GRUBB & ELLIS COMPANY AND SUBSIDIARIES
          EXHIBIT (11) STATEMENT RE COMPUTATION OF
               PER SHARE EARNINGS - FORM 10-Q
                              
                 for the three-months ended
                   March 31, 1994 and 1993
   (in thousands except for shares and per share amounts)
                              


                                                      
                                              Three Months
                                             Ended March, 31
                                         1994            1993
                                                    
Net loss                             $  (4,747)     $  (4,662)
                                                      
Earnings applicable to Preferred                      
   Stockholders                              (638)          (399)
                                                      
Net loss applicable to Common                         
   Stockholders                            (5,385)        (5,061)
                                                      
Primary loss per share applicable to                  
   Common Stockholders                                        
                                                      
  Weighted average common shares                      
     outstanding                        4,062,136      3,900,154
                                                      
Dilutive stock options - based on the                 
     treasury stock method                      0              0
                                                      
       Total                         4,062,136      3,900,154
                                                      
Loss per common share and equivalents                 
     applicable to Common Stockholders $    (1.33)   $     (1.30)
                                                      
Fully-diluted loss per share (A)<F1>                      
  applicable to Common Stockholders                   
                                                      
Weighted average common shares                        
    outstanding                         4,062,136      3,900,154
                                                      
Dilutive stock options - based on the                 
    treasury stock method                       0              0
                                                      
     Total                           4,062,136      3,900,154
                                                      
Loss per common share and equivalents                 
     applicable to Common Stockholders $    (1.33)   $    (1.30)
<FN>
<F1>
(A)  This calculations is submitted in accordance with
     Securities Exchange Act of 1934, Release No. 9083,
     although not required by footnote 2 to paragraph 14 of
     APB opinion No. 15 because it results in dilution of
     less than 3%.