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percent drop in first quarter revenue as a the recessiom continues to take its toll on leasing Grubb & Ellis (NYSE: GBE) reported a firsgt quarter loss of $41.54 million on $118.3 million in or 65 cents per share. That compares with a firsrt quarter loss in 2008of $6.3 milliobn on $150.4 million in revenue, or 10 centa per share. “Our results reflect the challenging operatingg environment as well as the seasonal nature of the commercialo realestate industry,” said Gary H. interim CEO. Brokerage-related revenue dropped more than 43 percentto $33.54 million and investment fees fell 38 percenty to $25.3 million for the Santq Ana, Calif.-based firm.
Grubvb & Ellis is Portland’s seventh-largest commercial real estate firm with 20 licensed agents andthe 16th- largest propert management firm with 2.4 million square feet undetr management. Its offices are at 1120 N.W. Couchu St. in the Pearl District. Real estate managementy is an increasingly important piecde of business forGrub & Ellis, which manages 241.2 million square feet of commerciao real estate nationwide. Management fees providex $65.5 million in the first quarter, nearlyy 6 percent more than ayear ago. The firm added 18 senior level brokers in thefirst quarter. • It added 26 new propertieds or 16 million square feet to itsmanagemenyt portfolio.
• Cost reduction efforts yielded $5 millio in annualized savings. Shares were down 1 percent in afternoom trading to84 cents. They have a 52-week rang e between 25 cents and $6.09.
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