Charles Dunn shutters brokerage business, after sale efforts failed

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

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

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando