Grubb & Ellis Reports Loss

Grubb & Ellis Co., one of the nation’s largest commercial real estate brokerage and services firms, on Monday reported a loss and lower revenue during its fiscal third quarter as a weakened economy undermined property sales and leasing activity.

For the three-month period ended March 31, the New York-based company reported a net loss, before one-time charges, of $5.2million compared with a loss of $903,000 during the same period last year.

Third-quarter revenue dropped 27.4% on a year-over-year basis to $58.2 million.

On the New York Stock Exchange on Monday, Grubb & Ellis shares fell 3 cents to $3.

The company has undergone significant changes in recent years as it expanded beyond its core commercial real estate brokerage to offer a variety of real estate and consulting services.

“The current economic recession continues to impact our revenue, which has been running about 30% below last year since the start of our fiscal year,” said Barry M. Barovick, president and chief executive.

“We believe that the initiatives we’ve established to provide our clients with integrated real estate services operate more efficiently and secure the company’s capital structure.”