S.F.-based leasing service 42Floors just cut a third of its staff, or 14 people, Bisnow has exclusively learned. We checked in with a spokesman to find out why and it turns out its brokerage service, which was tacked on in late 2014, wasn't received well: "They were in conflict with the rest of the industry, which was posting their listings with us. We had to pick which one we wanted to be," our source said. The listing service, which has been 42Floor's bread and butter since its founding in 2011, won out. Here's a group company shot.
The website, which shows available spaces with high-quality photography and data, has recent local listings posted for The Russ Building (pictured), 111 Sutter and 101 Cal. The layoffs hit the brokerage arm in the S.F. and NYC offices, but we're told the physical HQ office will remain unchanged at 501 Folsom, and 30 people still work at the company, which has raised $17M to date.
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