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Santa Ana-based Grubb & Ellis Co. said on Friday it agreed to sell all of the assets of Alesco Global Advisors, a real estate investment fund business it owned, to New York-based Lazard Asset Management LLC.

The deal is expected to close in the third quarter. Terms of the transaction were not disclosed.

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Alesco is an investment advisor that focuses on real estate securities and manages three registered mutual funds.

Grubb bought a 51% interest in Alesco in 2007. Terms of that deal called for Grubb to invest up to $20 million in seed capital into real estate funds that Alesco planned to launch.

The 2007 agreement also called for Grubb to purchase up to an additional 27% interest in Alesco for $15 million, on the achievement of certain earn-out provisions. Those earn-out targets were not achieved, according to regulatory filings.

The deal with Lazard comes as Grubb continues to seek out potential new sources of funding, or a merger partner, for its core commercial real estate brokerage business. It’s also looking to sell its Daymark Realty Advisors subsidiary.