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Real Estate Adviser Eastdil to Cut Staff Amid Pandemic

Real Estate Adviser Eastdil to Cut Staff Amid Pandemic

(Bloomberg) -- Eastdil Secured LLC, the commercial real estate firm whose ownership changed last year as part of a management buyout, is cutting jobs amid the coronavirus pandemic, according to people with knowledge of the matter.

The New York-based firm began notifying staff about layoffs this week, said the people, who asked not to be identified because the moves are private. Eastdil is set to reduce global headcount by about 35 people, or roughly 7% of its workforce, one of the people said.

A representative for the firm declined to comment.

Eastdil was owned by Wells Fargo & Co. before the buyout with the help of Singapore’s Temasek and institutional clients of Guggenheim Investments. It provides strategic advice for transactions including capital raising and asset sales.

The firm, led by Chief Executive Officer Roy March, has offices throughout the U.S. as well as in London, Frankfurt, Hong Kong, Tokyo and Dubai, according to its website. Last year, it advised on the sale of Colony Capital Inc.’s warehouse unit to Blackstone Group Inc.

Other real estate firms have sought to reduce expenses during the pandemic. Newmark Group Inc. said Chairman Howard Lutnick and CEO Barry Gosin would reduce their annual salaries by 50%, while others in senior management took pay cuts of 15%.

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