Betts' hiring comes just weeks after former Grubb & Ellis chairman and former Triple-Net Properties LLC founder Tony Thompson launched a company to specialize in value-add investments and asset management for high net-worth investors. In his new position, Betts will be responsible for acquisitions as well as sourcing capital for Thompson National Properties' Middle East Fund. Betts' new office will be at 1330 Post Oak Blvd. in Houston's Galleria submarket.

"I am excited to be a partner with one of the most successful real estate investors of the past two decades, Tony Thompson," Betts says in a press release announcing his appointment. Neither Betts nor Thompson could be reached for comment by deadline.

The 20-year veteran was senior vice president of Grubb & Ellis' institutional investment group and a long-time partner of Scot Farber, his counterpart in the brokerage house's Dallas office. During his career, Betts has closed more than $5 billion of real estate transactions, predominately office sales.

"This is a great opportunity for Darrell and we look forward to doing business with him in the future," Randy Moore, executive vice president and regional managing director in Houston for Grubb & Ellis, tells GlobeSt.com. "We're hoping he'll be as strong a client as Tony Thompson has been for us in the past."