Grubb & Ellis wraps sale of Alesco Global to Lazard Asset Management

By Tali David

Minneapolis, Oct. 6 - Grubb & Ellis Co. announced in a news release that it has completed the sale of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management LLC.

Terms of the transaction were not disclosed.

According to the release, the sale is consistent with the company's strategy to maximize value for its stakeholders and strengthen the company's competitive position by exiting unprofitable, non-core businesses.

"The sale of Alesco combined with last month's divestiture of Daymark Realty Advisors has significantly strengthened the company's balance sheet and better positioned Grubb & Ellis as we continue to search for long-term strategic alternatives," Thomas P. D'Arcy, president and chief executive officer of Grubb & Ellis, said in the release.

The transaction, which was announced in June, required approval of the mutual funds' Board of Trustees and shareholders.

Lazard said the team it has hired will be based in Lazard's San Francisco office.

The team is led by portfolio managers/analysts Jay Leupp and David Ronco, who will manage U.S., international and global real estate investment strategies. Christopher Hartung, director and client portfolio manager, who will focus on investment strategy and research, and Kipp Kjeldgaard, senior vice president and client portfolio manager, who will focus on client service and business development.

The U.S. and international strategies are available as mutual funds: the Lazard U.S. Realty Income Portfolio, the Lazard U.S. Realty Equity Portfolio, and the Lazard International Realty Equity Portfolio.

Grubb & Ellis is a Santa Ana, Calif.-based real estate services and investment firm. Lazard Asset Management is an investment management and advisory firm.

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