CBRE plans cuts to NYC tech team

Brokerage laying off 40 employees

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

The show has been moved to June 25th through the 28th

AD Design Show pushed back to June amid Coronavirus fears

The Black Rock bulding at 51 West 52nd Street and Viacom CEO Bob Bakish (Credit: Google Maps, Getty Images)

The price is right? CBS asking more than $1B for Sixth Ave HQ

15 West 47th Street (Credit: Google Maps)

ELO to buy Chetrit family Diamond District building for $115M

Macy’s Herald Square (Credit: iStock)

Macy’s new skyscraper missing one key thing

NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures dip in NYC for 2nd straight year

Living founders Devin Someck and Jon Bakhash

Living New York acquires Mdrn. amid tumult in rental market

Renderings of Central Park Tower (Credit: Extell)

Inside Extell’s private club for the 0.1%

2041 Adam Clayton Powell Junior Blvd in Harlem (Credit: Google Maps)

Rent-stabilized portfolio in Harlem trades for $118M