Huge commercial real estate brokerage files for bankruptcy

One of the nation’s largest commercial real estate brokerages filed for bankruptcy this week.

Grubb & Ellis says the financial crisis and the sluggish commercial property market are to blame.

Grubb & Ellis also announced it will sell nearly all of its assets to BGC Partners, a financial brokerage firm that says it wants to make a push more into the commercial real estate arena, according to The New York Times.

“BGC’s strong capital base, robust technology, and deep commitment to its brokers provides Grubb & Ellis with scale along with the resources needed by our professionals to deliver exceptional service to our clients,” said Thomas P. D’Arcy, chief executive of Grubb & Ellis. “We are confident this will be a seamless transition for our clients and that becoming part of BGC is an extremely attractive opportunity for our brokerage professionals and employees.”

Grubb & Ellis’ bankruptcy comes after several years of hardship for the company. In a bankruptcy filing, the company listed $167 million in debts.