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CHICAGO-Development offices in New York City and San Francisco are being closed by ORIX Real Estate Equities, and the reason is simple. “Lack of business,” president and CEO James H. Purinton explains succinctly.

Meanwhile, Purinton dispels industry chatter that the shutdown of operations at 1117 Avenue of the Americas in Manhattan and 235 Pine St. in San Francisco is the start of a larger wind-down of the entire company, which has a $1.5-billion development and management portfolio across the industrial, multifamily, office and retail sectors. “I’m president, and I haven’t heard that,” Purinton tells GlobeSt.com.

Purinton says the closings of the New York and San Francisco offices directly affects eight ORIX Real Estate Equities employees. Meanwhile, he notes, operations continue at the company’s headquarters at 100 N. Riverside Plaza here as well as offices in Carlsbad, CA; Denver; Orlando; Sunrise, FL and Washington, DC. Headcount in those offices is “70 strong,” Purinton reports, adding no additional office closings are anticipated in the coming months.

ORIX Real Estate Equities is a wholly owned subsidiary of the $45-billion ORIX Corp. The Chicago-based subsidiary oversees the financial service company’s real estate operations in the US and Canada.

Noteworthy ORIX Real Estate Equities’ activity in the past year have included landing a steakhouse as a tenant at its 230,000-sf Channelside retail development in Tampa, FL, adding a Ram restaurant and Starbucks to its 263,000-sf Pointe O’Hare office complex in northwest suburban Rosemont as well as partnering with Sansone Group and Great Northwest Development on the 300-acre Pinnacle Hills East mixed-use development in St. Louis.

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