CBRE is planning to lay off more than three dozen employees in its New York office due to a shift in business priorities.
The world’s largest commercial real estate services firm filed a notice with the state’s Department of Labor earlier this month stating it planned to let go 40 employees.
The company gave its reason for the layoffs as a “reduction in workload due to a change in business priorities.”
A representative for CBRE, which has a market cap of $19.5 billion, said the layoffs impact the company’s digital and technology group, where most of the software and engineering work is being done out of the company’s Dallas office.
“While we require fewer software engineers in New York, we will continue to have [digital and technology] professionals here,” the spokesperson wrote in an email.
The layoffs are expected to begin on May 22. CBRE said in the notice that there is a total of 59 employees at the affected office at 275 Seventh Avenue. (The company’s main New York City headquarters is at the MetLife Building at 200 Park Avenue.)
The address appears to be the location of the 3D graphics startup Floored, which CBRE acquired in 2017. The startup now operates as a division of the company called “CBRE Build.”
Contact Rich Bockmann at rb@therealdeal.com or 212-673-5081.