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.
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.