Grubb & Ellis files for Chapter 11 bankruptcy

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Grubb & Ellis Co. has filed for bankruptcy protection in a bid to stave off creditors amid mounting debt.

The Santa Ana, Calif.-based company also said it has arranged to sell most of its assets to the parent of rival commercial real estate services company Newmark Knight Frank.

Colorado Springs’ closest association to Grubb & Ellis is through Quantum Commercial Group, an independently owned and operated commercial brokerage, which has been¬†affiliated with Grubb & Ellis for years.

But Quantum CEO Dale Stamp said the bankruptcy will not his operation.

In the filing, Grubb & Ellis listed $150 million in assets and $167 million in debt as of the end of last year.