Grubb & Ellis Co. narrowed its first-quarter loss this week, as its revenues shot up 8 percent on a year-over-year basis.

The Santa Ana, Calif.-based real estate brokerage reported a loss of $23.8 million, which was a nearly $18 million improvement from the first quarter of 2009. The firm’s first-quarter 2010 revenues were $132.5 million, compared with revenues of $122.2 million in the same period last year.

Grubb’s losses were in line with Wall Street analysts’ expectations and revenues were almost $7 million more than analysts had forecast, according to the Orange County Business Journal.

Citing the seasonality of the commercial real estate business, Grubb officials said the first quarter is typically the weakest for the company in terms of revenue and profitability.

Grubb raised nearly $30 million in new capital earlier this month through a convertible notes offering. “With the early signs of recovery evident in the U.S. commercial real estate market, we are intently focused on growth,” said Thomas D’Arcy, Grubb’s president and CEO, in a prepared statement. “And the $30 million of new capital we raised earlier this month will be used to support our growth initiatives.”

Darcy said those initiatives include investing in businesses that are extensions of its core operations and continuing to recruit top industry talent.

“We are fully committed to a growth agenda that will serve to enhance our market position, the benefit of which will accrue to our talented professionals as well as our shareowners,” Darcy said.

Revenues in Grubb’s management services division were up 11 percent in the first quarter of 2010, to $72.4 million from $65.5 million for the same period a year ago.

As of March 31, the company managed approximately 243 million square feet of commercial real estate and multifamily properties.