Exhibit 4.4


                                REVOLVING CREDIT NOTE


$15,000,000                                             Pittsburgh, Pennsylvania
                                                                January 26, 1998

          FOR VALUE RECEIVED, the undersigned, GRUBB & ELLIS COMPANY, a Delaware
corporation (the "Borrower"), promises to pay to the order of AMERICAN NATIONAL
BANK AND TRUST COMPANY OF CHICAGO (the "Bank") in immediately available funds
the lesser of (i) the principal sum of Fifteen Million Dollars ($15,000,000) or
(ii) the aggregate unpaid principal amount of all loans made by the Bank to
Borrower pursuant to Section 2.1 of the Amended and Restated Credit Agreement
dated as of January 26, 1998 (the "Credit Agreement"), among the Borrower, PNC
Bank, National Association, as Agent, the Banks, and the Guarantors (as such
terms are defined in the Credit Agreement), on March 13, 2001, together with
interest from the date hereof on the unpaid balance of the principal hereof (i)
until maturity, at the rate set forth in Section 4.1 of the Credit Agreement, as
selected by the Borrower in accordance with the terms of the Credit Agreement,
payable in accordance with Section 5 of the Credit Agreement, and at maturity,
and (ii) after maturity, whether by declaration, acceleration or otherwise,
until paid at the rate set forth in Section 4.3 of the Credit Agreement, payable
upon demand.  The aforesaid interest rates shall continue to apply whether or
not judgment shall be entered on this Note.

          If any payment of principal or interest on this Note shall become due
on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day and such extension of time may in such case be included
in computing interest in connection with such payment.

          This Note is the Note referred to in and issued pursuant to the Credit
Agreement, and capitalized terms not otherwise defined herein shall have the
meanings given to them in the Credit Agreement.  The Credit Agreement contains
provisions, among other things, for the acceleration of the stated maturity of
this Note upon the happening of certain stated events recited therein and also
for late payment charges and prepayments on account of the principal hereof
prior to maturity as provided therein.  

          The Borrower hereby waives presentment, demand, protest or notice of
any kind in connection with this Note.

          This Note shall bind the Borrower and the successors and assigns of
the Borrower, and the benefits hereof shall inure to the benefit of Bank and its
successors and assigns.  All references herein to "Borrower" shall be deemed to
apply to the Borrower and to the successors and assigns of Borrower, and all
references herein to "Bank" shall be deemed to apply to Bank and its successors
and assigns.





          IN WITNESS WHEREOF, Borrower, intending to be legally bound, has
executed this Note on the day and year first above written with the intention
that this Note shall constitute a sealed instrument.
     


ATTEST:                               GRUBB & ELLIS COMPANY



/s/  Carol M. Vanairsdale             By:  /s/ Brian Parker
- -------------------------                  ----------------
Title:  Assistant Secretary                    Brian Parker
        -------------------                    Senior Vice President and Chief
                                               Financial Officer




[Seal]

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