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CBRE/Grubb Talks Terminated; Grubb Not for Sale, Says Barovick

NEW YORK CITY-It wasn't the money, it was a vision thing, Grubb & Ellis chief Barry Barovick tells GlobeSt.com. The firm is not for sale, he says. But if another unsolicited offer came along, he would have a fiduciary responsibility to listen.

By John Salustri | Updated on May 24, 2002

Northeast bureau chief Glen Thompson assisted in the preparation of this article.

NEW YORK CITY-Just to make things clear at the outset, no one representing Grubb & Ellis in the highly publicized acquisition talks would state for the record what insiders have confirmed–that it was indeed CB Richard Ellis who had the firm in its acquisition sights. But who it was became somewhat of moot point with the report that talks have been terminated.

Asked if the negotiations broke down over money, Grubb & Ellis CEO Barry Barovick told GlobeSt.com that it wasn’t price, it was the broad discrepancies between the two firms’ “visions.” The comment echoed the official press release, which referred only to “an unrelated third party” and its “unsolicited merger proposal.”

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