Grubb & Ellis files for Chapter 11 bankruptcy Feb 21 02:27 PM US/Eastern LOS ANGELES (AP) - Grubb & Ellis Co. says it has filed for bankruptcy protection in a bid to stave off creditors amid mounting debt. The Santa Ana, Calif.-based company also said Tuesday it has arranged to sell most of its assets to the parent of rival commercial real estate services company Newmark Knight Frank. The proposed sale to BGC Partners Inc. will require court approval as part of Grubb & Ellis' Chapter 11 bankruptcy process. The company filed for bankruptcy protection Monday in the Southern District of New York. BGC also has agreed to provide some of the financing needed to keep Grubb & Ellis operating while in bankruptcy. In the filing, Grubb & Ellis listed $150 million in assets and $167 million in debt as of the end of last year.