)
Los Angeles-based commercial real estate firm Charles Dunn Co. has shuttered its brokerage operations but will keep its property management platform.
In an internal memo to staff sent last week, Charles Dunn Chief Operating Officer Patrick Conn wrote the company ceased its brokerage operations to prevent further expenses and losses, according to the Los Angeles Business Journal.
The company also lost some of its high-performing brokers recently. William Boyd, Linda Lee and a few others left to join Kidder Mathews last month.
A Charles Dunn spokeswoman confirmed the memo to Bisnow but declined to comment further. Requests for a statement were not answered.
Founded in 1921 in Los Angeles, Charles Dunn is one of the oldest commercial real estate brokerage firms in the city.
The company has three offices in Los Angeles — downtown, Sherman Oaks and Century City. The company manages a 25M SF commercial real estate portfolio and has 35 agents on its staff, according to its website.
Walter J. Conn founded the property management side of Charles Dunn in 1963. The elder Conn eventually bought out the Dunn family and other partners to take over the firm in 1995. Walter J. Conn died in 2014. His son Walter Conn serves as the principal and son Patrick Conn as the chief operating officer.
In the memo, Patrick Conn said the company had explored selling the firm but could not find any suitors.
“Despite our diligent efforts, we were unable to find viable options and we have also come to the realization that a sale of the company will not occur as we had hoped,” Patrick Conn wrote. “We believe it’s unfair to all of you to continue operating the company without a sustainable business plan and dedicated leadership.”
The company will complete its current transactions. No new deals will be made.
)
)
)
)
)
)
)
)
)
)
)
)