CBRE plans cuts to NYC tech team

Brokerage laying off 40 employees

TRD 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
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
161 Maiden Lane and Fortis CEO Jonathan J. Landau (Hill West Architects; Fortis)

Fortis sues lenders as finances of “Leaning Tower” unravel

Fortis sues lenders as finances of “Leaning Tower” unravel
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)

Madison Avenue retail buildings sell for record low price

Madison Avenue retail buildings sell for record low price
From left: 25 Park Row, 220 Central Park South, 30 Riverside Blvd (COOKFOX, Getty; StreetEasy)

Odd summer for Manhattan’s condo market

Odd summer for Manhattan’s condo market
(Courtesy of Hillrose 28)

Manhattan condo creates its own wine for potential buyers to rosé all day

Manhattan condo creates its own wine for potential buyers to rosé all day
(Getty)

Broadway theaters will remain dark until spring

Broadway theaters will remain dark until spring
Milton Glaser and 207 East 32nd Street (Getty, Google Maps)

Milton Glaser’s Kips Bay office townhouse sells to New York Review of Books

Milton Glaser’s Kips Bay office townhouse sells to New York Review of Books
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
arrow_forward_ios

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

Loading...