X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Burnham Pacific Properties Inc., the REIT that announced plans last month to liquidate, says it will pare nearly 50 jobs by closing three of its West Coast offices and cutting back operations at two others.

The locally based real estate investment trust says it will close its Portland, Seattle and Sacramento offices. It will also reduce its staff in San Francisco and hometown of San Diego.

The closures and related expenses will result in a $4.1-million restructuring charge for the third quarter, the REIT says. Burnham Pacific announced its liquidation plans after efforts to find a suitable buyer failed.

The cutbacks and closures, expected to becomplete by the end of the month, will save the company $6 million. The move “demonstrates our commitment to reduce operating expenses,reorganize our management efforts and maximize shareholder value,” saysScott C. Verges, Burnham Pacific’s interim CEO.

The company also announced it has ended its relationship as real estateadvisor to the California Public Employees Retirement System. Sacramento-based CalPERS is one of the nation’s largest pension funds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.