NEW YORK CITY-The balance of power has shifted at Grubb & Ellis, as real estate investor Kojaian Ventures exchanges $15.2 million in capital for $11 million in class A promissory notes. Bob Walner tells GlobeSt.com that if exercised, this option would give Kojaian 51.4% of voting control within the company, effectively shifting the balance of voting control away from venture capitalist firm Warburg Pincus.

NEW YORK CITY-GlobeSt.com has partnered with the Trump Corp., the residential real estate division of the Trump Organization, to provide quarterly analyses of the luxury condo market in Manhattan. The reports will focus on sales activity of one- to three-bedroom units.

NEW YORK CITY-Mayor Michael Bloomberg led a ribbon-cutting ceremony for the 6,300-sf Ann Taylor Loft at 2 Broadway earlier today. The event marked the first brand name retail store to open in Lower Manhattan since Sept. 11.

NEW YORK CITY-Mayor Michael Bloomberg led a ribbon-cutting ceremony for the 6,300-sf Ann Taylor Loft at 2 Broadway earlier today. The event marked the first brand name retail store to open in Lower Manhattan since Sept. 11.

NEW YORK CITY-Bear Stearns says the resignation of Timothy H. Callahan from Equity Office Properties Trust may have a short-term impact on that company's stock price, but claims that it will not affect EOP's mid- to long-term prospects. As a result, Bear Stearns will not change its stock valuation of the company.

NEW YORK CITY-The US recession is over, says a chief economist for Standard & Poor's at a panel Tuesday evening. While the group was hesitant to declare a jobless recovery inevitable, they did indicate that the glut of undervalued sublease space in New York could be enough to drive the market upwards.

NEW YORK CITY-Biopharmaceutical filtration provider Pall Corp. opens a 75,000-sf manufacturing facility in Hauppauge. The company has owned the recently renovated building for 30 years, and says this plant will double its production capacity.

NEW YORK CITY-Philip E. Aarons Wednesday night expressed frustration at the slow pace of rebuilding Downtown. Carl Weisbrod similarly ushered in a call for change, admitting the redevelopment plan "will require more money" than the $20 billion already allocated.