Private investment firm, Colony Capital, has committed $18 million to real estate brokerage, Grubb & Ellis. As per the deal, Colony has been granted the right to an exclusive 60-day negotiating period for evaluating a potential larger strategic investment with Grubb & Ellis.
If the company and Colony sign a definitive agreement for a strategic transaction, Grubb & Ellis retains the right to solicit competing strategic transactions for a period of 25 business days. Grubb & Ellis had appointed JMP Securities as the financial advisor.
Click here for the release from PR Newswire.
Click here for the additional coverage from Bloomberg.