Cushman & Wakefield plans to consolidate its Lower Manhattan and Brooklyn offices into one location.
Toby Dodd, the firm’s tri-state president, announced the upcoming change at a recent town hall meeting with employees, according to Commercial Observer.
The commercial real estate giant currently occupies about 10,000 square feet at One World Trade Center, and about 15,000 square feet at Brookfield’s One Pierrepont Plaza in Downtown Brooklyn, and plans to sublease those locations, according to the publication.
No timeline for the change has been set, and in the coming six months, the firm will explore its options as to the location and size of the new office. It will reportedly still be in Lower Manhattan.
Cushman will also review the office needs at its New York-area hub at 1290 Sixth Avenue in Midtown, although there are no plans to vacate the Midtown location or the firm’s office at 118-35 Queens Boulevard in Forest Hills.
But the firm says the change isn’t due to a pandemic-fueled contraction of office space; Dodd said that the move was being considered even before the pandemic.
Still, it may be good for the firm to find some extra savings by trimming office space: The company reported a net loss of $37.3 million in the third quarter, its second consecutive quarterly loss this year.
Since the pandemic took hold in March, a majority of office buildings remain unoccupied as employees embraced working from home. Facing grave uncertainties of their office needs, many office tenants opted for short-term lease extensions, while others listed part of their offices for subleasing.
[CO] — Akiko Matsuda