Neil Young, chairman and chief executive of US-based real estate firm Grubb & Ellis Co has resigned. His decision follows a three year programme to shift the emphasis of the company from brokerage to full real estate services.

Speaking to Reuters, Young said: "I just felt confident right now that the company's in the best shape that it has been in years." Reuben Leibowitz, managing director of E.M. Warburg, Pincus & Co., will serve as chairman while the company looks for a new chief executive. An affiliate of Warburg, Pincus owns 46% of Grubb & Ellis.

Grubb & Ellis announced a global strategic alliance with UK-based Knight Frank earlier this year. Grubb & Ellis Europe (based in London and Brussels) was integrated into Knight Frank. The alliance has collective resources of approximately 7,000 people in 200 offices in 27 countries throughout the United States, Europe, Asia, Australasia and Africa.

Richard Byatt