Politics & Money

American Realty Capital hires former Grubb & Ellis exec

Real estate investment firm American Realty Capital added a former head of two Grubb & Ellis divisions to lead American’s broker dealer subsidiary.

The New York company said Richard Arnitz will serve as executive director of Realty Capital Securities and will help raise $3 billion of equity capital. The subsidiary raised more than $3.4 billion since March 2008, according to a release.

Real estate investment firm American Realty Capital added a former head of two Grubb & Ellis divisions to lead American’s broker dealer subsidiary.

The New York company said Richard Arnitz will serve as executive director of Realty Capital Securities and will help raise $3 billion of equity capital. The subsidiary raised more than $3.4 billion since March 2008, according to a release.

Arnitz last served for four years as CEO and president of Grubb & Ellis Capital Corp. and Grubb & Ellis Securities, according to an American Realty Capital release. The company said it has hired many former Grubb & Ellis employees.

An investor relations spokesman at Grubb & Ellis said Arnitz left the firm Friday, the same day the New York Stock Exchange delisted Grubb & Ellis’s stock.

Write to Andrew Scoggin.

Follow him on Twitter @ascoggin.

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