Trammell Crow Consolidating Offices, Eliminating Some Jobs

DALLAS-Trammell Crow Co. will be shaving costs via office consolidations and employee cutbacks, action partly due to a nationwide slowdown and a $5.7-million unbudgeted fiscal hit taken in retail tenant representation services, GlobeSt.com has learned.

No market will be vacated by Dallas-based Trammell Crow, but there will be geographical realignments of 31 local operating units into 14 mega-markets, Bob Sulentic, president and CEO, tells GlobeSt.com. Trammell Crow intends to keep growing on domestic and international fronts, but to stay the course of a depressed market in a “slow, steady” manner. Development projects also will not be scaled back, he says.

The employee cuts will begin within the next 60 to 90 days and continue through year’s end. A national tetail tenant rep platform will be eliminated, but some individual markets will remain, including Dallas-Ft. Worth, Denver, Washington, DC, Boston and Austin. And, even those markets won’t escape the heavy hand of what is considered a necessary retreat in a widespread cost-cutting initiative. Of the firm’s 7,300 employees, only 30 to 40 brokers are in the retail segment, none of which are solely dedicated to the component, says Sulentic. He emphasizes “the least likely” to be affected by the employee reduction is the 2,500-employee core that’s dedicated to specific customers.