EXHIBIT 99.2

                        LETTER TO STOCKHOLDERS OF RECORD

                              GRUBB & ELLIS COMPANY

                    UP TO [ ] SHARES OF GRUBB & ELLIS COMPANY
               COMMON STOCK OFFERED PURSUANT TO RIGHTS DISTRIBUTED
                    TO STOCKHOLDERS OF GRUBB & ELLIS COMPANY

Dear Stockholder:

      This letter is being distributed to all holders of common stock, of record
on  February  25,  2002  (the  "Record  Date"),  of Grubb & Ellis  Company  (the
"Company"),  in connection with a distribution  of rights  ("Rights") to acquire
shares of the  Company's  Common  Stock,  par value $0.01 per share (the "Common
Stock") at a subscription  price of [ ] per share for each share as described in
the Prospectus dated ______ __, 2002.

      Each beneficial owner of shares of the Common Stock is entitled to receive
[ENTER  FRACTION]  Right for each share of Common  Stock  owned as of the Record
Date, and to purchase one (1) share of the Common Stock for each Right held. The
Rights are not transferable.

      Enclosed are copies of the following documents:

      1.    The Prospectus;

      2.    The Subscription Rights Certificate;

      3.    A  Notice   of   Guaranteed   Delivery   for   Subscription   Rights
            Certificates; and

      4.    A return envelope  addressed to  Computershare  Trust Company of New
            York, the Subscription Agent.

      Your prompt action is requested.  The Rights will expire at 5:00 P.M., New
York  City  Time on  [____  __,  2002],  unless  extended  by the  Company  (the
"Expiration Date").

      To exercise the Rights,  a properly  completed  and executed  Subscription
Rights Certificate (or Notice of Guaranteed Delivery) and payment in full of the
Subscription  Price  for  all of the  Rights  exercised  must  be  delivered  to
Computershare Trust Company of New York, as indicated in the Prospectus prior to
5:00 P.M., New York City Time on the Expiration Date.

      Additional  copies  of  the  enclosed   materials  may  be  obtained  from
Computershare  Trust  Company of New York.  Its  toll-free  telephone  number is
[(800) ___ - ____].




                                                 Very truly yours,

                                                 GRUBB & ELLIS COMPANY


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