CBRE plans cuts to NYC tech team

Brokerage laying off 40 employees

New York /
Feb.February 25, 2020 02:48 PM
CBRE CEO Robert Sulentic (Credit: Getty Images, iStock)

CBRE CEO Robert Sulentic (Credit: Getty Images, iStock)

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 [email protected] or 212-673-5081.


Related Articles

arrow_forward_ios
Hugh Jackman and 100 Eleventh Avenue #PHA (Getty, StreetEasy)
Hugh Jackman buys penthouse at Jean Nouvel tower
Hugh Jackman buys penthouse at Jean Nouvel tower
The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
257-263 West 34th Street and Cornell Realty’s Isaac Hager (Google Maps, Getty)
Isaac Hager seeks bankruptcy for Penn Plaza stake, but Churchill resists
Isaac Hager seeks bankruptcy for Penn Plaza stake, but Churchill resists
Vlad Dronin with the  Crown Building (Crown Building, Getty)
Vlad Doronin’s Crown Building notches another $50M sale
Vlad Doronin’s Crown Building notches another $50M sale
KPG Funds' Rod Kritsberg and a photo illustration of the old (left) and new (right) buildings at 132 West 14th Street (KPG Funds, Getty Images)
KPG gets loan to turn “world’s ugliest building” into sleek office property
KPG gets loan to turn “world’s ugliest building” into sleek office property
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
SpringHealth CEO April Koh, 60 Madison Avenue and Moinian Group’s Joseph Moinian (SpringHealth, VTS, Moinian)
Youngest female unicorn CEO moves startup to Moinian’s 60 Madison Avenue
Youngest female unicorn CEO moves startup to Moinian’s 60 Madison Avenue
From left: Extell’s Gary Barnett and Landsea Homes' John Ho with 540 Sixth Avenue (Linkedin, Getty)
Gary Barnett sues developer for poaching his tenant
Gary Barnett sues developer for poaching his tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...