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Real estate brokerage company CBRE moved from Los Angeles to Dallas



CBRE Group, the largest commercial real estate services company in the United States, said Thursday that it has moved its headquarters from Los Angeles to Dallas.

The international business has more than 100,000 employees and is a Fortune 500 company. It has a long history in California, but Dallas has become its de facto headquarters for nearly a decade as its largest operations center and home to many senior executives (including CEO Bob Surentick).

The company said that few workers will move from California to Texas, and the move will not result in layoffs.

“The designation of Dallas as the global corporate headquarters of CB Richard Ellis has formalized the way our company has operated for the past eight years,”

; said Lew Horne, head of Southwest Operations in a statement.

It is not uncommon for large companies to move their headquarters out of California, because the state is generally more attractive to startups than large companies. Every loss raises concerns about reducing local recruitment, spending, citizen participation and bragging rights.

Richard Green, economist and director of USC’s Lasker Real Estate Center, said the departure of the company’s headquarters “is a California story.”

Green said: “For a long time, we have been losing corporate headquarters, especially in Southern California.” “But we have a history of creating very small companies and turning them into truly large companies.”

He said California attracts a large part of the country’s venture capital and is one of the country’s largest startups.

Green said: “As long as we are really good at creating new businesses, our economic situation will be good.”

Last year, Parsons Corp., an engineering, construction and cybersecurity company, announced that it would move from Pasadena to Washington, DC to get closer to key customers.

Toyota Motor Corp. moved its North American headquarters from Torrance to Plano, a suburb of Dallas in 2014. The automaker said that this shift allowed it to transfer its talents to manufacturing bases mainly in the south.

Sulentic stated in a telephone interview in Texas that CB Richard Ellis’ business operations will hardly change, including brokerage sales, lease of offices, warehouses and other commercial properties.

He said: “Dallas, Los Angeles and New York are our biggest operations.” “Except Dallas will now become our official headquarters, nothing else has changed.”

The announcement was released together with the company’s third quarter financial report. Sulentic said the move was originally scheduled to be announced earlier, but it was postponed due to the pandemic.

He said: “We think this will cause chaos.” “Then it seems that COVID will continue for a while, so we combined with the earnings release to do this.”

CBRE reported that net income in the third quarter was US$184 million, or 55 cents per share, a 28% decrease from the same period last year. As the influenza pandemic restrained the company’s sales and leasing business, revenue was US$5.6 billion, a decrease of nearly 5% from the same period last year.

CB Richard Ellis stated that net profit and earnings per share reflect a cost reduction of approximately $55.4 million.

The company’s stock price rose by $7.28 to $51.30 on Thursday, an increase of 17%.

The history of CB Richard Ellis can be traced back to Tucker, Lynch & Coldwell, which was established in San Francisco in 1906. Later, it became known in the real estate industry under a more familiar name-Coldwell Banker.

Coldwell Banker evolved into CB business. In 1998, the company changed its name to CB Richard Ellis, and in 2011 it changed its name to CBRE Group. It has been a public company since 2004, and its shares are traded on the New York Stock Exchange.




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