Fiscal 2000 revenues were $413.5 million vs $314.1 million in 1999, while Q4 2000 revenues were up 35% from the same period a year earlier to 107.4 million. Net income soared to $16.2 million vs. $8 million in fiscal 1999, while fourth quarter net also doubled to $4.5 million. Cash flow jumped 97% last fiscal year to $39.5 million.

"We're capturing a bigger share of the growing corporate outsourcing business, handling larger assignments and expanding our relationships with existing clients," said Brian Parker, executive vice president at Grubb & Ellis. Revenue growth resulted in strong cash flow gains, which Parker said was evidence of the growing efficiency of the company's operations.

Advisory services led the way last year at Grubb & Ellis, growing much faster than management and services fees. Analysts say that this is evidence that Grubb & Ellis's focus on advisory services is paying off. The company announced today that it has signed an advisory services contract with Richmond, VA-based Dominion Resources, a natural gas and integrated power company. The Dominion Resources account will be serviced from Grubb & Ellis's Pittsburgh and Tyson's Corner, VA offices. Terms of the deal were not disclosed.