Eastdil Secured is the latest firm to make staffing cuts as the real estate industry contends with the coronavirus pandemic.
The firm notified staff this week that it would reduce its global headcount by 35, or 7 percent, Bloomberg reported. In addition to its U.S. offices, Eastdil, led by Roy March, has a presence in London, Frankfurt, Hong Kong, Tokyo and Dubai.
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Blackstone buys Colony Capital’s warehouse portfolio for $6B
Eastdil is one of the most active dealmakers in New York City, clocking in at No. 4 on The Real Deal’s most recent ranking of investment sales brokerages. In one of the toughest years of the cycle, Eastdil, like other brokerages, saw its total deal volume fall dramatically in 2019. Still, it notched some big deals, including the $6 billion Colony Capital warehouse portfolio sale to Blackstone.
Eastdil, which Wells Fargo bought for $150 million in 1999, last year finalized a management-led buyout financed by Singapore sovereign wealth fund Temasek and U.S.-based Guggenheim Investments. Wells Fargo retained a minority stake in the firm.
Since then, executives March and Michael Van Konynenburg have been planning an expansion of the firm’s global reach.
But like other real estate firms, it has not been immune to pressures from the pandemic. Last week, JLL let go more than 30 people from its capital markets group. [Bloomberg] — Georgia Kromrei