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DALLAS-Manhattan-based RealtyIQ reportedly has pulled the plug on all six field offices. “Everybody had a little bit of an idea two weeks ago, but thought they would just scale back,” an inside source here has told GlobeSt.com. The field offices are located in Dallas, San Francisco, Atlanta, Chicago, Boston and Philadelphia. But spokespeople in New York City, however, are saying that while most of the satellite operations are gone, Boston and New York remain open.

The dot-com information service provider broke the news yesterday in a nationwide conference call with all field workers. The New York City operation had not been included in the morning conference when verbal pink slips had been handed out, our Dallas source reveals. Since then, employees have received written notice of permanent layoffs that will give cash for unused vacation time and two weeks pay. As of yesterday, the cell phones for the New York City sales staff had been disconnected, he reports–another fact that the New York based contact denies.

As reported on GlobeSt.com this morning, the cash-strapped company is scrambling to dig up more investors and as it does so, made the cutbacks in order to “make it leaner and stronger. They are not closing their doors, and they are not going to change their business model.”

Just two months ago, RealtyIQ had received about $50 million in additional venture capital from its financial backer, FrontLine Capital, a publicly traded company. A new COO, Tim Lemmon, had just joined the ranks in recent weeks. GlobeSt.com’s Dallas source says Brian Jetty, a vice president based in Dallas, had flown to New York City two weeks ago to meet with Lemmon. Jetty had returned to Dallas with the good news that all would be fine with the operation, the source says. Jetty is among those who were shown the door yesterday.

Since its startup, RealtyIQ has been housing field offices in temporary executive suites in class-A space in the six cities. The Dallas staff had been operating out of Williams Square, where the monthly tab reportedly has been $3,000. The San Francisco field office is in the prestigious Embarcadero Square.

The news had particular impact in Dallas, which has been one of the RealtyIQ sales leaders for two consecutive quarters. Its client list includes Henry S. Miller Commercial, Grubb & Ellis Co. and Fischer & Co. It is not known if RealtyIQ intends to refund the average $200 per year subscription fee.

For related news, click on:RealtyIQ Lays Off 60% of National Workforce as It Hopes for New Investors

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