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Exhibit (a)(5)(iv)
[LETTERHEAD OF GRUBB & ELLIS]
News Release
FOR IMMEDIATE RELEASE Contact: Noeleen Colgan
847.753.7594
GRUBB & ELLIS COMPANY ANNOUNCES
EXTENSION OF TENDER OFFER TO JANUARY 24TH, 2001
Northbrook, Ill., - Jan. 11, 2001 -- Grubb & Ellis Company (NYSE: GBE) today
announced that it will extend the tender period of its previously announced
tender offer to purchase up to 7,000,000 shares of its common stock at $7.00 per
share to 5:00 p.m. Eastern time on Wednesday, Jan. 24, 2001. The tender period
is being extended in anticipation of the Company announcing further information
on its quarterly earnings for the quarter ended Dec. 31, 2000.
As a result of the extension, participants in the Grubb & Ellis Employee
Stock Purchase Plan and the Grubb & Ellis 401(k) Plan have until 5:00 p.m.
Eastern time on Jan. 19, 2001 to tender their shares held in those plans.
Holders of options to purchase Grubb & Ellis stock who wish to tender shares
issuable upon conditional exercise of options using the tender offer procedures
applicable to option holders have until 5:00 p.m. Eastern time on Wednesday,
Jan. 17, 2001. Holders of warrants who wish to tender the underlying shares have
until 5:00 p.m. Eastern time on Wednesday, Jan. 17, 2001 to exercise their
warrants prior to tendering their underlying shares.
-more-
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GRUBB & ELLIS ANNOUNCES EXTENSION OF TENDER OFFER
ADD ONE
Banc of America Securities LLC is acting as Dealer Manager. Morrow & Co.,
Inc., is acting as Information Agent. Any stockholders who require tender offer
materials may contact the Information Agent at 445 Park Avenue, 5th Floor, New
York, NY 10022; Ph. 800.607.0088 or call collect: 212.754.8000. Banks and
brokerage firms call: Ph. 800.654.2468.
The Depositary has advised Grubb & Ellis Company that as of January 10,
2001, 9,443,093 shares of Grubb & Ellis common stock had been validly tendered
and not withdrawn.
Grubb & Ellis Company is one of the nation's largest commercial real estate
services firms. Through its offices, affiliates and global strategic alliance
with Knight Frank, one of the leading property consulting firms in Europe,
Africa and Asia Pacific, the company provides a full range of real estate
services, including advisory, management and consultative services, to users and
investors worldwide. With the collective resources of approximately 8,000
people in over 200 offices in 27 countries, Grubb & Ellis professionals arrange
the sale or lease of such business properties as industrial, retail and office
buildings, as well as the acquisition and disposition of multi-family and
hospitality properties and commercial land. Major multiple-market clients have
a single point of contact through the firm's corporate and institutional units
for coordination of all of the firm's services as well as site selection,
feasibility studies, market forecasts and research. For more information, visit
the company's website at www.grubb-ellis.com.
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