BGC Partners Inc., an intermediary firm to global financial markets, has just purchased "substantially all assets" of troubled commercial real estate services firm Grubb & Ellis Inc., Commercial Property Executive has learned.

BGC already owns Newmark Knight Frank, another large player in the CRE services world.

Thomas D’Arcy, president & CEO of Grubb, said that he expects the transition to be "seamless for our clients, and we expect no disruption to the company’s options," CPE News Editor Nicholas Ziegler reports today.

He said a source disclosed that senior debt was acquired for $25 million. Remaining debt, including common stock and past-due invoices, will likely be wiped out. BGC will have final approval power on all outstanding invoices.