Kennedy Wilson Ending Brokerage Operations
In an effort to focus on its core leasing/management business in Texas, Kennedy Wilson is expected to close brokerage operations throughout most of the state. Already down to a single broker in Houston and Dallas, KW is consolidating independent brokerage operations to Austin, leaving some to wonder if it’s in its best interest to maintain Texas brokerage at all, the Dallas Business Journal reports. According to one source within the company, brokerage is simply not a large enough component for a company managing $18.1B in assets. After selling its biggest asset in Texas, One Technology Center, in 2015 it's believed the company will soon end brokerage operations in Texas altogether. Most notable could be the March close of its San Antonio office, which employs 10 brokers. [DBJ]
