Grubb & Ellis Co. is expanding its appraisal services division with the launch of a new company, GlobeSt.com reported.

Former CB Richard Ellis Group Inc. appraisal chief Douglas Haney has been slated to spearhead the opening Grubb & Ellis Landauer Appraisal & Valuation, which in the next six months plans to open up to 10 new offices hire up to 100 new employees.

The company is expected to have a presence in every key market by the end of the year.

“The demand for appraisal services is going to be very significant over the next few years,” said Grubb & Ellis CEO Tom D’Arcy, adding that the appraisal business is “well within” the Santa Ana, Calif.-based firm’s core competency.

Grubb & Ellis acquired Landauer & Associates in 1999 and has offered appraisal services in limited markets. D’Arcy said the Landauer name is highly regarded in the appraisal industry.

D’Arcy and Jack Van Berkel, chief operating officer and president of real estate services for Grubb & Ellis, said the formation of Grubb & Ellis Landauer is part of a bigger strategy designed to grow the company’s platform into new lines of service.

Van Berkel said Grubb & Ellis hired about 150 new brokers in the past year in anticipation of the long-planned expansion.

“Over the past 18 months, Grubb & Ellis has been making the right moves to position itself for a recovering market,” Haney said in a release. “This is an opportunity for us to use our expertise to build a business that will greatly enhance the full-service platform the company is prepared to deliver.”

The client base for Grubb & Ellis Landauer will include financial institutions, special servicers and insurance firms, as well as governmental entities and agencies such as cities, counties, states and the federal government.

The company will be organized into three regions: West Coast, Central and East Coast.