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NORTHBROOK, IL-Grubb & Ellis Co. remains in the black, but the bottom line has shrunk as a result of the company's emphasis on beefing up its sales force, especially in New York. The company reports it spent $1.1 million moving and upgrading its New York City office, one reason why net income dropped in the most recent quarter by 37% to $5 million.

For the first six months of the company's fiscal year, however, net income is up 20% to $7.2 million. While transaction fees are up 16.1% in the current year to $164.7 million, management income dropped slightly to $96.6 million, according to Grubb & Ellis.

"We intend to take advantage of the strong market conditions to invest capital and human resources in positioning our business for long-term growth," says Grubb & Ellis chief executive officer Mark Rose. "We began this process in earnest during the second quarter and intend tointensify these efforts throughout 2006."