EX. 99.7


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       PROPERTY SOLUTIONS WORLDWIDE                                NEWS RELEASE

              GRUBB & ELLIS RESTRUCTURES EXISTING CREDIT FACILITY;
                            WITHDRAWS RIGHTS OFFERING

                  New York, N.Y., March 8, 2002, - - Grubb & Ellis Company
                  (NYSE: "GBE") announced today that it has restructured its
                  credit arrangements with its banking syndicate and withdrawn
                  its Registration Statement on Form S-3 that it had filed with
                  the Securities and Exchange Commission on January 29, 2002, in
                  which it was seeking to raise up to $11 million pursuant to a
                  rights offering.

                  Warburg Pincus, the Company's largest stockholder, which was
                  going to lead a standby group that was to exercise all
                  unexercised rights under the rights offering, has agreed to
                  join in the restructured credit facility, as well as provide
                  the Company with additional capital in the future.

                  The Registration Statement was never declared effective and no
                  shares were ever sold pursuant to the proposed rights
                  offering.

                  The Company intends to file a current report on Form 8-K
                  shortly which will set forth the terms and conditions with
                  respect to the restructured credit facility.

                                                                   ###

                  GRUBB & ELLIS:
                  Grubb & Ellis is a business advisory firm with global
                  expertise in real estate. As one of the leading providers of
                  multi-level solutions for businesses and corporations
                  worldwide, Grubb & Ellis delivers strategic planning, property
                  and asset management services, and transaction expertise in
                  both corporate and investment real estate. With the collective
                  resources of more than 8,000 people in over 200 offices in 29
                  countries, including its affiliates and a strategic initiative
                  with Knight Frank, one of the leading property consulting
                  firms in Europe, Africa and Asia Pacific, Grubb & Ellis
                  provides a single point of contact for clients addressing
                  commercial real estate issues seamlessly. For more
                  information, visit the company's website at
                  www.grubb-ellis.com.

                                     -- . --

                  Statements contained in this press release, which are not
                  historical facts, are forward-looking statements, as the term
                  is defined in the Private Securities Litigation Reform Act of
                  1995. Such forward-looking statements are subject to risks and
                  uncertainties that could cause actual results to differ
                  materially from those currently anticipated due to a number of
                  factors, which include, but are not limited to: issues
                  affecting real estate on a both on a national and local basis,
                  general economic conditions, and other factors that are
                  discussed in the Company's Annual Report on Form 10-K that has
                  been filed with the Securities and Exchange Commission.


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