CBRE closing Harrison office, laying off 35 workers

Commercial real estate services and investment firm CBRE has filed a notice with the New York State Department of Labor that it is permanently closing its office in Harrison, which will affect 35 employees.

A CBRE spokesperson told the Business Journal that some of the current employees at the 70 West Red Oak Lane site would be transferring to the company’s office in Stamford, Connecticut. The West Red Oak building is home to the national headquarters of the U.S. Tennis Association.

The notice filed with the Labor Department specified that the office would be closing Feb. 5, 2021, and the reason is economic. The notice said that the employees are not represented by a union.

According to a filing with the Securities and Exchange Commission, CBRE Group Inc. had 2019 revenues of $23.9 billion and a net income of $1.3 billion.

In a news release at the end of October reporting 2020 third-quarter revenues of $5.6 billion, a 4% drop from the previous year’s third quarter, Bob Sulentic, president and CEO of CBRE said, “The resilient aspects of our business, coupled with our moves to quickly align expenses with reduced market demand, are helping us weather the sharp, Covid-driven fall in property leasing and sales. At the present time, Covid is putting downward pressure on parts of our business and creating larger opportunities in other parts.”

CBRE Group Inc. reports having more than 100,000 employees and more than 530 offices excluding affiliates worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. In the U.S., the company reports having 37,000 employees in 200 offices.

CBRE reports having more than 150 employees across Westchester County and that its  offices consist of three suburban locations home to the Assessment & Consulting Services  team, a division of CBRE”™s Valuation & Advisory Services platform.