EXHIBIT 99.5


                      LETTER FROM BROKERS OR OTHER NOMINEES
                              TO BENEFICIAL OWNERS

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


To Our Clients:

      Enclosed for your consideration are a Prospectus, dated [______ __, 2002],
and  the   "Instructions   For  Use  of  Grubb  &  Ellis  Company   Subscription
Certificates"  relating to the offer by Grubb & Ellis Company (the "Company") of
shares of Common Stock (the "Common  Stock") of the Company,  at a  subscription
price of $___. __ __ per share, in cash,  pursuant to  subscription  rights (the
"Rights")  initially  distributed  to holders of record  ("Record  Holders")  of
shares of the Common  Stock,  as of the close of business  on February  25, 2002
(the  "Record  Date").  The  Rights  are  described  in the  Prospectus  and are
evidenced by a Subscription  Rights Certificate  registered in our name and held
for your account.

      As described in the Prospectus,  you will receive [INSERT  FRACTION] Right
for each share of Common Stock held by us in your account as of the Record Date.
You are  entitled to  subscribe  for one (1) share of the Common  Stock for each
whole Right (the "Basic  Subscription  Privilege")  at a  subscription  price of
[INSERT] per share (the "Subscription Price"). You will also have the right (the
"Oversubscription Privilege"),  subject to proration, to subscribe for shares of
the Common Stock available after  satisfaction of all subscriptions  pursuant to
the Basic Subscription  Privilege.  If there are insufficient  shares to satisfy
all exercised  Oversubscription  Privilege,  available  shares,  if any, will be
allocated as described in the  Prospectus  pro rata among all the holders of the
Rights exercising Oversubscription Rights, in proportion to the number of shares
each  such  holder  has  purchased  pursuant  to  his or  her  respective  Basic
Subscription  Right.  Your election to exercise the  Oversubscription  Privilege
must be made at the time you exercise the Basic Subscription Right, and you must
exercise  the Basic  Subscription  Privilege  in full in order to  exercise  the
Oversubscription Privilege.

      Your Rights are non-transferable.

      THE MATERIALS  ENCLOSED ARE BEING FORWARDED TO YOU AS THE BENEFICIAL OWNER
OF THE SHARES OF COMMON STOCK HELD BY US IN YOUR ACCOUNT BUT NOT  REGISTERED  IN
YOUR NAME.  EXERCISE  OF THE RIGHTS MAY ONLY BE MADE BY US AS THE RECORD  HOLDER
AND PURSUANT TO YOUR INSTRUCTIONS.  Accordingly,  we request  instructions as to
whether  you wish us to elect to  subscribe  for any  shares of Common  Stock to
which you are entitled  pursuant to the terms and subject to the  conditions set
forth in the enclosed




Prospectus and  "Instructions  As To Use of Subscription  Rights  Certificates".
However,  we urge you to read these documents carefully before instructing us to
exercise the Rights.

      Your  instructions  to us should be  forwarded  as promptly as possible to
permit us to exercise Rights on your behalf in accordance with the provisions of
the offering described in the Prospectus. The offering will expire at 5:00 P.M.,
New York City Time on _____ __,  2002,  unless the  offering  is extended by the
Company. Once you have exercised a Right, such exercise may not be revoked.

      If you wish to have us, on your behalf, exercise the Rights for any shares
of the  Common  Stock  to which  you are  entitled,  please  so  instruct  us by
completing,  executing and returning to us the  instruction  form on the reverse
side of this letter.




ANY  QUESTIONS  OR REQUESTS FOR  ASSISTANCE  CONCERNING  THE OFFERING  SHOULD BE
DIRECTED TO [INSERT].