt by the Company of bills
              for same by December 31, 2001; and

       b)     live voicemail until June 31, 2001; and

       c)     you may keep your portable  computer  after the Company shall have
              deleted therefrom, confidential Company software and information.

4.     Except as specifically  provided in this  Agreement,  you hereby abrogate
       and  repudiate  any and all claims you have under the Bonus and Severance
       Plan,  the CIC Plan,  the  acknowledgment  agreements  executed by you in
       respect  of said  plans,  any and all other  written  or oral  agreements
       between you and the Company  regarding the terms of your  employment  and
       any and all compensation to be paid to you by the Company.

5.     After your Termination Date, you will no longer be covered by or eligible
       for any benefits  under any Company  employee  benefit plans in which you
       currently  participate.  After your Termination Date, you will receive by
       separate  cover  information  regarding  your rights to health  insurance
       continuation  (COBRA)  and any 401(k) PLUS plan  benefits.  To the extent
       that you have such rights,  nothing in this  Agreement  will impair those
       rights.

6.     (a)    In exchange for the compensation to be provided to you herein,  to
              which  you are not  otherwise  entitled  except  pursuant  to this
              Agreement,  you  agree to and  hereby do waive  and  release,  and
              promise  never  to  assert,  any  claims  of any  kind  or  nature
              whatsoever,  in  law or  equity,  known  or  unknown,  direct  and
              indirect,  that you have against the Company,  and its  respective
              predecessors,   subsidiaries,   affiliates,   associates,  owners,
              divisions, representatives, related entities, officers, directors,
              shareholders, agents,

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<PAGE>

              partners,  insurers,  employee  benefit plans (and their trustees,
              administrators  and  other  fiduciaries),   attorneys,  employees,
              heirs,  successors,  and  assigns  (collectively,   the  "Released
              Parties"),  arising  from  or  related  to  your  employment,  the
              transition  of  your  employment,  and  the  termination  of  your
              employment with the Company.

              The claims that you are waiving,  releasing  and  promising not to
              assert  include,  but are not limited  to,  claims  arising  under
              federal, state and local statutory and common law, such as the Age
              Discrimination  in Employment Act, as amended,  the Americans with
              Disabilities  Act of 1990,  the Family  Medical Leave Act of 1993,
              Title VII of the Civil Rights Act of 1964,  as amended,  the Equal
              Pay Act of 1963,  as  amended,  the Civil  Rights Act of 1866,  as
              amended,  the common law of contract and tort,  and any other laws
              and   regulations   relating   to   employment,    or   employment
              discrimination and/or the payment of wages or benefits.

       (b)    In  consideration  of  the  foregoing  and  the  execution  of the
              Agreement  by you,  the Company and the  Released  Parties  hereby
              waive and release  and  promise  never to assert any claims of any
              kind or nature  whatsoever,  in law or equity,  known or  unknown,
              direct or indirect  that the Company  (and/or any of the  Released
              Parties)   might  have   against  you  (and   including,   without
              limitation, your partners,  associates,  agents,  representatives,
              related  entities  and/or  affiliates,   contractors  and/or  your
              attorneys).

7.     (a)    You  understand  and agree that the claims  that you are  waiving,
              releasing and promising  never to assert  include  claims that you
              now know or have reason to know  exist,  as well as those that you
              do not presently have any reason to know,  believe or suspect that
              you  have,  including  unknown,   unforeseen,   unanticipated  and
              unsuspected   injuries,   damages,  loss  and  liability  and  the
              consequences thereof. By signing this Agreement you agree that you
              are expressly waiving any provision of any state, federal or local
              statute, and common-law doctrine,  providing, in substance, that a
              release shall not extend to claims, demands,  injuries or damages,
              loss or liability,  which are unknown or unsuspected to exist,  by
              the person making the release, when s/he is making the release.

       (b)    The Company (and the Released  Parties) agree and understand  that
              the claims that they are waiving, releasing and promising never to
              assert  include  claims  that they now know or have reason to know
              exist, as well as those that they do not presently have any reason
              to know, believe or suspect that they may have, including unknown,
              unforeseen,  unanticipated and unsuspected injuries, damages, loss
              and  liability  and  the  consequences  thereof.  By  signing  the
              Agreement  the  Company  (on  behalf  of itself  and the  Released
              Parties)  agrees that the Company (and the  Released  Parties) are
              expressly  waiving any  provision  of any state,  federal or local
              statute, and common law doctrine,  providing in substance,  that a
              release shall not extend to claims, demands,  injuries or damages,
              loss or liability,  which are unknown or  unsuspected  to exist by
              the party making the release, when it/they are making the release.

8.     You agree that you will not voluntarily,  and without compulsion of legal
       process,  assist or encourage  others to assert  claims or to commence or
       maintain  litigation against the Released Parties.  You also agree not to
       take any action or make any statement which  disparages or is intended to
       disparage the Released Parties or their reputations.

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9.     You agree to return to the Company, by your Termination Date, any and all
       information  and  materials,  whether in paper,  magnetic,  electronic or
       other  form,  that you have about the  Company's  practices,  procedures,
       trade  secrets,  finances,  client  lists,  or marketing of the Company's
       services.  You will promptly  execute any and all notices of  resignation
       from any Company position as requested by the General  Counsel.  You will
       take no  further  action  to bind  or  obligate  the  Company.  You  will
       immediately turn in your corporate American Express card.

10.    You  agree  that  you  will  not,  unless  required  by law or  otherwise
       permitted by express  written  permission from or request by the Company,
       disclose to anyone any information regarding the following:

       a.     Any non-public  information  regarding the Company,  including its
              practices,  procedures,  trade secrets, finances, client lists, or
              marketing of the Company's services.

       b.     The terms of this  Agreement,  except that you may  disclose  this
              information  to  members  of  your  immediate  family  and to your
              attorney,  accountant or other professional advisor(s) to whom you
              must make the disclosure in order for them to render  professional
              services to you. You will instruct them,  however, to maintain the
              confidentiality  of this  information  just as you  must,  and any
              breach of this obligation of confidentiality by such family member
              or professional  advisor(s) shall be deemed to be a breach by you.
              If required to disclose  the terms of this  Agreement  by law, you
              shall provide the Company with sufficient notice prior to any such
              disclosure,  including  the  basis for the  legal  requirement  to
              disclose,  to  allow  the  Company  to  seek  a  protective  order
              preventing the disclosure.

11.    You agree that,  commencing on the Effective  Date,  and thereafter for a
       period of six months after your Termination Date, you shall not, directly
       or  indirectly,  on behalf  of  yourself  or any  other  person or entity
       solicit  for   employment  any  then  current   executive,   employee  or
       independent  contractor  of the  Company,  or  request or induce any then
       current executive,  employee or independent  contractor of the Company to
       leave the employ of, or association  with,  the Company.  Notwithstanding
       the  above,  you  may,  however,  offer  to  hire,  and  hire,  Josephine
       Szczesuil.

12.    Except as  required  by law or  administrative  agency or stock  exchange
       rules, the Company will keep the terms of this Agreement confidential. It
       is expected  that the Company  will file this  Agreement as an exhibit to
       its SEC filings.

13.    In the event that you breach any of your obligations under this Agreement
       or as  otherwise  imposed by the law,  the  Company  will be  entitled to
       recover the  benefits  paid under the  Agreement  and to obtain all other
       relief provided by law and equity. This Agreement will be governed by the
       law of the State of Illinois without regard to principles of conflicts of
       laws thereof.

14.    To accept the  Agreement,  please date and sign this Agreement and return
       it, either by personal delivery or by mail, to GRUBB & ELLIS COMPANY, c/o
       Robert  J.  Walner,  General  Counsel,  2215  Sanders  Road,  Suite  400,
       Northbrook, IL 60062. An extra original for your records is enclosed.

                                  Page 4 of 6
<PAGE>

       A.     YOU SHOULD CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT.

       B.     YOU HAVE UP TO 21 DAYS FROM THE DATE YOU RECEIVE THIS AGREEMENT TO
              ACCEPT THE TERMS OF THIS AGREEMENT,  ALTHOUGH YOU MAY ACCEPT IT AT
              ANY TIME WITHIN THOSE 21 DAYS.

       C.     ONCE YOU ACCEPT THIS AGREEMENT, YOU WILL HAVE SEVEN (7) DAYS AFTER
              SIGNING  TO REVOKE  YOUR  ACCEPTANCE.  TO  REVOKE,  YOU MUST SEND,
              EITHER BY PERSONAL  DELIVERY OR BY MAIL, TO THE GENERAL COUNSEL AS
              INDICATED ABOVE, A WRITTEN STATEMENT OF REVOCATION.  IF YOU DO NOT
              REVOKE,  THE EIGHTH DAY AFTER THE DATE OF YOUR  ACCEPTANCE WILL BE
              THE "EFFECTIVE DATE" OF THIS AGREEMENT.

15.    Nothing in this Agreement  shall  constitute an admission of liability or
       wrongdoing by the Company or by you. This Agreement  shall not be binding
       on the Company  unless and until it is signed,  in  unaltered  form,  and
       returned to the Company as provided above.

16.    In the event  that any one or more of the  provisions  contained  in this
       Agreement  shall,  for any  reason,  be held to be  invalid,  illegal  or
       unenforceable  in any respect,  then to the maximum  extent  permitted by
       law, such invalidity, illegality or unenforceability shall not affect any
       other provision of this Agreement.

17.    This Agreement  represents the sole and entire agreement  between you and
       the  Company  regarding  the  transition  and  then  termination  of your
       services as Executive  Vice President and supersedes any and all previous
       verbal or written  promises,  representations,  agreements,  negotiations
       and/or  discussions,  if any, between you and the Company with respect to
       the subject matters covered herein.  This Agreement  cannot be terminated
       or changed except in writing by you and a duly authorized  representative
       of G&E.

18.    All  notices,  requests,  demands  and  other  communications  which  are
       required  or may be given  under this  Agreement  shall be in writing and
       shall be deemed  to have been duly  given  when  received  if  personally
       delivered;  when  transmitted if  transmitted by telecopy,  electronic or
       digital transmission method, with electronic confirmation; when received,
       if sent  for  next day  delivery  to a  domestic  address  by  recognized
       overnight delivery service (E.G., Federal Express);  and upon receipt, if
       sent by certified or registered mail, return receipt  requested.  In each
       case notice shall be sent to:

                                  Page 5 of 6
<PAGE>

       If to you, addressed to:

       Brian D. Parker
       6513 Lyons Street
       Morton Grove, IL 60053

       If to Grubb & Ellis Company, addressed to:

       Grubb & Ellis Company
       2215 Sanders Road, 4th Floor
       Northbrook, IL 60062
       Attention:  General Counsel
       Fax: (847) 753-9034

or to such other place and with such other copies as either party may  designate
as to itself by written notice to the others.

                                          GRUBB & ELLIS COMPANY

                                          BY:/s/ BARRY M. BAROVICK
                                             --------------------------------
                                             Barry M. Barovick
Dated:  June 28, 2001                        President & Chief Executive Officer

By signing this  Agreement,  I acknowledge  that I have had the  opportunity  to
review it carefully  with an attorney of my choice,  that I understand the terms
of the agreements contained therein, and that I voluntarily agree to them.

Dated:  June 30, 2001                     /s/ BRIAN D. PARKER
                                          -----------------------------------
                                          Brian D. Parker

                                  Page 6 of 6

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