CBRE To Shutter Westchester Office, Lay Off 35 Employees
The world’s largest brokerage is shuttering one of its New York Tri-State area suburban locations and downsizing its staff next year.
CBRE is permanently closing its Westchester office at 70 West Red Oak Lane in White Plains and laying off 35 of its employees in February, according to a worker adjustment and retraining notification filed with the New York State Department of Labor. CBRE cited economic reasons for the closure.
A spokesperson for CBRE told Bisnow Monday that the layoffs are focused in a small valuations office in Westchester. The company is consolidating staff into its Stamford, Connecticut, office, the spokesperson said.
CBRE has more than 150 employees working across three locations in White Plains, according to its website. The West Red Oak Lane location is listed as CBRE’s main office in the area.
The layoffs come after a year of slow deal flow due to the coronavirus pandemic. In New York City, investment sales in the first half of this year were down 50% year-over-year and office availability is at its highest point in 16 years.
CBRE’s total profit for the third quarter was $184M, down 28.2% from $257M during the third quarter last year, according to the financial results it released for the quarter. The company anticipates sales and leasing volume will be down between 30% and 40% overall for the year.
CBRE has already made cuts to its staff to save on expenses since the pandemic hit. The brokerage was also making cuts before the pandemic began to ravage the U.S.. In February, it laid off 40 engineers in the New York City office. Before layoffs, the company cut pay for senior staff members, GlobeSt. reported in May.