Charles Dunn shutters brokerage business, after sale efforts failed

The news also follows departures of top producers; property management group will stay open

TRD LOS ANGELES /
Nov.November 01, 2018 09:00 AM
Charles Dunn Company COO Patrick Conn and the company’s Downtown office at 800 W. Sixth Street

Facing mounting losses and the departure of several top producers, Charles Dunn Company has closed its brokerage business.

Chief operating officer Patrick Conn told employees of the Los Angeles-based company in a memo that the decision was made to avoid “further expenses and potential losses,” according to the Los Angeles Business Journal. The brokerage had a roster of about 50 agents as of 2016.

Charles Dunn Real Estate Services, the company’s property management group, will stay open. The company, whose principal is Walter Conn, says it manages more than 25 million square feet of commercial real estate, according to its website.

In February, it sold the 300,000-square-foot Peck Center complex in City of Industry for $51 million, a property it had acquired 20 years earlier.

Patrick Conn later said in the memo that the company had explored a potential sale of the firm — which was formed in 1921 and several offices in the area — but that a deal couldn’t be made.

“We believe it’s unfair to all of you to continue operating the company without a sustainable business plan and dedicated leadership,” he said.

The announcement comes just two weeks after the departure of top producing broker Bill Boyd and his team at Charles Dunn’s Glendale office, which closed in the process. Boyd left to join Kidder Matthews as part of its expansion in the L.A. area. Boyd’s departure left Charles Dunn with offices Downtown, in West Los Angeles and in Sherman Oaks.

The brokerage will close out current contracts and complete listing assignments, but will not take on new deals. [LABJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

9300 Wilshire Boulevard

Land under historic Beverly Hills office building sells for $25M

arrow_forward_ios