Developers shed staff during development slowdown

Developers
including Tishman Speyer, Forest City Ratner and Extell Development
have started laying off employees because of the financial and credit
crises. Extell CEO Gary Barnett said his company has reduced staff by
about 10 percent because development is slowing down. Barnett said that
all of his company’s projects already in construction are moving forward, and
sources said that Barnett and his partner in the Riverside South
project, the Carlyle Group, are trying to determine the best use for
remaining plots of land, including a commercial parcel of 2.8 million
square feet.

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